All categories

3 years ago

What type of business is owned by one person

Business

1 answer:

Rina8888 [55]3 years ago

7 0

Answer:

sole proprietorship

Explanation:

A sole proprietorship is a business owned by only one person.

You might be interested in

Accounting: explain the weakness in internal control and identify the internal control principle that violated?1. Each week, Kat

natita [175]

Answer:

1.Each week, Katja leaves 100 company checks in an unmarked envelope on a shelf behind the cash register.

physical controls

2.The store manager personally approves all payments before signing and issuing checks.

segregation of duties

3.The company checks are unnumbered.

documentation procedures

4.After payment, bills are “filed” in a paid invoice folder.

documentation procedures

5.The company accountant prepares the bank reconciliation and reports any discrepancies to the owner.

independent internal verification

Explanation:

1.Each week, Katja leaves 100 company checks in an unmarked envelope on a shelf behind the cash register.

physical controls

2.The store manager personally approves all payments before signing and issuing checks.

segregation of duties

3.The company checks are unnumbered.

documentation procedures

4.After payment, bills are “filed” in a paid invoice folder.

documentation procedures

5.The company accountant prepares the bank reconciliation and reports any discrepancies to the owner.

independent internal verification

7 0

3 years ago

Karim Corp. requires a minimum $8,000 cash balance. Loans taken to meet this requirement cost 1% interest per month (paid monthl

ElenaW [278]

Answer:

Karim Corp

Cash Budget

July August September

Cash inflows: $20,000 $26,000 $40,000

Cash outflows: ($28,000) ($30,000) ($22,000)

Monthly cash flow: ($8,000) ($4,000) $18,000

Monthly interests: $0 ($76) ($116.76)

Initial cash balance: $8,400 $8,000 $8,000

Ending cash balance: $400 $3,924 $25,883.24

Required bank loan: $7,600 $4,076 $0

Payment of bank loan: $0 $0 ($11,676)

Total $8,000 $8,000 $14,207.24

Explanation:

A cash budget is the estimation of the business's future cash flows including estimated revenues and expenses.

4 0

3 years ago

Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant ra

BabaBlast [244]

Answer:

See

Explanation:

Sales volume = 1,000 units

Selling price = $70,000/1,000 = $70

Variable cost = $12,000/1000 = $12

900 units

Contribution margin income statement

Sales (900 × $72)

$64,800

Less:

Variable expenses (900 × $12)

($10,800)

Contribution margin

$54,000

Less:

Fixed expenses

($23,310)

Net Operating income

$30,690

6 0

3 years ago

Q. prepare journal entries from the following business transaction?

makvit [3.9K]

Answer:

Fuel is an expense and the fact that it was not paid off immediately means that it is an amount owed to Western Oil thereby making it an Accounts Payable.

Journal entry is:

Date Account title and Description Debit Credit

Fuel Expense $4,360

Accounts Payable $4,360

5 0

3 years ago

Ron, a manager at a hardware components manufacturing unit, has recently learned from a subordinate's report that the production

REY [17]

The step of comprehensive approach change that is illustrated in the scenario is recognizing the need for change (option A)

Recognize is a term of Latin origin that is composed of three parts that are:

1. The prefix re, which is equivalent to the action of repetition

2. The verb cognoscere, which can be translated as knowing

3. The suffix -ment, which is a synonym of instrument.

In other words, recognizing is a term that refers to the action of recognizing, that is, carefully examining an object, situation, person, or another to know its content or current state.

According to the above, it can be inferred that the situation described corresponds to the recognition of a problem because the manager carefully examines why sales have dropped and recognize the cause for this consequence, recognizing that he must change something to avoid this situation.

Learn more in: brainly.com/question/11164330

6 0

3 years ago