Homework Answers
Corporation: Corporation is independent legal entity which has separate legal assistance from its owner. Corporation has pay taxes on profit and after the taxes profit is distribute in shareholders as dividend.
Partnership: partnership business has two or more owners and share the profit and loss of business. All partner are personally liable for all debts.
Sole proprietorship: is sole proprietorship is a single owner operate the business. The business of sole proprietorship has no separate legal entity and the owner of sole proprietorship has personally liable for all debts.
1 The business has one owner who is not personally liable for any debts.
Answer: Corporation
2 The business has one owner who is personally liable for any debts
Answer: Sole proprietorship
3 The business has two owner who is personally liable for any debts.
Answer: Partnership
4 The business has three owners who are not personally liable for any debts.
Answer: Corporation
5 The business has aa separate legal existence apart from its one owner.
Answer: Corporation
6 The business has no separate legal existence apart from its two owner.
Answer: Partnership
7 The business has a separate legal existence apart from its two owner.
Answer: Corporation
8 The business has no separate legal existence apart from its one owner.
Answer: sole proprietorship
9 The business pays its own taxes and has one owner.
Answer: Corporation
10 The business pay its own taxes and has four owner.
Answer: Corporation
11 The business does not pay its own taxes and has one owner.
Answer: Sole proprietorship
12 The business does not pay its own taxes and has ten owners
Answer: Partnership
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Review Below are descriptions of different business organizations. For each one, indicate whether the description refers...
Match each of the descriptions with the term or phrase it best reflects Description 1. An...
Match each of the descriptions with the term or phrase it best reflects Description 1. An assessment of whether financial statements follow GAAP 2. Amount a business earns in excess of all expenses and costs associated with its sales and revenues. 3. A group that sets accounting principles in the United States 4. Accounting professionals who provide services to many clients | 5. Principles that determine whether an action is right or wrong. mework 1 Consider the following separate situations,...
Exercise 1-6 Distinguishing business organizations LO C4 Consider the following separate situations, identify each as being...
Exercise 1-6 Distinguishing business organizations LO C4 Consider the following separate situations, identify each as being a sole proprietorship, partnership, corporation, or limited liability company. Business Organization Description Lannister owns Wealth Management. The business is a separate legal entity and pays an additional business income tax. b. Harvey and Louis own NYC Law. Harvey and Louis are jointly liable for partnership debts. Physio Products does not pay income taxes and has one owner. The owner has unlimited liability for business...
Consider the following separate situations, identify each as being a sole proprietorship, partnership or corporation.
Consider the following separate situations, identify each as being a sole proprietorship, partnership or corporation.DescriptionBusiness Organizationa. Micah and Nancy own Financial Services, a financial services provider, Neither Micah nor Nancy has personal responsibility for the debes of Financial Services.b. Riley and Kay own Speedy Packages, a courier service. Both are personally liable for the debts of the business.c. IBC Services does not have separate legal existence apart from the one person who owns it.d. Trent Company is owned by Trent Malone,...
value 3.00 points Consider the following separate situations, identify each as being a sole proprietorship, partnership...
value 3.00 points Consider the following separate situations, identify each as being a sole proprietorship, partnership or corporation Business Organization Description Micah Douglas and Nathan Logan own Financial Services, a financial services provider. Neither Douglas nor Logan has personal responsibility for the debts of Financial Services Riley and Kay own Speedy Packages, a courier service. Both are personally liable for the debts of the business. C. IBC Services does not have separate legal existence apart from the one person who...
QUESTION 13 Listed below are various situations relating to business organizations: 1. Paul's Woodworking does not...
QUESTION 13 Listed below are various situations relating to business organizations: 1. Paul's Woodworking does not have a separate legal existence apart from the one person who owns it. 2. Luke and Sheri own Wise Financial Inc., a financial and personal taxation services provider. Neither Luke nor Sheri has personal responsibility of the debts of Wise Financial Inc. 3. Lucky Snacks is owned by Ray Umber, who is personally liable for the debts of the business. 4. Ownership of Tractor...
Consider the following separate situations, identify each as being a sole proprietorship, partnership, corporation, or limited liability company.
Consider the following separate situations, identify each as being a sole proprietorship, partnership, corporation, or limited liability company. DescriptionBusiness Organizationa.Raymond and Amy own Security Services. The business is not a separate legal entity.b.Physio Products does not pay income taxes and has one owner. The owner has unlimited liability for business debt.c.Riley and Kay own Speedy Packages, a courier service. Both are personally liable for the debts of the business.d.Lannister owns Wealth Management. The business is a separate legal entity and pays...
of business ELS (LO 2) C Listed below are several statements regarding different forms of business...
of business ELS (LO 2) C Listed below are several statements regarding different forms of business organization Instructions For each statement, indicate if that statement is true or false for each of the forms of business organization by placing a T or an F in each column. Publicly Traded Proprietorship Partnership Corporation a. Owners have limited liability. b. Records of the business are combined with the personal records of the owner or owners. c. Required to follow IFRS. d. Pays...
