Answer:
Otter Enterprises will be taxed differently depending on what type of business it is. If it is a partnership, LLP, LLC or S corporation, then it is a pass through business, which means it is not taxed directly, instead its owners are taxed directly. If it is a C corporation, then it has to pay corporate taxes and the owners pay income taxes.
- Partnership, LLP and LLC: net operating profit = $320,000 - $210,000 = $110,000 + long term capital gains $15,000. Ellie and Linda must each pay income taxes for $55,000 and capital gains taxes for $7,500.
- S corporation: The S corporation will pay employer taxes on the $50,000 distributed to Ellie and Linda (owner-employee relationship), and then Ellie and Linda must pay income taxes for the remaining net income and capital gains taxes for the capital gains (similar to a partnership).
- C corporation: must pay corporate taxes on its net profits + capital gains, and then Ellie and Linda must pay income taxes for any dividends received. The retained earnings account (what is left after taxes and dividends) is not taxed until dividends are distributed.
Answer:
D. Economic resources = creditor financing + owner financing
Explanation:
The economic resources in accounting are:
- the liablities; which represent the loans and credit term made by third parties (creditor financing)
- and equity which represent both, the actual nvestment and the retained earnings(owner financing)
Both, are used to obtain an maintain the assets which arethe economic use of the resources.
Answer:
B. customer relationship management
Answer:
E) General journal
Explanation:
The general journal is used to record all the accounting transactions carried out by a company. If the company uses an accounting tool software or a more complete ERP software, the transaction should be recorded immediately or as soon as possible.
For example, the journal record for this transaction should be:
- Dr Accounts Payable account 6,000
- Cr Cash account 6,000
Costs that are shared by multiple cost objects in a company are known as common costs.
<h3>What is cost?</h3>
Cost involves expenses that are incurred either in production or purchase of goods and services. Common cost consist of all cots incurred, it is not attached to any specific cost object, such as a product or process.
When cost is attached to particular cost it can be given a name.
Example is overhead cost of production, direct cost and indirect costs.
Therefore, Costs that are shared by multiple cost objects in a company are known as common costs.
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