Can you do 1-5 QS for me ? 24Chapter 1 Accounting in BusinessComplete the following table with either a yes or no regarding the attributes of a sole proprietorship,partnership, corporation, and limited liability company (LLC).QS 1-5Identifying attributes ofbusinessesC2Attribute PresentSole ProprietorshipPartnershipCorporationLLC1. Business taxed......2. Limited liability......3. Legal entity .........ot allid bns onQS 1-6Identify the accounting principle or assumption that best explains each situation.1. In December of this year, Chavez Landscaping received a customer's order and cash prepayment toinstall sod at a house that would not be ready for installation until March of next year. Chavez shouldrecord the revenue from the customer order in March of next year, not in December of this year.Identifying accountingprinciples and assumptionsC22. If $51,000 cash is paid to buy land, the land is reported on the buyer's balance sheet at $51,000.3. Mike Derr owns both Sailing Passions and Dockside Digs. In preparing financial statements for Dock-side Digs, Mike makes sure that the expense transactions of Sailing Passions are kept separate fromDockside Digs's transactions and financial statements.QS 1-7a. Total assets of Charter Company equal $700,000 and its equity is $420,000. What is the amount of itsliabilities?Applying the accountingequation A1b. Total assets of Martin Marine equal $500,000 and its liabilities and equity amounts are equal to eachother. What is the amount of its liabilities? What is the amount of its equity?QS 1-8Applying the accounting1. Use the accounting equation to compute the missing financial statement amounts (a), (b), and (c).equationA1ABD1CompanyAssetsLiabilitiesEquity2$ 75,000(0)25,00020,000$ 40,00032(b)85,00070,00043(c)2. Use the expanded accounting equation to compute the missing financial statement amounts (a) and (b).ABDEFOwner,CapitalOwner,Withdrawals2CompanyAssetsLiabilitiesRevenuesExpenses3$ 40,000$ 80,000$ 16,000$ 32,000$ 20,000$ 44,000$0(0)$ 24,000$ 8.000$ 18,0004(b)QS 1-9Determine whether each of the following transactions increases or decreases equity.Determining effects ofa. Owner invested cash in the company.b. Incurred maintenance expenses.transactions on equityc. Performed services for a client,d. Incurred employee wage expenses.P1Create a table similar to Exhibit 1.9. Then use additions and subtractions to show the dollar effecte oftransaction on individual items of the accounting equation.QS 1-10Identifying effects oftransactions usingaccounting equation-revenues and expensesAssetsLiabilitiesno.EquityP1Cash+AccountsAccountsOwner,Owner,RevenuesReceivablePayableExpensesCapitalWithdrawals

Complete the following table with either a yes or no regarding the attributes of a sole proprietorship. partnership, corporation, and limited liability company (LLC). QS 1-5 Identifying attributes of businesses C2 Attribute Present Sole Proprietorship Partnership Corporation LLC 1. Business taxed 2. Limited liability 3. Legal entity

Complete the following table with either a yes or no regarding the attributes of a sole proprietorship. partnership, corporation, and limited liability company (LLC). QS 1-5 Identifying attributes of businesses C2 Attribute Present Sole Proprietorship Partnership Corporation LLC 1. Business taxed 2. Limited liability 3. Legal entity

Accounting (Text Only)

26th Edition

ISBN:9781285743615

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter21: Cost Behavior And Cost-volume-profit Analysis

Section: Chapter Questions

Problem 21.1CP

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Is a mutiple question: Question : Accounting for the day-to-day activities for a Partnership or Limited Liability Corporation (LLC) is generally: Group of answer choices 1. the same as the accounting for a sole proprietorship only 2. the same as the accounting for any other form of business 3. is not the same as the accounting for any other form of business 4. the same as the accounting for a corporation only
1. Limited Partners are involved in the day-to-day management of thebusiness. T/F 2. A Corporation can continue in existence if the owner leaves thecompany. T/F
‏Question 1: a) Differentiate between Partnership and Corporation. (Write any 4) b) Explain about the importance of preparing financial statements in the business. c) Write any four differences between Accrual basis and Cash basis and mention few examples also
26. Salary expense has been incurred but not yet paid to employees will be: a. Added to share of profits of partners b. Added to corresponding expense in the income statement c. Added to current assets in the balance sheet d. Added to partners' capital
28) Salary expense has been incurred but not yet paid to employees will be: a. Added to corresponding expense in the income statement b. Added to partners' capital c. Added to current assets in the balance sheet d. Added to share of profits of partners
PROBLEM 1On June 30, 20x8 A, the sole proprietor of A Inc, expandsthe company and establishes a partnership with B and C. Thepartners plan to share profits and losses as follows: A, 50%;B, 25% and C 25%. They also agree that the beginning capitalbalances of partnership will reflect this same relationship.A asked B to join the partnership because his many businesscontacts are expected to be valuable during the expansion. B iscontributing P40,000 and a building that has an original cost ofP520,000, book value of P420,000, tax assessment of P310,000 andfair value of P370,000. The building is subject to a P242,000mortgage that the partnership will assume. C is contributingP66,000 and marketable securities costing P252,000 but arecurrently worth P345,000.A's investment in the partnership is his business. He plansto pay off the notes with his personal assets. The other partnershave agreed that the partnership will assume the accounts payable.The balance sheet for the A Inc follows:…
Q1. When the management of a business is conducted by individuals other than the owners, the business is more likely to be a: partnership. sole proprietorship. general partner. corporation.
Question 1: Define and discuss each of the following by providing at least 2 practical examples: a) Limited Partnership; Limited Liability partnership; Professional corporation? b) A friend asked you to reveal important financial information of the company,being a finance manager of the company what would you do? Justify by considering ethics in finance. c) Describemechanisms that motivate managers to act in stockholders’ best interests, and to overcome agency problem?
Refer to Chapter 11-1A, page 619: Characteristics of sole proprietorships, partnerships, and corporations Required The three primary types of business organization are proprietorship, partnership, and corporation. Each type has characteristics that distinguish it from the other types. In the left column of the following table write the name of the type of business organization that is most likely to possess the characteristic that is described in the right column of the table. The first item is shown as an example. Business Type Characteristic Proprietorship Owned and operated by a single individual Subject to double taxation Has a retained earnings account on its balance sheet One owner may be held personally liable for actions taken on behalf of the business by different owner Profits benefit a single individual Frequently uses legal agreements to define profit distribution for two or more owners Most highly regulated form of business The business dissolves with the death of its only…
2. Limited liability is an important feature of: A. CorporationsB. Both partnerships and corporationsC. Sole proprietorshipsD. Partnerships 4. The ultimate financial goal of a corporation is to: A. maximize the value of the corporation to the stockholders.B. increase size of the firm.C. minimize stockholder risk.D. maximize profit. 7. Shareholders of a corporation may be, among others, A. pension funds.B. individuals, pension funds, and insurance companies.C. individuals and pension funds.D. individuals.
Q 3 Outline the responsibilities of the compliance officer or partner for income tax purposes in a Limited Liability Partnership. PLEASE EXPLAIN AND ELABORATE NOT LESS THAN 400 WORDS. THANK YOU.