Answer:
having lower overhead costs.
Explanation:
Robert started his company in his mother's garage so he did not have to pay rent or lease at the initial stage of his business. This gave him the opportunity to put his finances in essential aspects of his business.
Therefore he had an opportunity to reduce his overhead cost.
Answer:
The answer is a. $2,967.92
Explanation:
Calculation of prent value
Present value = p* (1+i)^-10
Present value = $4,500 * (1+0.0425)^-10= <u>$2,967.92</u>
Answer:
Limited Liability Partnership / Limited Liability Company.
Explanation:
- Limited Liability Partnership: A limited liability relationship is a company in which certain or all members have defined obligations, based on the law. Consequently, it can show collaboration and organizational features. Each partner in an LLP is not accountable or liable for any wrongdoing or incompetence of another party.
- Limited Liability Company: A limited liability company is a management structure whose proprietors are not personally responsible for the obligations or responsibilities of the business. Limited liability corporations are hybrid organizations that combine a company's features with that of a partnership or sole business entity.
Answer:
Explanation:
Having a strong work ethic involves upholding the values and goals of the company by performing your job to the best of your ability. It means focusing on completing assigned tasks on time. An employee with a strong work ethic is professional in attitude and appearance.
Answer:
B. No effect on net income; no effect on total assets
Explanation:
When you write off bad debt, the journal entry is:
Dr Allowance for doubtful accounts XYZ
Cr Accounts receivable XYZ
This actually had no effect on the income statement, since the allowance account is already a contra asset account.
When the write off is reversed because the customer paid the debt, the journal entry is:
Dr Accounts receivable XYZ
Cr Allowance for doubtful accounts XYZ
Dr Cash XYZ
Cr Accounts receivable XYZ
Again, since the company is using the allowance method, there is no real effect on the income statement nor total assets in the balance sheet.
