Reed, Isaiah, Nia, and Taylor are all lawyers. After several years of working for big firms, they decide to pool their resources and start their own law practice together. The four of them will make all their business decisions together and will share all of the profits and financial risk. Their new law firm is an example of which business organization? A. Franchise B. Corporation Solo Deonriotonghin

Reed, Isaiah, Nia, and Taylor are all lawyers. After several years of working for big firms, they decide to pool their resources and start their own law practice together. The four of them will make all their business decisions together and will share all of the profits and financial risk. Their new law firm is an example of which business organization? A. Franchise B. Corporation Solo Deonriotonghin

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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Subject : Accounting
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_______ During college, Elyssa Wood earned extra moneyby using her culinary skills to cater specialparties. After graduation, she decided to turn herpart-time job into a full-time business that sheplans to expand in the future. In the meantime,she wants to maintain complete control ofthe business. She will most likely organize thebusiness as aa. master limited partnership.b. corporation.c. general partnership.d. sole proprietorship.e. cooperative.
Please answer requirement 1 parts d and e. Please note that the full question is attached. Thank you.
Scenario 1: Alex and Jamie decide to start a consulting firm named "Strategic Advisors." Alex contributes$40,000 in cash, and Jamie contributes $60,000 worth of equipment. They agree to share profits andlosses equally.1) What are the initial journal entries to record the formation of Strategic Advisors?2) How would the capital accounts of Alex and Jamie look after these entries
5.