Bayard organized, owns, and operates, Cypress Tours in the simplest form of business organization. This is called sole proprietorship.
<h3>What is a sole proprietorship in business?</h3>
A sole proprietorship is a type of business is can be managed and operated by an individual, or a business corporation. There exist no partners in the business corporation.
Therefore, we can conclude that Bayard who owns and operates Cypress TOurs in the simplest form of the business organization runs a sole proprietorship business and not a partnership, franchise, or corporation.
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Answer:
Standardized
Explanation:
Firms that are purely competitive provide a standardised (same or homogenous) product. Consumers will be unconcerned about whose vendor they acquire the goods from as long as the pricing is the same.
Monopolistically competitive companies make a typical profit in the long run since entrance into the market is easy. The sort of goods supplied distinguishes oligopoly from perfect competition.
Answer:
Dr cash $74,100
Dr discount on bonds payable $10,900
Cr Bonds payable $85,000
The interest expense
Dr interest expense $2,964
Cr discount on bonds payable $264
Cr cash $2,700
Explanation:
From the amortization presented in the question,the present value of the bonds,which is proceeds received from bond issues was $74,100,which implies that the bonds were issued at a discount of $10,900 ($85,000-$74,100).
The entries for the bond issue would a debit of $74,100 to cash while a debit of $10,900 is posted to discount on bonds payable.The credit to bonds payable account would the face value of $85,000
Answer:
Labour rate variance
= (Standard rate - Actual rate) x Actual hours worked
= ($19 - $18) x 3,000 hours
= $3,000(U)
Actual rate = <u>Actual direct labour cost</u>
Actual direct labour hours worked
Actual rate = <u>$54,000</u>
3,000 hours
Actual rate = $18 per direct labour hour
Explanation:
Labour rate variance is the difference between standard rate and actual rate multiplied by actual direct labour hours worked. Actual direct labour hours worked is calculated as actual direct labour cost divided by actual direct labour hours worked.
