I am going to name a couple of statements and terms. I need to know if they are Proprietorship, Partnership, or Corporation.1) Bronson Company presents a statement of retained earnings in its financial statements at year end2)Jean Johnson's home health care business doesn't have liability separate from herself3)Grand Canyon Company's Retained Earnings balance is 5 million4)Michael Johnson and Joaquin Nunoz each invested $10,000 in their computer consulting business, and received shares of the company's stock in exchange for their investments5)Crown Candy Company presents statement of owner's capital in its annual financial statement.6)Johnson, Capital7) Common Stock8) Statement of capital containing two capital accounts9) Par Value10) Stockholder's Equity11) Partners' Capital, December 3112) Statement of capital containing one capital account13) Retained Earnings14) Jones, Drawings15) Additional Paid-in-Capital

On January 2, Daniel Harrison contributed $20,000 to start his business. At the end of the year,the business had generated $30,000 in sales revenues, incurred $18,000 in operating expenses, anddistributed $5,000 for Daniel to use to pay some personal expenses. Prepare ( a ) a statement ofowner’s equity, assuming this is a sole proprietorship; ( b ) the owner’s equity section of the balancesheet, assuming this is a sole proprietorship; and ( c ) the stockholder’s equity section of the balancesheet, assuming this is a corporation with no-par value stock.

Fae and Carley had a tech business. After two unprofitable years, the business closed. At that point, the liabilities of the business were $100,000 larger than its assets. Under each separate situation, how much money (if any) can creditors take from Carley’s personal assets to pay the unpaid business debts? a. The business is set up as a limited liability company (LLC). b. The business is set up as an S corporation.

After researching the different forms of business organization, Natalie Koebel decides to operate “Cookie Creations” as a corporation. She then starts the process of getting the business running. In November 2022, the following activities take place.   Nov.  8      Natalie cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account.           8      She opens a bank account under the name “Cookie Creations” and transfers $500 from her personal account to the new account in exchange for common stock.         11      Natalie pays $65 to have advertising brochures and posters printed. She plans to distribute these as opportunities arise. (Hint: Use Advertising Expense.)         13      She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash.         14      Natalie starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top-of-the-line food processor and mixer…

After researching the different forms of business organization, Natalie Koebel decides to operate “Cookie Creations” as a corporation. She then starts the process of getting the business running. In November 2022, the following activities take place.   Nov.  8      Natalie cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account.           8      She opens a bank account under the name “Cookie Creations” and transfers $500 from her personal account to the new account in exchange for common stock.         11      Natalie pays $65 to have advertising brochures and posters printed. She plans to distribute these as opportunities arise. (Hint: Use Advertising Expense.)         13      She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash.         14      Natalie starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top-of-the-line food processor and mixer…

Jennifer has been very successful in operating her business for the last five years. Her financial statements showed total assets of P380,000 and liabilities of P30,000. She invited Nicole to join her by investing an amount enough to give her a 40% interest in the firm. Profit and loss agreement provides 60:40 to Jennifer and Nicole, respectively. Before the formation, the parties agreed to make the following adjustments in the books of Jennifer: ➢ Allowance for doubtful accounts amounting to P5,000 be established. ➢ The merchandise should be adjusted to include goods out on consignment amounting to P20,000. ➢ Accrued utilities be recognized, P5,000. The amount to be invested by Nicole is

Sam quit a $30,000-a-year job with a local heating and air conditioningfirm to go into business for himself. After his first year in business, his accountant showed him an income statement, which indicated Sam’s firmhad a profit of $40,000. During this year, Sam drew a salary of $20,000.a. What were Sam’s accounting profit and entrepreneurial profit?b. Explain the difference between accounting profit and entrepreneurial profit.

Fellingham Software Company has assets of $850,000 and liabilities of $460,000.a. Prepare the owners’ equity section of the company’s balance sheet under each of the followingindependent assumptions:1. The business is organized as a sole proprietorship, owned by Johanna Small.2. The business is organized as a partnership, owned by Johanna Small and Mikki Yato.Small’s equity amounts to $240,000.3. The business is a corporation with 25 stockholders, each of whom originally invested$10,000 in exchange for shares of the company’s capital stock. The remainder of thestockholders’ equity has resulted from profi table operation of the business.b. Assume that you are a loan officer at Security Bank. Fellingham has applied to your bank for a large loan to finance the development of new products. Does it matter to you whether Fell-ingham is organized as a sole proprietorship, a partnership, or a corporation? Explain.

SamA. started an accounting consulting business in 2023. He will operate the business as a proprietorship. The first month’s transactions for the business are noted below: 1.SamA. invests $5,000 into the business out of his personal savings. 2.SamA. transfers a computer valued at $3,000 into the business. 3.The business purchases computer supplies for $400 cash. 4.The business pays $550 for wages to an assistant. 5.The business completes work for a client, who pays $700 for the service. 6.The business incurs adverting expenses of $600 which are to be paid later. 7.The business provides services totalling $1,200 to be collected later. 8.Business pays the total amount owing from transaction 6. 9.Half of the amount owed from customers in transaction 7 is collected. 10.Business purchases additional computer equipment for $450, cash. 11.SamA. withdraws $300 from the company for personal use.   a.Create in excel(or word)a spreadsheet (table) similar to the one below and record each of the…

On October 1, 2021, Santana Rey launched a computer services company, Business Solutions, that is organized as a corporation and provides consulting services, computer system installations, and custom program development. October 1 S. Rey invested $54,000 cash, a $28,000 computer system, and $9,500 of office equipment in the company in exchange for its common stock. October 3 The company purchased $1,510 of computer supplies on credit. October 6 The company billed Easy Leasing $5,700 for services performed in installing a new web server. October 8 The company paid $1,510 cash for the computer supplies purchased on credit on October 3. October 10 The company hired a part-time assistant. October 12 The company billed Easy Leasing another $1,800 for services performed. October 15 The company received $5,700 cash from Easy Leasing as partial payment toward its account. October 17 The company paid $735 cash to repair its computer equipment. October 20 The company paid…