The owner of a company asks you if he can charge all his personal expenses to his business. He said that he owns the company anyway. Explain to the business owner the business entity assumption and the ethical considerations of his idea. (Include references please
Q: Question 2 Part B RDX produces a LED bed side lamp. Information for this product is as follows: Unit…
A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want…
Q: Sharon Incorporated is headquartered in State X and owns 100 percent of Carol Corporation, Josey…
A: Nexus is a connection through physical presence between the tax jurisdiction state and the business…
Q: 1. Sold land (cost $12,000) for $15,000. 2. Issued common stock at par for $20,000. 3. Recorded…
A: Journal entries are posting of transactions in a form where two or more accounts are simultaneously…
Q: Kashi Corporation is the U.S. distributor of fencing (sword fighting) equipment imported from…
A: According to Bartleby Guidelines, we are allowed to answer only 3 parts of a question. Please…
Q: Dain's Diamond Bit Drilling purchased the following assets this year. Original Basis $ 90,400 95,…
A: Answer:- Depreciation meaning:- Due to usage, deterioration etc., an asset's monetary value falls…
Q: Why could cash be falling in a set of accounts?
A: Cash can fall in a set of accounts for a variety of reasons. These include making large purchases,…
Q: On 1st January 20X2, Bailey plc leased a machine under a four-year lease with four annual lease…
A: The current liabilities in the financial position of the lessee at the end of first year will be =…
Q: Question 25 of 30 . True or False - When creating a time slip in Sage 50, you can only enter the…
A: Time slip represents the records of the time spent by the employees on the activities of the…
Q: groupthink
A: Organization - Management's foundation is organization because, without effective organization, no…
Q: Responsibility reports are used for
A: 1. The Responsibility report is prepared for each manager who controls the responsibilty center. 2.…
Q: Woodstock Binding has two service departments, IT (Information Technology) and HR (Human Resources),…
A: Introduction:- Order of allocation starts with HR Allocation ratio from HR to IT, Publishing and…
Q: Required information [The following information applies to the questions displayed below] Trey…
A: The ending inventory comprises the units that are finished but not sold yet. The inventory can be…
Q: Melanie operates Mel's Bakery in Foxboro, Massachusetts, and has retail stores in Connecticut,…
A: Sales tax liability=Total Store Sales×Tax Rate
Q: Brief Exercise 7-3 (Algo) Allocate cost in a basket purchase (LO7-1) Finley Company is looking for a…
A: When assets are purchased for combined value , then specific value is to be assigned to each assets…
Q: Capital Irrigation has only a General Journal in its accounting system and uses it to record all…
A: The Petty cash fund is established to maintain the cash for day-to-day regular cash transactions of…
Q: Problem 17-14 (Static) The project manager of a task force planning the construction of a domed…
A: Costs - A cost is the amount of money that was expended during the production or delivery of a good…
Q: Part B RDX uses flexible budgets to control its selling expenses. Variable costs as a percentage of…
A: A budget that can be adapted to the activity or volume levels of a corporation is referred to as a…
Q: Critical evaluation of importance of auditor independence
A: Auditors are expected to provide a candid and knowledgeable evaluation of the work they evaluate. If…
Q: Required rate of return is 12% a year. Sales revenue is $2,000. Investment (operat assets) is…
A: Residual income is the amount of extra earnings that an entity has, after paying of all the…
Q: Brief Exercise 7-11 (Static) Record depreciation using straight-line method (LO7-4) On January 1,…
A: Depreciation is the reduction in the value of an asset over time. Depreciation as per Straight line…
Q: Sharon Incorporated is headquartered in State X and owns 100 percent of Carol Corporation, Josey…
A: Nexus is a connection or link between the state having tax jurisdiction and the business entity in…
Q: b. Calculate the business income apportioned to State X. Business Income State X
A: The organization operates a business to make a profit. Organizations earn income from business and…
Q: 6600 is not the answer
A: Child Tax Credit is $3,600 for children aged 6 and Under at end of 2021 Child Tax Credit is $3,000…
Q: What does a current ratio show?
