In the Cleveland custom cabinets case, the owner of the company thought it was all right to manipulate the financial statement numbers primarily because he was the sole owner of the company and controlled the board of directors.
But, the sole owner is for my part answerable for all debts incurred by using the enterprise." Examples of sole owners encompass small corporations which include, a local grocery keep, local garments save, an artist, a freelance author, an IT representative, a freelance photo designer, etc.
A sole owner—additionally called a sole trader or a proprietorship—is an unincorporated business that has simply one proprietor who will pay private earnings tax on profits earned from the commercial enterprise.
Sole ownership manner distinct possession. it is a possession so entire that no other man or woman has any interest in the assets. someone's ownership is "sole" while no person apart from the character has any interest inside the belongings as owner.
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Question Completion with options:
Select one:
a. Include the $5,000 in total income on Form 1040
b. Include the $5,000 as a capital gain on Schedule D
c. Include the $5,000 as self-employment income on Schedule C
d. Include the $5,000 as interest income on Form 1040
Answer:
Loc Nguyen should:
b. Include the $5,000 as a capital gain on Schedule D.
Explanation:
Both long-term and short-term capital gains and deductible capital losses are reported on Schedule D of Form 1040. If the gain from the sale of the boat is a long-term capital gain, it will be subject to the lower capital gain tax rate of up to 20%, unlike the short-term capital gain that attracts a rate of up to 37%.
It can affect the company's ability to get a lending (borrow money). It can also affect the chances of finding an investor.
The net change in the Cash account balance from these three transactions is $30,000
What is the company's net change in cash account balance?
The net change in company's cash balance is the excess of its cash inflows from sources minus its cash outflows from all sources, in other words, the net change in cash balance from the three transactions is the funds raised long-term debt issuance and the amounts paid for equipment and raw materials
net change in cash balance=$200,000-$150,000-$20,000
net change in cash balance=$30,000
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Answer:
d. Group Norm
Explanation:
Group Norms are informal rules that generally discourage behaviors that impede the efficacy of a group and and encourage the group to work efficiently.
They are regulations that groups adopt that ensure some form of order and they are also a reflection of the expectation of members of the group should interact and work.
Here, agreeing that members of the group will only discuss group-related matters at 1pm on Wednesdays is an example of a Group Norm because;
1. It is an unwritten rule
2. It is majorly to ensure that order is maintained so that the purpose of the group remains undefeated.
