Answer:
A sole proprietor
Explanation:
His business is owned and run by one person, himself. There is no distinction between the owner and the business entity. It is possibly for him to hire emplyees is not required to do all the work.
Marcus receives all the profits and has responsiblity for the debts and losses which could arise from his enterprise. The debts of the autodetailing business are his.
When prices are rising, the Cost of Goods Sold according to LIFO will be <u>higher </u>than cost of goods sold under FIFO.
Last-In, First-Out (LIFO) refers to a company selling off the latest inventory that it receives first before the inventory it received earlier.
When prices are rising, LIFO will result in a higher COGS because:
- Purchases will be high
- Closing stock will be low on account of only the earlier cheaper inventory being left
In conclusion, LIFO results in cost of goods sold being higher because the closing stock which is deducted from COGS will be lower.
<em>Find out more at brainly.com/question/16379786. </em>
Answer:
her beginning basis is $16500.
Explanation:
basis of partnership
= money contributed + adjusted basis of equipment contributed
= $7000 + $9500
= $16500
Therefore, her beginning basis is $16500.
Answer: A.The cumulative customerminus−level operating income of the top eight customers represents about 105.1105.1% of operating income
Explanation:
The Cumulative total of the first 8 customers is,
= 5,563 + 4,474 + 3,851 + 1,049.5 + 984.80 + 844.80 + 336.60 + 252.00
= $17,355.70
The Cumulative total of the Operating Income is,
= 5,563 + 4,474 + 3,851 + 1,049.5 + 984.80 + 844.80 + 336.60 + 252.00 - 168 - 676
= $16,511.70
Dividing both figures gives,
= 17,355.70 / 16,511.70 * 100
= 1.0511051 * 100
= 105.1105.1%
Option A is therefore correct.
Companies must follow generally accepted accounting principles (gaap) for international financial reporting standards accounting reports
<h3><u>What are international financial reporting standards ?</u></h3>
- The International Financial Reporting Standards (IFRS) are a group of accounting guidelines that specify which kinds of transactions and events must be disclosed in financial statements.
- The International Accounting Standards Board created and maintains them (IASB).
- The IASB wants the rules to be implemented consistently across the world so that investors and other users of financial statements may compare the financial performance of publicly traded firms with that of their worldwide peers on an equal footing.
- More than 100 nations, including the European Union and more than two-thirds of the G20, currently utilize IFRS.
- International Accounting Standards (IAS), which were more traditional standards that IFRS superseded in 2000, are occasionally mistaken with IFRS.
To view more about GAAP refer to:
brainly.com/question/14957399
#SPJ4
