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3 years ago

What are the three basic types business organizations? *

Business

1 answer:

Elenna [48]3 years ago

4 0

Answer:

Sole Proprietorships, Partnership and Corporation

Explanation:

Sole proprietorships businesses are the most common and simple type of business ownership. They are owned by one person. Legally, the business and the person are considered as a single entity. The owner enjoys all the profits by themselves and suffers the losses alone.

Partnerships require two or more individuals to combine their resources, time, and effort in creating a business. Partnerships are mostly started by friends or family members with similar business objectives. A partnership is easy to forms. The firm passes its income as the income of partners.

A corporation requires the preparation of some legal documents to register. A corporation is considered a distinct entity from its owners. It enjoys commercial rights to own assets, incur expenses and liabilities, sue and be sued, and pay its tax obligations. A corporation is suited for large businesses.

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On September 1, Sky Mountain Co. borrowed $54,000 on a 6%, 9-month note payable to Coast National Bank. Given no previous adjust

REY [17]

Answer:

Sky Mountain's adjusting entry four months later at December 31 would include:

Debit Interest expense $1,080

Credit Interest Payable $1,080

Explanation:

Sky Mountain Co. borrowed $54,000 on a 6% note payable to Coast National Bank.

The amount of interest for 1 year = $54,000 x 6% = $3,240

The amount of interest for 1 month = $3,240/12 = $270

From September 1 to December 31, in Sky Mountain Co.

The amount of interest expense = $270 x 4 = $1,080

Sky Mountain's adjusting entry at December 31:

Debit Interest expense $1,080

Credit Interest Payable $1,080

6 0

3 years ago

1) Issued common stock for $5,000 cash. (2) Earned $3,000 of cash revenue. (3) Paid a $4,000 cash to purchase land. (4) Paid cas

WITCHER [35]

Answer:

-$4,000

Explanation:

The computation of the amount of cash flow from investing activities is shown below:

= Paid a $4,000 cash to purchase land

Since the land is purchase for cash so the amount is to be shown in the investing activities in a negative value as the purchase is the outflow of cash

So the same is relevant

3 0

3 years ago

Fuchsia provided services to 1,600 clients in the month of March and generated $23,500 as revenue. How much is the cost per s

pshichka [43]

Answer:

$10.72

Explanation:

Calculation for How much is the cost per service

First step is to calculate the Total costs

Building Rent Expense $5,200

DepreciationExpense—Equipment 1,600

Supplies Expense 8,000

Utilities Expense 2,350

Total costs $17,150

Now let calculate the Cost per service using this formula

Cost per service = Total costs / Services

Let plug in the formula

Cost per service = $17,150 / 1,600

Cost per service = $10.72

Therefore the cost per service is $10.72

3 0

3 years ago

You have emerged as the leader of your business finance group project in class. Your group has been working together for five we

Klio2033 [76]

Answer:

Based on SLII, the leadership style you should exhibit in this case is:

Directing.

Explanation:

Directing as a leadership style should not be done in total isolation of the other leadership styles. While the junior member can be delegated to handle the organization of the PowerPoint presentation, there is need to initially direct, coach, and support this member to ensure that group objectives are attained.

Directing ensures that this junior member is properly instructed and supervised.

Coaching ensures that the junior member, having shown some level of competence, is fully engaged to develop all the required skill-set.

Supporting enhances the competence level of the junior group member. This can be achieved through the active participation of the leader in the junior's assignments.

Delegating ensures that the ultimate leadership goal is attained, and this happens when the junior's competence cannot be questioned.

4 0

3 years ago

Three engineers have the same amount of schooling and work experience, but earn different wages. One is a computer engineer who

wel

Answer:

Variation in income in all three types of profession is due to different skills.

Explanation:

A computer engineer whose work is less risky due to which his income is also less.

Unlike a computer engineer, a chemical engineer who works in a nuclear lab performs more risky tasks and earns a higher income.

Unlike these two, the civil engineer who handles the responsibility of bridge safety performs the riskiest tasks for which he also needs high-quality skills, due to which one can get the most income.

3 0

3 years ago