There are different types of business organizations available. The people choose the type of business organizations according to the attributes of the business. The attributes of business are − Proprietorship Partnership Corporation LLC Number of owners Only 1 owner 2 or more people termed as parts 1 or more. They are termed as stockholders 1 or more. They are termed as members Business taxation No additional business income tax No additional business income tax Additional business income tax No additional business income tax Owner Liability Unlimited Liability Unlimited Liability Limited Liability Limited Liability Legal entity Not a separate legal entity Not a separate legal entity A separate legal entity with same rights A separate legal entity with same rights Business Life Business ends with the death of owner or by his choice Business ends with the death of partners or by their choice Indefinite Indefinite To complete: The given table with either yes or no regarding the attributes of a proprietorship, partnership, corporation and LLC. Proprietorship Partnership Corporation LLC Business taxed Limited Liability Legal entity

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Answer 1

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 5QS

To determine

Concept Introduction:

There are different types of business organizations available. The people choose the type of business organizations according to the attributes of the business.

The attributes of business are −

Proprietorship Partnership Corporation LLC
Number of owners Only 1 owner 2 or more people termed as parts 1 or more. They are termed as stockholders 1 or more. They are termed as members
Business taxation No additional business income tax No additional business income tax Additional business income tax No additional business income tax
Owner Liability Unlimited Liability Unlimited Liability Limited Liability Limited Liability
Legal entity Not a separate legal entity Not a separate legal entity A separate legal entity with same rights A separate legal entity with same rights
Business Life Business ends with the death of owner or by his choice Business ends with the death of partners or by their choice Indefinite Indefinite

To complete:

The given table with either yes or no regarding the attributes of a proprietorship, partnership, corporation and LLC.

Proprietorship Partnership Corporation LLC
Business taxed
Limited Liability
Legal entity

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ayco Inc. started its operations in 2022. Its sales during 2022, all on account, totalled $700,000. The company collected $500,000 in cash from customers during the year and wrote off $8,000 in uncollectible accounts. The company set up an allowance for doubtful accounts at December 31, 2022, its fiscal year-end, and determined the account balance to be $14,000. The unadjusted balances of selected accounts at December 31, 2023 are as follows: Accounts receivable $ 300,000 Allowance for doubtful accounts (debit) 10,000 Sales revenue (including 80 percent in sales on account) 800,000 Aging of the accounts receivable on December 31, 2023, resulted in an estimate of $11,000 in potentially uncollectible accounts. Required: 1. Prepare the journal entries to record all the transactions during 2022 and post them to appropriate T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)…

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The partnership of Keenan and Kludlow paid the following wages during this year: Line Item Description Amount M. Keenan (partner) $108,000 S. Kludlow (partner) 96,000 N. Perry (supervisor) 54,700 T. Lee (factory worker) 35,100 R. Rolf (factory worker) 27,200 D. Broch (factory worker) 6,300 S. Ruiz (bookkeeper) 26,000 C. Rudolph (maintenance) 5,200 In addition, the partnership owed $250 to Rudolph for work he performed during December. However, payment for this work will not be made until January of the following year. The state unemployment tax rate for the company is 2.95% on the first $9,000 of each employee's earnings. Compute the following: ound your answers to the nearest cent. a. Net FUTA tax for the partnership for this year b. SUTA tax for this year

Answer 2

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 5QS

To determine

Concept Introduction:

There are different types of business organizations available. The people choose the type of business organizations according to the attributes of the business.

The attributes of business are −

Proprietorship Partnership Corporation LLC
Number of owners Only 1 owner 2 or more people termed as parts 1 or more. They are termed as stockholders 1 or more. They are termed as members
Business taxation No additional business income tax No additional business income tax Additional business income tax No additional business income tax
Owner Liability Unlimited Liability Unlimited Liability Limited Liability Limited Liability
Legal entity Not a separate legal entity Not a separate legal entity A separate legal entity with same rights A separate legal entity with same rights
Business Life Business ends with the death of owner or by his choice Business ends with the death of partners or by their choice Indefinite Indefinite

To complete:

The given table with either yes or no regarding the attributes of a proprietorship, partnership, corporation and LLC.

Proprietorship Partnership Corporation LLC
Business taxed
Limited Liability
Legal entity

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 5QS

To determine

Concept Introduction:

There are different types of business organizations available. The people choose the type of business organizations according to the attributes of the business.

The attributes of business are −

Proprietorship Partnership Corporation LLC
Number of owners Only 1 owner 2 or more people termed as parts 1 or more. They are termed as stockholders 1 or more. They are termed as members
Business taxation No additional business income tax No additional business income tax Additional business income tax No additional business income tax
Owner Liability Unlimited Liability Unlimited Liability Limited Liability Limited Liability
Legal entity Not a separate legal entity Not a separate legal entity A separate legal entity with same rights A separate legal entity with same rights
Business Life Business ends with the death of owner or by his choice Business ends with the death of partners or by their choice Indefinite Indefinite

To complete:

The given table with either yes or no regarding the attributes of a proprietorship, partnership, corporation and LLC.

Proprietorship Partnership Corporation LLC
Business taxed
Limited Liability
Legal entity

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 5QS

To determine