What is the main advantage and the main disadvantage of organizing a businesses as either a proprietorship or as a partnership rather than as a corporation?

Q: Discuss the uses and advantages of budget. Explain the concept of control and budgetary control.

A: Budget: It is an estimation of revenue and expenses over a specified future period of time. The budg...

Q: In​ 2019, ending inventory is overstated. What is the effect of the error on net income in 2019 and​...

A: Inventory is said to be overstated when the reported inventory value is higher than that of actual v...

Q: The partnership of Jenson, Smith, and Hart share profits and losses in the ratio of 5:3:2, respectiv...

A: A partnership business is a type of business which includes the joining of hands by two or more indi...

Q: Which of the following is least likely to be included in the auditor’s engagement letter?(1) Details...

A: Audit engagement is a document that confirms the acceptance of the audit assignment of the client. A...

Q: the stockholder's equity of LDL corporation at December 31, 2016, is shown below: common stock $10 p...

A: Shareholders are the group of individuals who have financial interest in the working and operations ...

Q: An investor thought that market interest rates were going to decline. He paid $19,000 for a corporat...

A: a.

Q: Star Limited, a management consultancy firm, has operating hours fluctuate from week to week. Its ut...

A: Cost behavior expresses the relationship between level of activity and the total cost associated. Ba...

Q: Production budget ABC Company’s budgeted sales for June, July, and Augustare 12,000, 16,000, and 14,...

A: Formula: Units to be produced = Budgeted sales + Desired ending inventory - Desired beginning invent...

Q: Cost classifications For each of the following costs, check the columns that most likely apply (both...

A: Fixed cost: A fixed cost is a cost incurred by a company that remains fixed irrespective of the volu...

Q: Various Reporting Situations. For each of the following situations, indicate the type of opinion(s) ...

A: In the above situation, the departures stated are not materialistic. Hence, auditors can issue an un...

Q: Following Also prepare tvial balance with balancing method. are the transactions of M/S. Alam & Co. ...

A: Journal entries as follows:

Q: Prepare a contribution margin format income statement; calculate breakeven point Presented here is t...

A:

Q: July 2   Sold $60,000 of merchandise to Odom Jewels on account. July 3   Sold $13,000 o...

A: Journal Entry:   Journal entry has two effects for every transaction. The journal entry is passed by...

Q: 5. In January 1, 2009, partners AAA, BBB and CCC, who share profits and losses in the ratio of 5:3:2...

A: Profit is distributed among partners based on their profit sharing ratio but in absence of partnersh...

Q: The Securities Act of 1933 and Securities Exchange Act of 1934 containa. Civil liability provisions ...

A: Answer:   Option d.

Q: The following are internal controls that theauditor has identified for various cycles.1. Sales invoi...

A:

Q: Accounting Question

A:

Q: Perpetual Inventory Using FIFO Beginning inventory, purchases,and sales data for Keurig coffee machi...

A: FIFO basis of inventory valuation method in which the inventory is valued on first come first basis....

Q: Ending June 30 records for June 30 for ABC Company Revenue 1,600,000 150,000 55,000 Raw Materials Pu...

A: Job costing: It is a method of costing where in all the costs like direct material, direct labor and...

Q: BAYWEST Stationery & Supplies located in Montego Bay, Jamaica, sells a variety of school supplie...

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts fo...

Q: Understanding the relationships in the expanded contribution margin model may be the singlemost impo...

A: Step 1   Cost Profit volume analysis is the basic evaluation and seeing the impact of the cost and v...

Q: Dave Ryan is the owner and operator of Ryan's Arcade. At the end of its accounting period, December ...

A:

Q: What advantage do you see in compiling financial data into standardized statements like the Income S...

A: Standardized statements also acknowledged as financial statements, these statements such as balance ...

Q: Tamar Co. manufactures a single product in two departments. All direct materials are added at the be...

A: The question requires journal entry to be passed for recording the transfer of cost of units in Asse...

Q: Underapplied overhead analysis Tyler Company applies manufacturing overhead to production at the rat...

A: Overhead: It can be defined as the expense related to an ongoing business that is not straightforwar...

Q: To perform an attestation engagement on prospective information or pro forma information, accountant...

A: In Attestation Engagement there is a practitioner that conducts an evaluation, examination, or appro...

Q: Sold 64,400 of merchandise on account , subject to a sales tax of 4%. The cost of the goods sold was...

A: Sales tax payable = Sales  x Sales tax rate = $64,400 x 4% = $2,576 

Q: Brown Cow Dairy uses the aging approach to estimate bad debt expense. The ending balance of each acc...

A: Bad debt expense is the expense which is acknowledged when a receivable that is no longer collectibl...

Q: Martin Company uses the absorption costing approach to cost-plus pricing.  It is considering the int...

A:

Q: CVP analysis—effects of changes in cost structure; breakeven Riveria Co.makes and sells a single pro...

A: a.        

Q: From the auditors’ point of view, which of the following is a preferable provision for imposition of...

A: Civil Liability: The liability arose due to any misconduct in the form of payment towards the damage...

Q: Differentiate the following set of terms in relation to evaluation of the measurement tools.Provide ...

A: a. Evaluation of measurement tools analyses input, process and output related to measurement tools. ...

Q: Multiple-Step Incor On March 31, 20Y4 wholesaler, are as f Accumulated Deprecia Administrative Exp B...

A: Multistep income statement is prepared for calculation of net income by segregation of operating rev...

Q: Condensed financial data are presented below for the Phoenix Corporation:    20X2   20X1 Accoun...

A: Return on asset: It refers to a financial ratio that is used for determining the profitability of a ...

Q: The maturity value of a $586000, 168-day, 7.3% note receivable is (two decimals):

A: Interest on Note = Face value of notes x rate of interest x no. of days / 365 = $586000 x 7.3% x 168...

Q: Fitbit Ltd has leased a machine on the following terms:Date of entering lease 1 July 2019Duration of...

A:

Q: Specialty Auto Racing Inc. retails racing products for BMWs, Porsches, and Ferraris. The following a...

A: Stockholders’ Equity Section: It is refers to the section of the balance sheet that shows the availa...

Q: Sayers Co. sold merchandise on account to a customer for $80,000 terms 2/10, n/30. The cost of the g...

A: Sales Discount = Net sales x discount rate = $80,000 x 2% = $1600

Q: Darrell's Restaurants Cash Flow ($ in millions)   Cash received from:       Customers ...

A: Cash flow statement: A cash flow statement is a financial statement that provides aggregate data reg...

Q: PROBLEM 8 - INTERNAL CONTROL. Using the flowchart for Problem 8 of a purchases system, identify six ...

A:

Q: Internal Insights Inc., a developer of radiology equipment, has stock outstanding as follows: 70,000...

A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share...