3. Matching: Match these characteristics to their business form(s)/structure(s). Write the corresponding uppercase letter or letters...
3. Matching: Match these characteristics to their business form(s)/structure(s). Write the corresponding uppercase letter or letters on the line(s). The number of blanks correspond to the number of letters that apply to that characteristic, use only one letter per blank (1 points per blank- 25 total) Owned by a singled individual Owned by two or more people (not called A. Sole Proprietorship B. General Partnership C. C Corporation D. S Corporation a. shareholders) Owned by shareholders _Proprietors) has full liability...
acct hw QUESTION 1 The partnership form of business organization has tax advantage over sole proprietorship....
acct hw
QUESTION 1 The partnership form of business organization has tax advantage over sole proprietorship. combines the records of the business with the personal records of the owner. has tax advantage over corporation. is classified as a separate legal entity. QUESTION 3 Retained earnings is part of stockholders' equity is part of assets is part of liabilities is part of common stock QUESTION 4 A payment of a portion of an accounts payable will increase liabilities decrease stockholders' equity....
Question 3 --/10 View Policies Current Attempt in Progress Listed below are several statements regarding dfferent...
Question 3 --/10 View Policies Current Attempt in Progress Listed below are several statements regarding dfferent forms of business organization. For each statement, indicate if that statement is true or false for each column. Publicly Traded Proprietorship Partnership Corporation Owners have limited liability. (a) Records of the business are combined with the personal records of the owner or owners. (b) «) Required to follow IFRS. Pays income taxes on its profits. (6) Owners are called "shareholders." (e) n Will have...
Match each of the descriptions with the term or phrase it best reflects Description 1. An assessment of whether financial statements follow GAAP 2. Amount a business earns in excess of all expenses and costs associated with its sales and revenues. 3. A group that sets accounting principles in the United States 4. Accounting professionals who provide services to many clients | 5. Principles that determine whether an action is right or wrong. mework 1 Consider the following separate situations,...
Exercise 1-6 Distinguishing business organizations LO C4 Consider the following separate situations, identify each as being a sole proprietorship, partnership, corporation, or limited liability company. Business Organization Description Lannister owns Wealth Management. The business is a separate legal entity and pays an additional business income tax. b. Harvey and Louis own NYC Law. Harvey and Louis are jointly liable for partnership debts. Physio Products does not pay income taxes and has one owner. The owner has unlimited liability for business...
value 3.00 points Consider the following separate situations, identify each as being a sole proprietorship, partnership or corporation Business Organization Description Micah Douglas and Nathan Logan own Financial Services, a financial services provider. Neither Douglas nor Logan has personal responsibility for the debts of Financial Services Riley and Kay own Speedy Packages, a courier service. Both are personally liable for the debts of the business. C. IBC Services does not have separate legal existence apart from the one person who...
QUESTION 13 Listed below are various situations relating to business organizations: 1. Paul's Woodworking does not have a separate legal existence apart from the one person who owns it. 2. Luke and Sheri own Wise Financial Inc., a financial and personal taxation services provider. Neither Luke nor Sheri has personal responsibility of the debts of Wise Financial Inc. 3. Lucky Snacks is owned by Ray Umber, who is personally liable for the debts of the business. 4. Ownership of Tractor...
of business ELS (LO 2) C Listed below are several statements regarding different forms of business organization Instructions For each statement, indicate if that statement is true or false for each of the forms of business organization by placing a T or an F in each column. Publicly Traded Proprietorship Partnership Corporation a. Owners have limited liability. b. Records of the business are combined with the personal records of the owner or owners. c. Required to follow IFRS. d. Pays...
3. Matching: Match these characteristics to their business form(s)/structure(s). Write the corresponding uppercase letter or letters on the line(s). The number of blanks correspond to the number of letters that apply to that characteristic, use only one letter per blank (1 points per blank- 25 total) Owned by a singled individual Owned by two or more people (not called A. Sole Proprietorship B. General Partnership C. C Corporation D. S Corporation a. shareholders) Owned by shareholders _Proprietors) has full liability...
acct hw
QUESTION 1 The partnership form of business organization has tax advantage over sole proprietorship. combines the records of the business with the personal records of the owner. has tax advantage over corporation. is classified as a separate legal entity. QUESTION 3 Retained earnings is part of stockholders' equity is part of assets is part of liabilities is part of common stock QUESTION 4 A payment of a portion of an accounts payable will increase liabilities decrease stockholders' equity....
Question 3 --/10 View Policies Current Attempt in Progress Listed below are several statements regarding dfferent forms of business organization. For each statement, indicate if that statement is true or false for each column. Publicly Traded Proprietorship Partnership Corporation Owners have limited liability. (a) Records of the business are combined with the personal records of the owner or owners. (b) «) Required to follow IFRS. Pays income taxes on its profits. (6) Owners are called "shareholders." (e) n Will have...
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