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Chapter: 28 -Problem: 1 >> What happens when a partnership dissolves?
Answer Preview: When a partnership dissolves, the individuals involved are no longer partners in a legal sense, but …

, Chapter: 25 -Problem: 3 >> Many countries use International Accounting Standards (IAS) as their national GAAP. IAS No. 2 allows inventory valuation using the specific identification, FIFO, and weighted average methods. It does not allow the LIFO method although countries such as the United States, Japan, and Mexico permit its use. INSTRUCTIONS Explain why you think IAS do not permit the use of LIFO.
Answer Preview: Ans Cost all expenditure incurred in bringing the product to its present location and condition This includes costs such as transport import duties pr…

, Chapter: 9 -Problem: 5 >> The balance sheet reports the balances in the permanent accounts at the end of the period. It states the financial position of a business on a specific date. Information comes from the Balance Sheet section of the work sheet and the statement of changes in owner’s equity.
Answer Preview: The balance sheet reports the balances in the permane…

, Chapter: 4 -Problem: 4 >> What is the relationship of a T-account to a ledger account?
Answer Preview: The visual appearance of the ledger journal of individual accounts r…

, Chapter: 28 -Problem: 7 >> On January 1 Carol Farmer and Jim Romans formed a partnership, Research Consultants. Each partner invested $50,000 in cash on that date. The partnership agreement stated that the partners would share net income or loss equally. During the year Farmer invested an additional $2,000 and withdrew $7,500 for personal use. Romans invested an additional $1,500 and withdrew $8,500. Net income for the firs
Answer Preview: A statement of changes in partners equity for the year ended December 31 is as follows: i) Par…

, Chapter: 25 -Problem: 4 >> When shopping for a vehicle, you probably want a wide selection from which to choose. For this reason dealers try to have a large inventory, yet not so large it becomes impossible to track and control. PERSONAL FINANCE ACTIVITY Businesses often cannot estimate the cost of their inventory merely by looking. To understand why, choose a room at your school and estimate the cost of its entire contents
Answer Preview: a The list all in the large items in the room include i One b…

, Chapter: 8 -Problem: 6 >> The account balances in the general ledger of Kits & Pups Grooming at the end of May are:  InstructionsPrepare a work sheet for the month ended May 31 for Kits & Pups Grooming in your working papers. Transcribed Image Text: 101 105 110 115 120 125 130 135 140 145 201 205 207 301 305 310 Cash in Bank
Answer Preview: To prepare a worksheet for the month ended May 31 for Kits Pups Grooming you would organize the acco…

, Chapter: 5 -Problem: 3 >> Your business receives a refund check from the utility company because it overcharged your business in the past. Which account is debited? Which account is credited?
Answer Preview: A debit increases asset or expense accounts and decreases liability revenue or equity accounts A c…

, Chapter: 28 -Problem: 4 >> Why does the final partnership liquidation entry involve just one asset account?
Answer Preview: The following four accounting steps must be taken, in order, to dissolve a partnership: sell noncash …

, Chapter: 25 -Problem: 1 >> Natural Wonder offers products organically grown or made from organic materials. Its products include clothing, jewelry, gardening materials, and hair and body care products. The store is interested in a system that will keep an accurate count of inven tory. Discuss the different inventory systems and explain how frequently each system is updated.
Answer Preview: Ans There are several types of inventory management systems that businesses use depending on how the…

, Chapter: 9 -Problem: 4 >> a. In a statement of changes in owner’s equity, what items are totaled in the “Add” section?b. What items are subtracted from the subtotal?
Answer Preview: a In a statement of changes in owners equity …

, Chapter: 26 -Problem: 9 >> The following is a partial list of accounts used by River’s Edge Canoe & Kayak. Instructions In your working papers, record the following transactions in a cash receipts journal (page 67), cash payments journal (page 73), and general journal (page 27).  Transcribed Image Text: 101 Cash in Bank 115 A
Answer Preview: Cash Receipts Journal Date AccountDescription Debit Credit May 7 101 Cash in Bank 4000 May 21 …

