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Complete the following table with either a yes or no regarding the attributes of a sole proprietorship. partnership, corporation, and limited liability company (LLC). QS 1-5 Identifying attributes of businesses C2 Attribute Present Sole Proprietorship Partnership Corporation LLC 1. Business taxed 2. Limited liability 3. Legal entity

Complete the following table with either a yes or no regarding the attributes of a sole proprietorship. partnership, corporation, and limited liability company (LLC). QS 1-5 Identifying attributes of businesses C2 Attribute Present Sole Proprietorship Partnership Corporation LLC 1. Business taxed 2. Limited liability 3. Legal entity

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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24 Chapter 1 Accounting in Business Complete the following table with either a yes or no regarding the attributes of a sole proprietorship, partnership, corporation, and limited liability company (LLC). QS 1-5 Identifying attributes of businesses C2 Attribute Present Sole Proprietorship Partnership Corporation LLC 1. Business taxed...... 2. Limited liability...... 3. Legal entity ......... ot allid bns on QS 1-6 Identify the accounting principle or assumption that best explains each situation. 1. In December of this year, Chavez Landscaping received a customer's order and cash prepayment to install sod at a house that would not be ready for installation until March of next year. Chavez should record the revenue from the customer order in March of next year, not in December of this year. Identifying accounting principles and assumptions C2 2. If $51,000 cash is paid to buy land, the land is reported on the buyer's balance sheet at $51,000. 3. Mike Derr owns both Sailing Passions and Dockside Digs. In preparing financial statements for Dock- side Digs, Mike makes sure that the expense transactions of Sailing Passions are kept separate from Dockside Digs's transactions and financial statements. QS 1-7 a. Total assets of Charter Company equal $700,000 and its equity is $420,000. What is the amount of its liabilities? Applying the accounting equation A1 b. Total assets of Martin Marine equal $500,000 and its liabilities and equity amounts are equal to each other. What is the amount of its liabilities? What is the amount of its equity? QS 1-8 Applying the accounting 1. Use the accounting equation to compute the missing financial statement amounts (a), (b), and (c). equation A1 A B D 1 Company Assets Liabilities Equity 2 $ 75,000 (0) 25,000 20,000 $ 40,000 3 2 (b) 85,000 70,000 4 3 (c) 2. Use the expanded accounting equation to compute the missing financial statement amounts (a) and (b). A B D E F Owner, Capital Owner, Withdrawals 2 Company Assets Liabilities Revenues Expenses 3 $ 40,000 $ 80,000 $ 16,000 $ 32,000 $ 20,000 $ 44,000 $0 (0) $ 24,000 $ 8.000 $ 18,000 4 (b) QS 1-9 Determine whether each of the following transactions increases or decreases equity. Determining effects of a. Owner invested cash in the company. b. Incurred maintenance expenses. transactions on equity c. Performed services for a client, d. Incurred employee wage expenses. P1 Create a table similar to Exhibit 1.9. Then use additions and subtractions to show the dollar effecte of transaction on individual items of the accounting equation. QS 1-10 Identifying effects of transactions using accounting equation- revenues and expenses Assets Liabilities no. Equity P1 Cash + Accounts Accounts Owner, Owner, Revenues Receivable Payable Expenses Capital Withdrawals
Transcribed Image Text:24 Chapter 1 Accounting in Business Complete the following table with either a yes or no regarding the attributes of a sole proprietorship, partnership, corporation, and limited liability company (LLC). QS 1-5 Identifying attributes of businesses C2 Attribute Present Sole Proprietorship Partnership Corporation LLC 1. Business taxed...... 2. Limited liability...... 3. Legal entity ......... ot allid bns on QS 1-6 Identify the accounting principle or assumption that best explains each situation. 1. In December of this year, Chavez Landscaping received a customer's order and cash prepayment to install sod at a house that would not be ready for installation until March of next year. Chavez should record the revenue from the customer order in March of next year, not in December of this year. Identifying accounting principles and assumptions C2 2. If $51,000 cash is paid to buy land, the land is reported on the buyer's balance sheet at $51,000. 3. Mike Derr owns both Sailing Passions and Dockside Digs. In preparing financial statements for Dock- side Digs, Mike makes sure that the expense transactions of Sailing Passions are kept separate from Dockside Digs's transactions and financial statements. QS 1-7 a. Total assets of Charter Company equal $700,000 and its equity is $420,000. What is the amount of its liabilities? Applying the accounting equation A1 b. Total assets of Martin Marine equal $500,000 and its liabilities and equity amounts are equal to each other. What is the amount of its liabilities? What is the amount of its equity? QS 1-8 Applying the accounting 1. Use the accounting equation to compute the missing financial statement amounts (a), (b), and (c). equation A1 A B D 1 Company Assets Liabilities Equity 2 $ 75,000 (0) 25,000 20,000 $ 40,000 3 2 (b) 85,000 70,000 4 3 (c) 2. Use the expanded accounting equation to compute the missing financial statement amounts (a) and (b). A B D E F Owner, Capital Owner, Withdrawals 2 Company Assets Liabilities Revenues Expenses 3 $ 40,000 $ 80,000 $ 16,000 $ 32,000 $ 20,000 $ 44,000 $0 (0) $ 24,000 $ 8.000 $ 18,000 4 (b) QS 1-9 Determine whether each of the following transactions increases or decreases equity. Determining effects of a. Owner invested cash in the company. b. Incurred maintenance expenses. transactions on equity c. Performed services for a client, d. Incurred employee wage expenses. P1 Create a table similar to Exhibit 1.9. Then use additions and subtractions to show the dollar effecte of transaction on individual items of the accounting equation. QS 1-10 Identifying effects of transactions using accounting equation- revenues and expenses Assets Liabilities no. Equity P1 Cash + Accounts Accounts Owner, Owner, Revenues Receivable Payable Expenses Capital Withdrawals
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Sole proprietorship business is a business which is owned and controlled by a single person

Partnership business is a business run by 2 or more people

Corporation is a company which is registered as a separate legal entity with limited liability

LLC stands for limited liability company

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