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earnstyle [38]
3 years ago
13

Suppose you own a successful bicycle repair business. why would you consider incorporating?

Business
1 answer:
irga5000 [103]3 years ago
3 0
In order to raise money more easily. Incorporating is the act of creating a  new corporation under given rules of a country. It may also refer to creating a limited liability company. Incorporating helps the owners of the businesses to protect their personal assets, since corporations and limited liability companies offer more business protection the sole proprietorship.
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The first company to introduce a new product has an advantage in acquiring customers and in building brand loyalty.
OLga [1]

Answer:

True

Explanation:

6 0
2 years ago
After posting the entries to close all revenue and expense accounts, the Income Summary account of Cleaver Auto Services has a $
KATRIN_1 [288]

Answer:

INCORRECT.

In income summary account, all revenue accounts are closed by debiting them and crediting the income summary account. expense accounts are closed by crediting them and debiting income summary account. then on closing income summary account it shows debit balance if there is a net loss and it shows credit balance if there is a net income.

In the given case clever auto services has debit balance of $5,300 i,e it implies that clever auto services has loss .

Therefore above statement is wrong. It implies a loss of $5300 not the net income of $5,300.

3 0
3 years ago
On January 1, Year 1, the Accounts Receivable balance was $20,100 and the balance in the Allowance for Doubtful Accounts was $1,
wel

Answer:

$18,400

Explanation:

A/R                                                               $20,100

Less: Allowance for doubtful accounts         ($1,700)

net realizable value of A/R                             $18,400    

The write off amount is already included in allowance for doubtful accounts on provision basis therefore it can't be separately deducted again.                                                

4 0
3 years ago
QUESTION 1
babunello [35]
1.) A
2.) True
3.) False
4.) C
5.) C
6.) True
7.) True
8.) C
9.) True
10.) True
5 0
3 years ago
Issuance of common stock for cash affects which basic element of financial statements? Revenues Equity Losses Liabilities
weeeeeb [17]

Answer:

Equity

Explanation:

8 0
2 years ago
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