, Chapter: 34 -Problem: 20 >> Maureen Miller operates T-Shirt Trends, a T-shirt specialty business. She established a petty cash fund on February 1 by writing Check 336 for $100. She also records all petty cash disbursements in a petty cash register. Petty cash disbursements are usually made for expenses such as office supplies, delivery expense, miscellaneous expenses, and advertising expense.  InstructionsOn the forms provid
Answer Preview: Petty Cash Register, Page 1 Date Transaction Voucher # Debit Credit Balance …

, Chapter: 25 -Problem: 7 >> Cycle Tech Bicycles operates on a fiscal year beginning January 1. At the beginning of the year, the shop had in stock six Model #8274, 10-speed bicycles, valued at $2,364 (6 bicycles @ $394 each). During the year the business made the following purchases: There were seven bicycles in inventory at the end of the period. During the year the bicycles sold for $675 each.  Instructions1. Calculate the
Answer Preview: Solution 1 FIFO Quantity on hand at the end of the period 6 Quantity on hand at the beginning of per…

, Chapter: 10 -Problem: 9 >> At the end of December, the general ledger for Job Connect showed the following account balances:Using the preceding account names and balances:1. Prepare the six-column work sheet. The period covered is one month.2. Prepare the financial statements.3. Record the closing entries on page 28 of the general journal.4. Post the closing entries.5. Prepare a post-closing trial balance.
Answer Preview: Sixcolumn work sheet Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet …

, Chapter: 4 -Problem: 4 >> a. What is the purpose of a T-account?b. Name the three basic parts of a T-account.
Answer Preview: Taccounts are commonly used to prepare adjusting entries The matching principle in accrual accountin…

, Chapter: 28 -Problem: 5 >> Guice and Ward decide to end their partnership on September 21. They share profits and losses equally. The account balances of the partnership as of that date follow. The partnership sold the inventory for $5,000 and the equipment for $2,000. All of the accounts payable will be paid in full with the cash. InstructionsIn your working papers, prepare the journal entries to record the liquidation of
Answer Preview: On September 21, record the sale of inventory: Debit: Inventory $8,800 Credit: …

, Chapter: 23 -Problem: 5 >> Vertical analysis makes it easy to compare financial statements with industry standards, which are average percentages for companies in the same industry. Assume these partial vertical analyses of an income statement and balance sheet are for the pet food and pet supply industry.  INSTRUCTIONS Use PETsMART’s financial statements in Appendix F for these tasks.1. Complete a vertical analysis of PETs
Answer Preview: 1 PETsMARTs cost of sales for the year ended February 1 2004 was 3845 million and gross profit was 1…

, Chapter: 2 -Problem: 2 >> a. Name and describe the three types of business operations.b. What is the major difference between a merchandising business and a manufacturing business?
Answer Preview: a The three types of business operations are merchandising manufacturing and s…

, Chapter: 26 -Problem: 3 >> The International Finance Corporation (IFC) helps finance projects in developing countries to reduce poverty and improve people’s lives. Projects must be profitable and benefit the host country’s economy. For instance, it has provided loans of about $44 million to build a hospital and clinic in Mexico City. Other recipient sectors include transportation, education, and tourism. INSTRUCTIONS Descri
Answer Preview: The International Finance Corporation IFC provides financing for private sector projects in developi…

, Chapter: 34 -Problem: 25 >> Your company, National Paper Supplies, frequently borrows money for short periods from First Bank by issuing promissory notes. InstructionsIn your working papers, record the following transactions on page 6 of the general journal. Transcribed Image Text: Date Jan. 15 Apr. 15 Oct. 31 Dec. 31 Transact
Answer Preview: DATE | Transactions | Debit | Credit Jan. 15 | Note Payable | 12,000 | | | Discount on Note Payable …

, Chapter: 25 -Problem: 6 >> Using the four inventory costing methods, Shutterbug Cameras summarized the cost of its ending inventory as follows:  Instructions Using the preceding information, determine the cost of mer chan dise sold and the gross profit on sales for each of the inventory costing methods. Transcribed Image Text:
Answer Preview: Use the information given above and determine the cost of merchandise sold and the gross pro…

, Chapter: 7 -Problem: 8 >> The chart of accounts for Outback Guide Service follows.  Instructions1. In your working papers, open an account in the general ledger for each account in the chart of accounts.2. Record the following transactions on page 1 of the general journal.3. Post each journal entry to the appropriate accounts in the ledger.4. Prove the ledger by preparing a trial balance.
Answer Preview: General Ledger 101 Cash in Bank Debit 20000 Credit 5000 115 Accts RecPodaski Systems Inc Debit 0 Cre…

