Answer
The answer and procedures of the exercise are attached in the following image.
Explanation
Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.
If this condition arises where a business can't able to pay it's debt, creditors can expect the owner to pay the debts with their personal assets of business is called- General Partnership or Sole Proprietorship.
<h2>
What is sole proprietorship?</h2>
A sole proprietorship is an unincorporated company that is run and owned by one person. This type of business structure is the simplest because there is no legal distinction between the owner and the business.
The proprietor or dealer who owns the business uses their legal identity to carry on business. By registering a trade name with their local authority, they can also decide to conduct business under a different name.
This kind of business is the least expensive to launch. Small enterprises, independent contractors, and other people who work for themselves frequently use it because of this.
When the business owner decides or upon their passing, a sole proprietorship starts and ends.
To know more about Sole Proprietorship, refer to-
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Answer:
2. when performance obligations are satisfied.
Explanation:
Franchise fee is paid to the franchisor to become part of the franchise.
Obligations by the franchisor are satisfied when:
1. When the franchisor does not have any financial repayments to make.
2. Initial services are all performed, for example some agreements require franchisor to train new franchise staff.
Usually franchise fee is paid upfront, and then regular payments areade by the franchise to the franchisor to remain a member.
True I believe it’s true because that all seems right
Answer: 8.75 years
Explanation:
To solve this we can use the brilliant rule of 70 which posits in it's simplest form that an amount will double if we decide 70 by it's required rate.
For example if you want to know how long your 20 billion will take to double given a 15% rate you say,
= 70/15
= 4.67 years.
In that same light therefore, we can calculate for this question thus,
= 70/8
= 8.75 years.
If you need any clarification do comment.
