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3 years ago

What is a sole trader?

Business

1 answer:

Klio2033 [76]3 years ago

3 0

Answer: A person who owns and runs a business, which is normally a small business (eg. Shop Owner).

The sole trader has unlimited liability, meaning that his assets will be used in case of default to pay.

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On September 23, Reese Company received a $350 check from Mike Moluf for services to be performed in the future. The bookkeeper

Harman [31]

Answer:

debit Accounts Receivable $350 and credit Unearned Service Revenue $350

Explanation:

The bookkeeper incorrectly made the following journal entry:

Dr Cash 350

Cr Accounts receivable 350

The correct entry should have been:

Dr Cash 350

Cr Unearned revenue 350

So the adjusting entry should be:

Dr Accounts receivable 350

Cr Unearned revenue 350

3 0

3 years ago

The dollar votes of consumers ultimately determine the composition of output and the allocation of resources in a market economy

Ray Of Light [21]

Answer:

Consumer Sovereignty

Explanation:

Consumer sovereignty in production refers to the controlling power of consumers and that the production of goods and services is determined by the consumers' demand.

In the given scenario, The dollar votes of consumers ultimately determine the composition of output and the allocation of resources in a market economy, and hence this statement best describes the concept of Consumer Sovereignty

8 0

3 years ago

Acton Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its m

algol [13]

Answer:

option (b) $69,768

Explanation:

Data provided in question:

Estimated manufacturing overhead = $73,440

Estimated machine-hours = 1,800

Actual manufacturing overhead = $68,700

Actual machine-hours = 1,710

now,

The predetermined overhead rate = $\frac{\textup{Estimated manufacturing overhead}}{\textup{Estimated machine-hours}}$

The predetermined overhead rate = $\frac{\textup{73,440}}{\textup{1,800}}$

The predetermined overhead rate = $40.8 per hour

Therefore,

The applied manufacturing overhead for the year

= Actual machine-hours × predetermined overhead rate

= 1,710 × $40.8

= $69,768

Hence,

the correct answer is option (b) $69,768

5 0

3 years ago

Performed services for 27600 on account

choli [55]

?? What does this mean

7 0

3 years ago

Cassandra's Boutique has 2,100 shares outstanding at a market price per share of $26. Sally's has 3,000 shares outstanding at a

Schach [20]

Answer:

E. $60,500

Explanation:

The value of Cassandra's Boutique to Sally's = Cash paid for the acquisition + Incremental cost = $58,000 + $2,500 = $60,500

Therefore, the value of Cassandra's Boutique to Sally's is $60,500.

7 0

3 years ago

What is a sole trader?​

What is a sole trader?