, Chapter: 1 -Problem: 11 >> people how they see you. Ask at least 10 people to name three words they think describe you. Ask them to give you descriptive words such as these:• Dependable• Fun• Quick-thinking• DecisiveDo not just choose friends. Ask teachers, co-workers, rela tives, and others who are willing to give you an honest opinion. Make a list of each person’s descriptions; then summarize your findings by identifying
Answer Preview: I asked 10 people to name three words they think d…

, Chapter: 29 -Problem: 5 >> An ethical corporation makes a commitment to manage its roles in society— as a producer, employer, customer, and citizen—in a responsible manner. Implementing policies and practices in these areas is generally considered sound management. Many companies publish their commitment to corporate responsibility in their annual reports.  INSTRUCTIONSUse PETsMART’s statement of corporate responsibility in
Answer Preview: 1 . It is crucial for a board of directors to be independent from manage…

, Chapter: 23 -Problem: 1 >> As accountant for Playtime Preschool, you want to convince the owner to purchase computers for the children to use. Explain that the company can depreciate the $10,000 investment and deduct the depreciation on its tax return. With a classmate, brainstorm the four factors affecting the depreciation estimate. List your recommendations and practice presenting them to the owner.
Answer Preview: 1 The expected life of the co…

, Chapter: 8 -Problem: 2 >> How would an organizational chart that depicts who reports to whom help with the transition?
Answer Preview: The organizational chart would help with the transition by providing a clear and co…

, Chapter: 26 -Problem: 4 >> Find the interest and maturity value for a 60-day note with principal of $1,500 and interest at 8 percent.a. $120.00 interest; $1,620.00 maturity valueb. $32.88 interest; $1,532.88 maturity valuec. $3.29 interest; $1,503.29 maturity valued. $19.74 interest; $1,519.74 maturity value
Answer Preview: b 3288 interest 153288 maturity value To find the …

, Chapter: 25 -Problem: 3 >> Compute the cost of merchandise sold if the cost of the ending inventory is $35,280 and the cost of the merchandise available for sale is $97,200.
Answer Preview: The graph of a function f is the set of all points …

, Chapter: 2 -Problem: 1 >> The characteristics or traits needed to set up an owner-operated business and to run it successfully are listed below. Rank yourself, indicating whether this trait is most like you or least like you. Use the form provided in your working papers.List the categories in which you ranked 3 or lower. Identify experiences, activities, and ways in which you could improve your entrepreneurial potential. 
Answer Preview: ANSWER List the categories in which you ranked 3 or lower Persistent 2 Creative 2 Res…

, Chapter: 3 -Problem: 2 >> Does owner’s equity increase every time a business acquires a new asset? Explain your answer.
Answer Preview: No owners equity does not necessarily increase every time a bu…

, Chapter: 6 -Problem: 1 >> Elena Rodriguez started a business offering an exer cise facility and personal physical training. Elena has hired you as a financial consultant to help her set up her accounting system. She has rented a space for her business, purchased several exercise machines, and hired a part-time exercise instructor. Elena’s clients can either pay a fee for each visit or purchase a membership.Write a plan for
Answer Preview: El ena Rodriguez needs to track her income and expenses in order to de…

, Chapter: 25 -Problem: 4 >> a. What is meant by the phrase “with the FIFO method, the inventory cost is based on the most recent costs”?b. Why does the inventory costing method used affect gross profit on sales and net income?
Answer Preview: a The FIFO method of inventory costing means that th…

, Chapter: 8 -Problem: 3 >> The following accounts have balances and appear in the Account Name section of the work sheet for Lee’s Bike Shop.InstructionsUse a form similar to the one below in your working papers or on a separate sheet of paper. For the above accounts, enter an “X” in the column where the account balance is transferred. The first account has been completed as an example. 
Answer Preview: Account Name Income Statement Account Name Store Equipment …

