A sole proprietor is personally liable for the liabilities which remain unpaid after the utilization of assets. In the given case the sole proprietorship has total assets of $34,583 and liabilities of $55,867. It means total assets can be used to pay off $34,583 out of total liabilities of $55,867 and the proprietor shall be personally liable for the balance liabilities= 55867-34583 = $21,284
Hence, you are personally liable for <u>$21,284</u>
People pay sales income tax.
Explanation:
Sales income tax can be computed in various methods.
Sales income is the revenue derived from the sales of goods and services. This is made most of the time through Value Added Tax System VAT.
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Answer:
J1
Cost of Sales $3,770 (debit)
Merchandise $3,770 (credit)
J2
Merchandise $230 (debit)
Cost of Sales $230 (credit)
Explanation:
When Cullumber Company sells goods to Pharoah Company the entries to recognize the cost of sale and decrease in inventory will be :
Cost of Sales $3,770 (debit)
Merchandise $3,770 (credit)
When Pharaoh Company returns goods to Cullumber Company, the entries to de-recognize the cost of sale and recognize the replenishment of inventory will be :
Merchandise $230 (debit)
Cost of Sales $230 (credit)
Answer:
<u>it appears there's no database differentiation</u>
<u>Explanation:</u>
Remember, we are told Richardson had <em>already </em>set up his house alarm system when he moved to his new home in Seattle, meaning he had subscribed to the service.
However, because the company's database does not differentiate customers who had activated their alarm system and set their billing to be sent to their local UPS store, it has caused Richardson security concern to still see repeated offers mailed to his physical address.
Answer:
20%
Explanation
IRR =
$6,000/1+r = $5,000
=$6,000/$5,000 -1
=$1.2 -1
=0.2×100
=20%
Therefore the IRR of this opportunity will be 20%