A: Ratios are the measures which are determined by the entity in order to analyze the position of the…
Q: ABC Company is the exclusive Montana distributor of lawn mowers for a small manufacturing company.…
A:
Q: Noren Company uses the balance sheet aging method to account for uncollectible debt on receivables.…
A: The bad debt expense is estimated on the basis of the percentage of uncollectible for the current…
Q: Nyfe, Ork and Poon decide to dissolve their partnership on 1 December 2015 after being in business…
A: In case of dissolution of the partnership, the partnership comes to an end and the assets are…
Q: Stanley Department Stores reported net income of $801,000 for the year ended December 31, 2021.…
A: The fundamental formula for calculating EPS is as follows: Net income minus preferred dividends…
Q: Wildhorse Company sells goods to Sheffield Company during 2023. It offers Sheffield the following…
A: The journal entry is very important in accounting because it is the first instance where the…
Q: Ayayai Co. reported $145,700 of net income for 2020. The accountant, in preparing the statement of…
A: Cash flow statement records the cash inflow and cash outflow transaction of the business during that…
Q: A business plans for fixed production overheads of £100,000 and annual production of 200,000 units…
A: Fixed Overhead Rate :— It is calculated by dividing total fixed overhead by estimated cost driver.…
Q: The Old Towne Manufacturing Company produces the following three products: Saws Knives…
A: Break even point: It is the point at which total sales revenue is equal to total cost. Following is…
Q: Vhager Company has two divisions Division A and Division B. Last month, the company's contribution…
A: Contribution margin: The difference between the sales and the variable costs is called contribution…
Q: year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end…
A: To record the year-end entry for bad debt using the income statement method, it is based on the…
Q: What type of balance do asset accounts have?
A: A ledger accounts account known as an asset account is used to group and keep track of the debit and…
Q: he opted to withdraw an amount of ₱200,000.00. Calculate the available fund in his account 5 years…
A: Interest paid 8% Per annum, deposited f ₱25,000.00 per month and then withdraw f ₱20,000.00 per…
Q: Wingtip, a building company, owns a property which is currently occupied by its subsidiary. How…
A: In order to maintain uniformity and consistency to be followed across all the companies and entity…
Q: Prepare the journal entries to record the exchange on the books of both companies. Assume that the…
A: (a) Lack Commercial Substance Windsor Co. Equipment Dr. 13,920…
Q: South Union Township store has acquired a transferable license to sell alcohol in Pennsylvania for…
A: Answer:- Amortization meaning:- The distribution of an intangible asset's cost over the course of…
Q: 3. Ralph Lauren Corporation sells apparel through company-owned stores. Recent financial information…
A: return on total assets = EBITAverage Total Asset EBIT (Earnings before interest and tax ) = net…
Q: V1. Ted Barnes has 100 acres of unimproved land, which he actively farms. Its cost basis is $10,000…
A: A mortgage loan is a secured loan where financial institutions provide funds against some capital…
Q: 2. the Central Park 5 3.
A: ANSWER 2) The Central Park 5 3; Trisha Meili had been violently assaulted to the point that she had…
Q: Q1 Bongaigaon Refineries wishes to install an air pollution control system in its facility situated…
A: The time value of money is a financing technique used to calculate the present value of future cash…
Q: Planned Actual Production…
A: The measurement of the variation between the expected and actual performances is a component of…
Q: The manager of Synergy Company's Stock Division projects the following for next year: Sales…
A: Introduction:- The formula for calculating the residual income is as follows. Residual Income =…
Q: Dec. 31, 20Y9. Dec.31, 20Y8 Cash $155,000 $150,000 Accounts Receivable…
A: Cash flow statement records inflow and outflow of cash transaction during that period. In the cash…
Q: On June 1, 2021, Emmet Property Management entered into a 2-year contract to oversee leasing and…
A: Revenue is the total of an income statement over a reporting period. It serves as a gauge of a…
Q: Flint Corporation borrowed $94,000 on November 1, 2025, by signing a $96,115, 3-month,…
A: Journal entry is a primary entry that records the financial transactions initially. The…
Q: Standard Direct Materials Cost per Unit Truly Delicious Inc. produces chocolate bars. The primary…
A: The variance is the resulting amount of applied cost and actual cost. The applied cost is calculated…
Q: How does the break-even point equation change for a company with multiple products or services…
A: The break-even point equation for a company with multiple products or services is slightly more…
Step by step
Solved in 2 steps
- The owner of a company asks you if he can charge all his personal expenses to his business. He said that he owns the company anyway. Explain to the business owner the business entity assumption and the ethical considerations of his idea.(essay) The owner of a company asks you if he can charge all his personal expenses to his business. He said that he owns the company anyway. Explain to the business owner the business entity assumption and the ethical considerations of his idea.While meeting with a CPA, a new business owner finds out that the business is considered a pass-through entity. What does that mean? a) The profits of the business are taxed as income to the owner. b) The profits of the business are taxed as income to the company. c) The owner's personal assets are not at risk even if the business fails. d) The business will only have a few employees.