, Chapter: 3 -Problem: 2 >> Use these accounts to analyze the business transactions of WordService.On the form provided in your working papers, identify the accounts affected by each transaction and the amount of increase or decrease in each account. Make sure the accounting equation is in balance after each transaction.1. Jan Swift, owner, deposited $30,000 in the business checking account.2. The owner transferred to the bu
Answer Preview: JOURNAL ENTRIES FOR REFERENCE Transaction Particulars Debit Credit 1 Cash in bank 3000…

, Chapter: 29 -Problem: 10 >> Ask adults how they think the five principles of ethics influence professional behavior. Share your results in class.
Answer Preview: Main principles of ethics, that is beneficence, nonmaleficence, autonomy, an…

, Chapter: 24 -Problem: 8 >> The work sheet for River’s Edge Canoe & Kayak is included in your working papers. The trial balance is complete, and all of the adjustments except the one required for uncollectible accounts have been entered.  Instructions1. Record the adjustment for uncollectible accounts expense in the Adjustments section of the work sheet. Uncollectible accounts are estimated to be 1.5 percent of net sales. La
Answer Preview: 1 The record is as follows i a 3000 expenses claimed ii b 7400 credits to the selling s…

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, Chapter: 26 -Problem: 2 >> Morton Co. accepts a 60-day, 11% note from Anderson Imports for an extension of time on its account, $990.00 Notes Receivable No. 5. The credit for this transaction would be made toa. Accounts Payable.b. Accounts Receivable.c. Notes Payable.d. Notes Receivable.
Answer Preview: A credit balance in accounts receivable describes an amoun…

, Chapter: 30 -Problem: 3 >> The general ledger for Schellhorn’s Water Slide shows the following account balances on December 31, the end of the fiscal period. Instructions In your working papers:1. Prepare the Trial Balance section of the work sheet. The account names are entered on the work sheet.2. Enter the adjustments for Office Supplies and Prepaid Insurance in the Adjustments section. The data for the adjustments is as
Answer Preview: 1. Trial Balance section of the work sheet: Account Debit Credit Cash in Bank $10,230 Accts. Rec.-Ch…

, Chapter: 25 -Problem: 3 >> Read the following memorandum and complete the assigned task.  Instructions1. What is the new value of the ending inventory?2. Assume that all 36 dolls were sold for $21.95. What is the gross profit for this item? Transcribed Image Text: MEMORANDUM Toys Things TO: FROM: Accounting Clerk Accounting M
Answer Preview: Current inventory is 8 units at 1545 12 units at 1595 10 units at 1625 6 …

, Chapter: 9 -Problem: 4 >> Explain why the Withdrawals account is reported on the statement of changes in owner’s equity but is not reported on the income statement.
Answer Preview: The Withdrawals account is not reported on t…

, Chapter: 27 -Problem: 5 >> Analyze what you believe to be the most important advantage and disadvantage of the partnership form of organization.
Answer Preview: Advantages and disadvantages of a partnership business 1 Less formal with fewer legal o…

, Chapter: 28 -Problem: 1 >> Barnes Construction is a homebuilder that wants to expand into commercial real estate. It has a client who owns 10 acres of land on which she wants to build an apartment complex. Barnes is looking for a partner to help design and build it.Slater Architectural Design is looking for new projects. Barnes and Slater form a partnership to design and build the complex for $10,400,000. Based on estimated
Answer Preview: 1. Profit for each partner = $10,400,000 x .18 = $1,853,600 2. The list of inf…

, Chapter: 25 -Problem: 2 >> a. What is the difference between a periodic and a perpetual inventory system?b. What is the advantage to using a perpetual inventory system? Why is it difficult for some businesses to use it?
Answer Preview: a A periodic inventory system is one in which an inventory count is taken at st…

, Chapter: 9 -Problem: 7 >> The statement of cash flows reports how much cash the business took in and paid out during the period and why the Cash in Bank account increased or decreased.
Answer Preview: A Cash Flow Statement also called the Statement of Cash Flows shows how much cash is generated and u…

, Chapter: 27 -Problem: 2 >> Following are the ratios used by several partnerships to divide net income or net loss.InstructionsDetermine the fractions that are used to calculate each partner’s share of net income or net loss. Use the form provided in your working papers. Transcribed Image Text: 1. 3:1 2. 5:3:1 3. 3:2:2:1 4. 2
Answer Preview: 1 31 Answer Partner A 37 Partner B 17 2 531 Answe…

