Why would 3 employees who work for 3 different companies say their business practices are aligned with other companies of their size, but when they are asked the size of their company, they give three drastically different answers?
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Why would 3 employees who work for 3 different companies say their business practices are aligned with other companies of their size, but when they are asked the size of their company, they give three drastically different answers?
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- Listed below are definitions, examples, or descriptions related to business entities.1. Owned by one person2. Can make and sell goods (manufacturing)3. Owned by more than one person4. Can sell goods (merchandising)5. Can provide and sell services6. Legally, a separate entity from theowner(s)7. A law firm owned by some of theemployees who are each liable for thefinancial obligations of the entity8. The Coca-Cola CompanyRequired:1. For each of the three types of business entities (sole proprietorship, partnership, and corporation),select as many of the definitions, examples, or descriptions as apply to that type ofentity.2. CONCEPTUAL CONNECTION Explain the advantages and disadvantages of each type ofbusiness entity.Comment 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?You come across different kinds of businesses every day. The following table describes some businesses. Using the description of each business, classify it as a sole proprietorship, a partnership, a corporation, or a limited liability company/limited liability partnership. Business Scenario Type of Business Christopher started a tutoring website. After a few months, a publishing company filed a lawsuit against his company for copyright infringement. Christopher had to shut down his business and lost all his personal assets in the process. Purple Consulting has five consultants in the firm. The company’s annual revenue is around $500,000. Income is distributed among all consultants, and each is personally liable for claims if the company goes under. Nicholas, the CEO of a beverage company, is required to certify the accuracy of information provided in the company’s quarterly reports. Paradigm Media is a company run by a group of new media…
- Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. Administrative expense Officers' salaries $4,900 Depreciation of office furniture and equipment 3,960 Cost of goods sold 60,570 Rent revenue 17,230 Selling expense Delivery expense 2,690 Sales commissions 7,980 Depreciation of sales equipment 6,480 Sales revenue 96,500 Income tax 9,070 Interest expense 1,860 1) Prepare an income statment for the year 2014 using the single-step form.Write short answers What are three components of Triple bottom line reporting? How does financial statements help employees in decision making? Write 3 characteristics of an unethical person according to your understandingComparing Two Companies in the Same Industry: Chipotle and Panera Bread Refer to the financial information for Chipotle and Panera Bread reproduced at the back of the book and answer the following questions. What was the total revenue for each company for the most recent year? By what percentage did each companys revenue increase or decrease from its total amount in the prior year? What was each companys net income for the most recent year? By what percentage did each companys net income increase or decrease from its net income for the prior year? What was the total asset balance for each company at the end of its most recent year? Among its assets, what was the largest asset each company reported on its year-end balance sheet? Did either company pay its stockholders any dividends during the most recent year? Explain how you can tell.
- Comparing Two Companies in the Same Industry: Chipotle and Panera Bread Refer to the financial information for Chipotle and Panera Bread reproduced at the end of this book and answer the following questions: Required What is the dollar amount of inventories that each company reports on its balance sheet at the end of the most recent year? What percentage of total assets do inventories represent for each company? What does this tell you about the nature of their business? Refer to Note 1 in Chipotles annual report. What inventory valuation method does the company use? Refer to Note 2 in Panera Breads annual report. What inventory valuation method does the company use? How do both companies deal with situations in which the market value of inventory is less than its cost? Given the nature of their businesses, which inventory system, periodic or perpetual, would you expect both Chipotle and Panera Bread to use? Explain your answer.Four accounting majors, Maria Acosta, Kenzo Nakao, Helen Martin, and Anthony Mandella, recentlygraduated from Central University and began professional accounting careers. Acosta entered publicaccounting, Nakao became a management accountant, Martin joined a governmental agency, andMandella (who had completed a graduate program) became an accounting faculty member.Assume that each of the four graduates was successful in his or her chosen career. Identify thetypes of accounting activities in which each of these graduates might find themselves specializingseveral years after graduation.Mr. Smith Johnson joined as the CEO of his Company after the retirement of his father. Unfortunately, he had no/little background in business and commerce. The CFO of the the organization submitted Income Statements to him related to three consecutive years, 2016, 2017 and 2018 as Smith wanted to know about the Net Income, he hardly understands how to calculate it. For 2016 and 2017, he surprisingly noticed that the CFO has provided two different amounts of Net Income figures with same data and information, while Smith wanted to know what they mean by AC method and VC method. Smith also couldn’t understand when CFO said that the company had same amount of NOI in 2018 under AC and VC methods! As the CFO of the company, write down a memo to Smith using imaginary figures keeping in mind the following: 2. Computation of unit product cost under AC and VC methods.
- 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-CapitalFinal Exam Review for ACC100 1) know the difference between a service business and a manufacturing business. 2) What does journalizing mean? 3) Know what Accounts Payable is 4) What is a T account 5) How many accounts are affected by each transaction 6) What is posting 7) Do adjusting entries have to be posted? 8) What is in the Income Statement column on the 10-column worksheet 9) How do you close an expense account 10) What is a sole proprietorship, a partnership, and a corporation 11)What is net income 12) What entry is made when a sale on account is made 13) What is a trial balance 14) What does it mean when a transaction is in balance 15) What are source documents 16)What is the journal used for? 17) How many accounts will a journal entry have an effect on? 18) Adjusting entries never affect which account 19) What is the basic equation 20) What does summarizing mean? 21) What does net loss mean? 22) Understand WIRE 23) Which financial statement will you find liabilities? 24) If…Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following 2020 information related to P. Bride Company ($000 omitted). Administrative expense Officers’ salaries $ 4,900 Depreciation of office furniture and equipment 3,960 Cost of goods sold 60,570 Rent revenue 17,230 Selling expense Delivery expense 2,690 Sales commissions 7,980 Depreciation of sales equipment 6,480 Sales revenue 96,500 Income tax 9,070 Interest expense 1,860 Instructions a. Prepare an income statement for the year 2020 using the multiple-step form. Common shares outstanding for 2020 total 40,550 (000 omitted). b. Prepare an income statement for the year 2020 using the single-step form. c. Which one do you prefer? Discuss.