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 4BTN

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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Garrison Industries produces synthetic rubber used for industrial applications such as conveyor belts. In 2020, the first year of operations, Garrison produced 5,500 tons of rubber and sold 3,200 tons. In 2021, the company produced the same amount of rubber, and sales were 6,500 tons (i.e., the company sold all of its inventory). In each year, the selling price per ton was $2,500, variable manufacturing costs per ton of rubber were $500, and variable selling expenses were $700 for each ton of rubber sold. Fixed manufacturing costs were $5,500,000, and fixed administrative expenses were $650,000. What is the unit manufacturing cost under absorption costing in the year 2021?

Gi

Sub. financial account

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 4BTN

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

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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 12, Problem 4BTN

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

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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 12, Problem 4BTN

To determine