Concept Introduction:
Sole Proprietorship Firm − It is the simplest form of business which is handled and managed by a single person.
Requirement 1
To state : The operating activities and the form of organization for said business.
Concept Introduction:
Business Organization: It can be described as an entity created to carry out various commercial activities with an intention of earning profits by providing goods and services based on the needs of the customer.
Requirement 2
To state : The reason behind choosing the form of organization by the owner.
Concept Introduction:
Forms of Organization: It depicts a specific code of conduct and rules to be followed in each type of business organization. Some of the forms of Business Organizations are- Sole Proprietary Firm, Joint Hindu Family Firm,
Requirement 3
To state : The advantages and disadvantages of the form of organization for said business.
Want to see the full answer?
Check out a sample textbook solutionChapter 1 Solutions
Loose Leaf for Financial Accounting: Information for Decisions
- General Accounting problemarrow_forwardNO WRONG ANSWERarrow_forwardAnjali Brewery has estimated budgeted costs of $72,600, $78,900, and $85,200 for the manufacture of 4,000, 5,000, and 6,000 gallons of beer, respectively, next quarter. What are the variable and fixed manufacturing costs in the flexible budget for Anjali Brewery? Answerarrow_forward
- Calculate the labor variancearrow_forwardCalculate the labor variance general accountingarrow_forwardAnjali Brewery has estimated budgeted costs of $72,600, $78,900, and $85,200 for the manufacture of 4,000, 5,000, and 6,000 gallons of beer, respectively, next quarter. What are the variable and fixed manufacturing costs in the flexible budget for Anjali Brewery? Solve thisarrow_forward
- RTE, Inc., reported the following amounts at the end of the year: Total sales Accounts receivable Sales allowances $970,000 80,000 $950 Allowance for uncollectible accounts 4,200 Sales discounts Sales returns $10,700 $1,300 1. Determine total contra revenues for the company. 2. Determine net sales for the company.arrow_forwardcan you please solve thisarrow_forwardAccurate answerarrow_forward
- Business Its Legal Ethical & Global EnvironmentAccountingISBN:9781305224414Author:JENNINGSPublisher:CengagePkg Acc Infor Systems MS VISIO CDFinanceISBN:9781133935940Author:Ulric J. GelinasPublisher:CENGAGE LPrinciples of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax College
- College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub