Answer:
Part (a) Shane has $ 12,300 in total assets
Part (b) Shane owes $ 2,300 in liabilities
Explanation:
Shane's Catering began with cash of $10,000
At the beginning the Accounting Records of Shane should reflect the following Account Balances
Cash $10000 (debit)
Owners Equity $ 10000 ( credit)
Shane then bought supplies for $2,300 on account.
When Shane buys supplies on account the transaction is recorded as follows
Inventory $2300 (debit)
Account Receivable $ 2300
Shane paid $7,500 for equipment
When Shane pays for equipment in cash the transaction is recorded as follows
Equipment $7500(debit)
Cash $7500(credit)
Balance of Assets is calculated as:
Cash 10000+Inventory 2300- Cash 7500+ Equipment 7500 =$12300
Balance of Liabilities is calculated as:
Trade Receivable $ 2300
For a Profit Organization:
1. Select the best business structure which favors you in taxes and protect. Such as corporation, limited liability company, sole proprietorship, general partnership, limited partnerships or a professional incorporation.
2. Decide the name you want to use to advertise your business.
3. Register company name with the state, county and the federal if applicable.
4. Check licensing requirements with the city county, city, state and federal.
5. Open a bank account
6. Advertising and Marketing
For a Non Profit Organization:
1. There are two types of non profit organizations religious and good cause.
2. It has to be registered wither with the state or county, depending upon the structure and the state you want to incorporate.
3. Apply with the federal to obtain a tax exempt status, so that your donors can claim donations on their tax returns.
4. Open a bank account
5. Delegate duties what you have mentioned in the article you submitted to the Internal Revenue Service.
Answer:
<u>b. False</u>
<u>Explanation:</u>
<em>Remember, </em>the term social responsibility in this context refers to an individual doing what would benefit society first, over any gain he may derive if he does otherwise.
For example, we are told that there is "low paying wages in Belize," which means low worker welfare, thus, even if no labor laws were been broken in his country, Olivia has a social responsibility to pay fair prices for the necklaces and earrings.
Answer:
ok I can help but will is the question.◉‿◉
Answer:
Break-even point in units= 20,000 units
Explanation:
Giving the following information:
Selling price= $35
Unitary variable cost= $20 t
Total fixed cost= $300,000
<u>To calculate the break-even point in units, we need to use the following formula:</u>
<u></u>
Break-even point in units= fixed costs/ contribution margin per unit
Break-even point in units= 300,000/ (35 - 20)
Break-even point in units= 20,000 units