Concept Introduction; Forms of business organization: A business can be started in any form of business organization. The form of business organization can be a sole proprietorship, a general partnership , a limited partnership, a limited liability partnership, S corporation, a corporation or a limited liability company. To explain: Given four forms of business organization

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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 12, Problem 2BTN

To determine

Concept Introduction;

Forms of business organization: A business can be started in any form of business organization. The form of business organization can be a sole proprietorship, a general partnership, a limited partnership, a limited liability partnership, S corporation, a corporation or a limited liability company.

To explain:

Given four forms of business organization

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Question: Quill Corp. shows the following information on its 2007 income statement: Sales Costs Other expenses $145,000 $86,000 $4,900 Depreciation expense $7,000 Interest expense Taxes Dividends $25,720 $12,840 $8,700 In addition, you're told that the firm issued $6,450 in new equity during 2007 and redeemed $8,770 in outstanding long-term debt. What is the 2007 cash flow to creditors?

Swansea Finishing produces and sells a decorative pillow for $103.00 per unit. In the first month of operation, 2,300 units were produced and 1,800 units were sold. Actual fixed costs are the same as the amount budgeted for the month. Other information for thee month includes: Variable manufacturing costs Variable marketing costs $23.00 per unit $8.00 per unit $14 per unit Fixed manufacturing costs Administrative expenses, all fixed Ending inventories: $20.00 per unit Direct materials WIP -0- -0- 500 units Finished goods What is cost of goods sold per unit using variable costing? a. $31.00 b. $45.00 c. $23.00 d. $65.00

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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 12, Problem 2BTN

To determine

Concept Introduction;

Forms of business organization: A business can be started in any form of business organization. The form of business organization can be a sole proprietorship, a general partnership, a limited partnership, a limited liability partnership, S corporation, a corporation or a limited liability company.

To explain:

Given four forms of business organization

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Check out a sample textbook solution

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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 12, Problem 2BTN

To determine

Concept Introduction;

Forms of business organization: A business can be started in any form of business organization. The form of business organization can be a sole proprietorship, a general partnership, a limited partnership, a limited liability partnership, S corporation, a corporation or a limited liability company.

To explain:

Given four forms of business organization

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 12, Problem 2BTN

To determine