Juana Perez is the owner of a successful printing shop. Recently, her business has been increasing, and Juana has been thinking about changing the organization of her business from a proprietorship to a corporation. Discuss some of the advantages Juana would enjoy if she were to incorporate her business.
Answer to relevant QuestionsWhich of the following items are liabilities of jewelry stores?(a) Cash. (b) Accounts payable. (c) Dividends. (d) Accounts receivable. (e) Supplies. (f) Equipment.(h) Service revenue.(g) Salaries and wages payable.(i) Rent ...Use the accounting equation to answer each of the following questions.(a) The liabilities of Olga Company are $90,000. Common stock account is $150,000; dividends are $40,000; revenues, $450,000; and expenses, $320,000. What ...Selected transactions for Verdent Lawn Care Company are listed below.1. Sold common stock for cash to start business.2. Paid monthly rent.3. Purchased equipment on account.4. Billed customers for services performed.5. Paid ...Wyco Park, a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2015.Revenues during 2015—camping fees ......... $140,000Revenues ...Randy Coburn opened a law office, Randy Coburn, Attorney at Law, on July 1, 2015. On July 31, the balance sheet showed Cash $4,000, Accounts Receivable $1,500, Supplies $400, Equipment $5,000, Accounts Payable $4,200, Common ...
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