In which financial statement will drawing of a sole proprietorship be found

Q: How do the procedures for closing income summary of a corporation differ from those of a sole…

A: Partnership: It is a form of business where two or more people come together to form a business.…

Q: prepares separate financial statements

A: Correct Answer is :- A at cost

Q: An entity disclosing comparative information shall present, as a minimum ,all of the below items,…

A: According to IAS 1, Every company should disclose the comparative information of the previous year…

Q: Equity shareholders are creditors of the organization”. Do you agree with the statement? State…

A: Characteristics of Equity shareholders are as follows: Equity shareholders are permanent in nature…

Q: Sources of business ownership.

A: Introduction:- Funds play vital role in every business for running operations. Companies cannot run…

Q: The proprietary theory, the entity theory, and the funds theory are three approaches to accounting…

A: Sole Proprietor  It is the form of business in which one person is the manager and also the owner of…

Q: When selecting the most appropriate choice of business structure, some elements to consider are: A.…

A: Business structure is the outer framework of the business i.e. how the business is incorporated,…

Q: When an indirect ownership is present, why is a specific ordering necessary for determining the…

A: The specific ordering is necessary for determining the income of the component corporations because…

Q: a) What an associate is and explain the accounting requirements relating to having an associate and…

A: Companies invest money into another company and that company in which the investment is made becomes…

Q: Indicate whether the following items are treated as "Separately stated item" or "Nonseparately…

A: Meaning: S Corporation means corporations which don't pay income tax themselves but act as a channel…

Q: How does taxation for the corporate form and taxation for the partnership form diffe

A: A business can be run as various different legal forms. Some of the popular legal form that a…

Q: Document analysis of sole proprietorship

A: The business can be run in any form like sole proprietorship, partnership firm, or a company. To…

Q: When an indirect ownership is present, why is a specific ordering necessary for determining the…

A: Please find the answer to the above question below:

Q: Describe the sources of shareholder’s equity.

A: Stockholders’ equity or shareholder's equity:  The claims of owners on a company’s resources, after…

Q: sole proprietorship is the current business structure, what are the benefits and drawbacks of an…

A: Answer: LLC is limited liability company. The benefits of LLC are: 1. LLC is easy to setup and run…

Q: Discuss the implication of reporting NCI as a separate item of owners equity

A: The minority interest or NCI is the position of ownership where the stake of a shareholder is not…

Q: How can the separate entity concept benefit each of the ff: A. creditors B. consumers  C.…

A: This concept of accounting means that the owners of business need to ensure that it records…

Q: Are these any regulations for LLC's business ,number of owners, number of employees,amount of…

A: A limited liability company is a business structure that can be treated as a corporation, sole…

Q: Paid-in-capital What types of paid-in-capital are there and what is the diffference in each…

A: Capital:Capital is the amount invested in the business. Capital increases by the amount of  profits…

Q: When is the intra-entity’s profits recognized on transfers between the investor and investee?

A: The period in which intra-entity’s profits recognized on transfers between the investor and investee…

Q: explain the difference between the net income and net income available for common shareholders.

A: Introduction:- i)Net income means as follows under:- Net income means deduction of all expenses…

Q: w does a company obtain LLC status?

A: In the United States, a limited liability company (LLC) is a business structure that shields its…

Q: What is the primary difference between the income statement ofa sole proprietorship or partnership…

A: The income statements are prepared in a similar manner. An income statement or profit and loss…

Q: How are profits and losses allocated to LLC members?

A: LLC means Limited Liability Company, which is a private company with a combination of partnership…

Q: Explain Sole Proprietorships?

A:

Q: The economic entity assumption requires that the activities Select one: a. of a sole proprietorship…

A: The economic entity is an accounting assumption followed by every organization. According to this…

Q: The following describe several different business organizations. Determine whether each description…

A: Sole proprietorship: The form of business entity which is owned and managed by an individual is…

Q: What is an operating agreement for an LLC?

A: ANSWER   To form a business entity as a Limited Liability Company (LLC), the business owners are…

Q: How to register Sole Proprietorship in BIR and DTI?

A: Sole proprietorship is the form  which is managed, controlled and owned through single person  and…

Q: How is a noncontrolling interest in the net income of an entity reported in the income statement?

A: Net income: The bottom line of income statement which is the result of excess of earnings from…

Q: List the general rules when a liquidates and distributes property to its shareholders.

A: Liquidation of company refers to the event that results in discontinuous of all the operations of…

Q: Sole proprietorships or corporations: who would you choose to do business with? Why

A: The Answer

Q: The following describe several different business organizations. Determine whether each description…

A: Answer:   Corporation.

Q: FINANCING DECISIONS What are the advantages and examples of Internal Financing (at least 2 for…

A: Internal financing occurs when a firm utilises its own income to fund a new venture rather than…

Q: what are the advantages of an LLC versus operating as a sole proprietorship,

A: Advantages of LLC over Operating a sole proprietorship:: Limited liability is one of the advantage…

Q: what is sole proprietorship

A: Sole proprietorship: Sole proprietorship is the simple form of business and owner is an individual.…

Q: Explain the tax implications of a company and partnership type of business.

A: There are 5 types of business entities recognized under Federal taxation regime:- Sole…

Q: owners of corporations

A: Correct Answer :- A  Shareholders

Q: Describe the difference between a sole proprietorship, a partnership, and a corporation?

A: Ownership- Ownership is the condition or fact of legal control and control over possessions, which…

Q: #IAS OR #IFRS what accounting standard are use for sole proprietorship? what accounting standard…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 1) What is One Person Corporation?  2) How to register Sole Proprietorship in BIR and DTI?

A: Answer: Concept: Corporation is the organization formed with group of people who work together to…