Business entity : A business organization which is created by one or more persons and governed by state law. The following are the four types of business entities: Sole proprietorship : The form of business entity which is owned and managed by an individual is referred to as sole proprietorship. Partnership : The form of business entity which is formed by an agreement, owned and managed mutually by two or more individuals, who invest their assets in the business and share the liabilities and profits among themselves is referred to as partnership. Corporation : The form of business entity which is incorporated by state law into a separate legal entity, owned by stockholders, and managed by board of directors elected by stockholders is referred to as corporation. Limited-liability corporation (LLC) : The form of business entity which is unincorporated but functions as a corporate and the owners are called members or partners. So, LLC has both the features of corporation and partnership. To describe : The similarities and differences between sole proprietorship, partnership, corporation, and limited-liability corporation (LLC)

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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 7RQ

To determine

Business entity: A business organization which is created by one or more persons and governed by state law.

The following are the four types of business entities:

Sole proprietorship: The form of business entity which is owned and managed by an individual is referred to as sole proprietorship.

Partnership: The form of business entity which is formed by an agreement, owned and managed mutually by two or more individuals, who invest their assets in the business and share the liabilities and profits among themselves is referred to as partnership.

Corporation: The form of business entity which is incorporated by state law into a separate legal entity, owned by stockholders, and managed by board of directors elected by stockholders is referred to as corporation.

Limited-liability corporation (LLC): The form of business entity which is unincorporated but functions as a corporate and the owners are called members or partners. So, LLC has both the features of corporation and partnership.

To describe: The similarities and differences between sole proprietorship, partnership, corporation, and limited-liability corporation (LLC)

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Chapter 15 Homework 13 Saved Help Save & Exit Submit Part 1 of 2 0.83 points eBook Ask Required information Use the following information to answer questions. (Algo) [The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $100,800 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 Job 202 Total direct materials Indirect materials Total materials used $ 49,000 24,400 73,400 9,420 $ 82,820 c. Time tickets show the following labor used for the month. Print References Job 201 $ 40,000 Job 202 13,400 Total direct labor 53,400 25,000 $ 78,400 Indirect labor Total labor used d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate of 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory. f. Sold Job 201 for $166,160 on credit. g. Incurred the following actual other…

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Anti-Pandemic Pharma Co. Ltd. reports the following information in its income statement: Sales = $5,250,000; Costs = $2, 173,000; Other expenses = $187,400; Depreciation expense = $79,000; Interest expense= $53,555; Taxes $76,000; Dividends $69,000. $136,700 worth of new shares were also issued during the year and long-term debt worth $65,300 was redeemed. a) Compute the cash flow from assets b) Compute the net change in working capital (325 marks)

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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 7RQ

To determine

Business entity: A business organization which is created by one or more persons and governed by state law.

The following are the four types of business entities:

Sole proprietorship: The form of business entity which is owned and managed by an individual is referred to as sole proprietorship.

Partnership: The form of business entity which is formed by an agreement, owned and managed mutually by two or more individuals, who invest their assets in the business and share the liabilities and profits among themselves is referred to as partnership.

Corporation: The form of business entity which is incorporated by state law into a separate legal entity, owned by stockholders, and managed by board of directors elected by stockholders is referred to as corporation.

Limited-liability corporation (LLC): The form of business entity which is unincorporated but functions as a corporate and the owners are called members or partners. So, LLC has both the features of corporation and partnership.

To describe: The similarities and differences between sole proprietorship, partnership, corporation, and limited-liability corporation (LLC)

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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 7RQ

To determine

Business entity: A business organization which is created by one or more persons and governed by state law.

The following are the four types of business entities:

Sole proprietorship: The form of business entity which is owned and managed by an individual is referred to as sole proprietorship.

Partnership: The form of business entity which is formed by an agreement, owned and managed mutually by two or more individuals, who invest their assets in the business and share the liabilities and profits among themselves is referred to as partnership.

Corporation: The form of business entity which is incorporated by state law into a separate legal entity, owned by stockholders, and managed by board of directors elected by stockholders is referred to as corporation.

Limited-liability corporation (LLC): The form of business entity which is unincorporated but functions as a corporate and the owners are called members or partners. So, LLC has both the features of corporation and partnership.

To describe: The similarities and differences between sole proprietorship, partnership, corporation, and limited-liability corporation (LLC)

Expert Solution & Answer

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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 7RQ

To determine