Profit-oriented organizations: The primary goal of every business is to earn profits. Profit-oriented organizations sell goods and services to its consumers with the aim of generating revenue and earnings. The overall condition of such types of organizations is fully dependent on their ability to earn more revenue that the expenses. The three basic forms of profit-oriented business organizations are as follows: 1. Sole proprietorship: A sole proprietorship is an enterprise owned and controlled by a particular individual. In such type of an enterprise, there is no legal difference between the owner and the entity. The owner directly controls all the activities of the business. The proprietor receives all profits and has responsibility for all losses and debts. 2. Partnership : A partnership is a business, in which two or more individuals carry on a business come into a legal relationship through an agreement to carry on a business as co-owners. The general idea of a partnership is that such type of a business has multiple owners, with each owner investing in the business. Such type of a business is not a separate legal entity from its owners and the profits and losses are equally divided among the partners. 3. Corporation: A corporation is a company or a group of people acting as a separate legal entity. A corporation enjoys rights and responsibilities similar to an individual. This indicates that a corporation has the right to sue and be sued, take loan and borrow money, enter into a contract, own assets, pay taxes, and hire employees. Hence, such type of an entity is often termed as a “legal person.” The advantages J would enjoy on incorporating her business.

Question

How much was over-or under-applied overhead?

Answer 1

Question

100%

Chapter 1, Problem 10Q

To determine

Profit-oriented organizations:

The primary goal of every business is to earn profits. Profit-oriented organizations sell goods and services to its consumers with the aim of generating revenue and earnings. The overall condition of such types of organizations is fully dependent on their ability to earn more revenue that the expenses.

The three basic forms of profit-oriented business organizations are as follows:

1. Sole proprietorship: A sole proprietorship is an enterprise owned and controlled by a particular individual. In such type of an enterprise, there is no legal difference between the owner and the entity. The owner directly controls all the activities of the business. The proprietor receives all profits and has responsibility for all losses and debts.

2. Partnership: A partnership is a business, in which two or more individuals carry on a business come into a legal relationship through an agreement to carry on a business as co-owners. The general idea of a partnership is that such type of a business has multiple owners, with each owner investing in the business. Such type of a business is not a separate legal entity from its owners and the profits and losses are equally divided among the partners.

3. Corporation: A corporation is a company or a group of people acting as a separate legal entity. A corporation enjoys rights and responsibilities similar to an individual. This indicates that a corporation has the right to sue and be sued, take loan and borrow money, enter into a contract, own assets, pay taxes, and hire employees. Hence, such type of an entity is often termed as a “legal person.”

The advantages J would enjoy on incorporating her business.

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