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3 years ago

Esperanza is starting a business by herself as an

Business

1 answer:

denpristay [2]3 years ago

7 0

Answer:

sole proprietorship

Explanation:

The sole proprietorship is the type of business owned and run by a single individual. The owner is a sole trader. In a sole proprietorship, the owner sources capital by themselves, keeps all the profits, and suffers the losses alone.

A sole proprietorship is the easiest form of business to set up. The only requires to obtain a registration certificate and a trading license from the local authorities. Esperanza should open a sole proprietorship business. Unlimited liability is the biggest shortcoming for a sole proprietorship, but that does not seem to bother Esperanza.

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In a perfect competition, if the price is not able to cover the average variable cost, it means that the firm will be incurring losses. The firm will thus shutdown and stop production.

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The Effects of the Advance Payment (Receipt) on Lark Bell's Year 1 Financial Statements are:

Balance Sheet

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Income Statement Cash Flow

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Thus, the amount of revenue that Bell would recognize on the Year 2 income statement from this transaction in Year 1 is $15,000. This covers 5 months from January to May.

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