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2 years ago

Explain sole proprietorship

Business

1 answer:

jonny [76]2 years ago

6 0

Explanation:

A sole proprietor is someone who owns an unincorporated business by himself or herself. However, if you are the sole member of a domestic limited liability company (LLC), you are not a sole proprietor if you elect to treat the LLC as a corporation.sole proprietorship is a business that can be owned and controlled by an individual, a company or a limited liability partnership. There are no partners in the business. The legal status of a sole proprietorship can be defined as follows: It is not a separate legal entity from the business owner.

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The purpose of preparing a direct materials budget is to ________. multiple choice 1 allocate the cost of raw materials to produ

Eduardwww [97]

Answer:

1. estimate the quantity of raw materials to be purchased.

2. ending raw materials inventory for the last period.

Explanation:

A budget is a financial plan used for the estimation of revenue and expenditures of an individual, organization or government for a specified period of time, often one year. Budgets are usually compiled, analyzed and re-evaluated on periodic basis.

The first step of the budgeting process is to prepare a list of each type of income and expense that will be part of the budget.

The final step by the management of an organization in the financial decision making process is making necessary adjustments to the budget.

The benefits of having a budget is that it aids in setting goals, earmarking revenues and resources, measuring outcomes and planning against contingencies.

1. The purpose of preparing a direct materials budget is to estimate the quantity of raw materials to be purchased. This includes the raw materials that would be used for the manufacturing of finished goods.

2. In a direct materials budget, the desired ending raw materials inventory for the year is equal to the ending raw materials inventory for the last period.

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2 years ago

Nair Corp. enters into a contract with a customer to build an apartment building for $1,000,000. The customer hopes to rent apar

Ivahew [28]

The determination of the transaction price for this contract for Nair Corp. is as follows:

Completed by Probability:

Date Probability Bonus/Penalty Outcome

August 1, 2015 70% $150,000 $105,000 ($150,000 x 70%)

August 8, 2015 20% $50,000 -10,000

August 15, 2015 5% $50,000 -2,500

After August 15, 2015 5% $50,000 -2,500

Total expected value of performance bonus = $135,000

Contract value = $1,000,000

Total transaction price = $1,135,000 ($1,000,000 + $135,000).

<h3>What is a transaction price?</h3>

A transaction price is the amount of consideration expected to be paid or received for the exchange of goods or services.

A transaction price can vary based on timing or performance factors.

<h3>Data and Calculations:</h3>

Contract value = $1,000,000

Performance bonus = $150,000

Penalty per week in performance bonus = $50,000

The total transaction price is $1,135,000.

Learn more about contract transaction prices at brainly.com/question/984979

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2 years ago

Which three approaches to management are considered historical perspectives?

cestrela7 [59]

The three approaches to management which are considered to be historical perspectives are:
1. The classical view point: this emphasize finding ways to manage work more efficiently.
2. The behavioral view point: emphasize the need to understand human behavior and to encourage employees toward achieving the company's goals.
3. The quantitative view point: this emphasizes the application of quantitative measures to management.

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3 years ago

Refer to the given data. a $2 billion increase in consumption at each level of di could be caused by:

Shalnov [3]

A. a decrease in consumer wealth

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3 years ago

The following information is available for Splish Brothers Corp. for the year ended December 31, 2022. Other revenues and gains

Readme [11.4K]

Answer:

Net Income 195,300

Explanation:

The question is to prepare a multi-step income statement

Splish Brothres Corp

Income Statement for the year ended December 31, 2022

Particulars/Description Amount ($) Amount ($)

Sales Calculation

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Subtract:

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Cost of Goods sold (283,000)

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Operating Expenses (210,000)

Operational Income 241,800

Other gains and revenue 21,800

Other Expenses and losses (3,200) 18,600

Income before Income Taxes 260,400

Income tax expense (25% x 260,400) (65,100)

Net Income 195,300

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3 years ago

Explain sole proprietorship​

Explain sole proprietorship