- Question:Prepare a reflection paper that incorporates your answers to the following independent questions: 1. What problems can you foresee if a business manager does not have a basic knowledge of accounting? 2. The owner of a company asks you if he can charge all his personal expenses to his business. He said that he owns the company anyway. Explain to the business owner the business entity assumption and the ethical considerations of his idea. 3. After examining the financial statements, the owner of a small business expressed surprise that the firm's cash balance had decreased during the month even though there was substantial net income. Do you think this owner is right to expect the cash to increase because of a substantial net income? Why or why not? 4. Jiffy Trading runs 10 branches and pays for a variety of expenses. Anna, the Accounts Payable Clerk of Jiffy Trading writes the checks for each supplier and the Accounting Manager signs the checks. Anna decided she…Mr. Bader is leaving the accounting practice to become the Finance Director of a client company. The ethical dilemma he is most likely to face would be a. Objectivity b. Integrity c. Professional Behavior d. ConfidentialitQ3) Which of the following legal forms of business is owned and usually operated by a person who is responsible for its debts? Select one: a. Corporation b. Cartel c. Sole proprietorship d. General partnership e. Limited partnership This multiple choice question from BUSINESS MATHEMATICS course.just write for me the final answer.
- 4. If someone buys a business but hires professional managers to run it so they don’t have to be involved in the operations, are they an entrepreneur?20)Which of the following is the best definition of an internal user of accounting information? A) Creditors, such as banks, that use accounting information to evaluate the risk of lending money B) Investors who use accounting information to decide whether to buy or sell stock C) Managers who use accounting information to plan, organize, and run a business D) Labor unions who use accounting information to examine the ability of the company to pay increased wages and benefitsComment on the performance of Bart D’Souza’s company. How is the company doing? He is working at this business part-time. Should he quit his other job and work at this full-time? Should he do the opposite – and exit the business? Or, should he stay the course and see how things unfold? What other kinds of information might you want to know to answer these questions?
- Hudson Signs, Inc., needs funds, and Alley Hudson, the president, has asked you to considerinvesting in the business. Answer the following questions about the different ways that Hudsonmight organize the business. Explain each answer.a. What forms of organization will enable the owners of Hudson Signs, Inc., to limit theirrisk of loss to the amounts they have invested in the business?b. What form of business organization will give Alley Hudson the most freedom to manage the business as she wishes?c. What form of organization will give creditors the maximum protection in the event thatHudson Signs, Inc., fails and cannot pay its debts?What Would You Do? You are responsible for preparing all of the journal entries for Regional Financial Services. You have correctly prepared the following entry for financial services provided on December 15: Your boss has asked you to change the date from December 15 to January 15 so that the business’s profit, and thus taxes, would be lower. Are you allowed to do this? What is your response to your boss? How should you handle this situation?01. An accountant prepares a statement of financial position for a business. In this statement,the equity of the owner was shown next to the liabilities. This confused the owner, who argued: ‘My equity is my major asset and so should be shown as an asset on the statement of financial position.’ How would you explain this misunderstanding to the owner? 02. ‘The statement of financial position shows how much a business is worth.’ Do you agree with this statement? Explain the reasons for your response. 03.“When evaluating projects, we’re concerned with only the relevant incremental after-tax cash flows. Therefore, because depreciation is a non-cash expense, we should ignore its effects when evaluating projects.” Critically evaluate this statement.