, Chapter: 25 -Problem: 2 >> Your manager, Richard Smythe, is considering switching from a manual inventory system to an automated perpetual system. Write a proposal to Mr. Smythe that emphasizes the benefits of a perpetual inventory system. Specifically address time savings and revenue possibilities.
Answer Preview: Ans A perpetual inventory system gives an ecommerce business an accurate view of stock levels at any time without the manual process required for a pe…

, Chapter: 10 -Problem: 4 >> a. What is the source of information for the closing entries? b. List the steps for journalizing the closing entries.
Answer Preview: a The closing entries are typically prepared using information from the trial balance b To journal…

, Chapter: 27 -Problem: 2 >> Explain what mutual agency means in terms of a partnership.
Answer Preview: Mutual agency is a term used to describe a partnershi…

, Chapter: 24 -Problem: 2 >> Under the allowance method, the entry to record the estimated bad debts expensea. Has no effect on net income.b. Increases net income.c. Has no effect on total assets. d. Reduces total assets.
Answer Preview: The correct answer is d Reduces total assets The allowance method is a method used to account for ba…

, Chapter: 2 -Problem: 2 >> What is the difference between a sole proprietorship and a partnership?
Answer Preview: A sole proprietorship is a business owned and operate…

, Chapter: 26 -Problem: 3 >> Morton Co. accepts a 60-day, 11% note from Anderson Imports for an extension of time on its account, $990.00 Notes Receivable No. 5. The effect of this transaction on the customer’s account in the accounts receivable ledger isa. To decrease the account balance.b. To increase the account balance.c. No change in the account balance.d. Not known.
Answer Preview: Accounts receivable is any amount of money your customers o…

, Chapter: 23 -Problem: 1 >> Listed here are the assets of New England Sports Equipment Inc.  Instructions In your working papers, indicate whether each asset listed is a current asset or a plant asset by placing a check mark in the correct column. The first account is completed as an example. Transcribed Image Text: Accounts R
Answer Preview: Asset Current Asset Plant Asset Accounts Receiv…

, Chapter: 10 -Problem: 2 >> Using the source document:1. Journalize the transaction in a general journal in your working papers.2. Post the entry to the appropriate T accounts.3. Assume it is the end of the accounting period. Record the closing entry for this account in the general journal.4. Post the closing entry to the appropriate T accounts. Tran
Answer Preview: 1 Journalize the transaction in a general journal in your w…

, Chapter: 26 -Problem: 1 >> As a staff accountant for Advanced Micro Devices, you have been asked to discuss the company’s notes payable and receivable with the accounting clerks. Prepare note cards containing the terms below. Arrange these terms in meaningful groups. Explain why you have grouped terms together. Are they related? Are they part of the same thing? Is one the result of another? Are they opposites? 
Answer Preview: Thorough explanation The terms in the question are notes payable …

, Chapter: 25 -Problem: 3 >> Johnson, Inc. had the following inventory data: Inventory item T25 had 1,600 units at a unit price of $14 in inventory on January 1. The first purchase during the year was for 1,000 units at $15. The second purchase was for 1,000 units at $18. The December 31 inventory consisted of 1,200 units. The market price is $15.The weighted average unit price isa. $14.50.b. $15.39.c. $15.67. d. $16.00.
Answer Preview: a 1450 To calculate the weighted average unit price you need t…

, Chapter: 8 -Problem: 2 >> The asset, liability, and owner’s equity accounts are extended to the ________ of the work sheet.a. Balance Sheet sectionb. Income Statement sectionc. Retained Earnings statementd. Trial Balance
Answer Preview: a Balance Sheet section Th…

, Chapter: 5 -Problem: 6 >> Juanita Ortega operates Outback Guide Service. She uses the following accounts to record and summarize her business transactions. For each transaction:1. Prepare a T account for each account the business uses. 2. Analyze and record each of the following transactions using the appropriate T accounts. Identify each transaction by number.3. After recording all transactions, compute and record the acc
Answer Preview: 1 Prepare a T account for each account the business uses Cash in Bank Debit Credit 101 Cash in Bank Juanita Ortega Capital Debit Credit 301 Juanita Or…

, Chapter: 18 -Problem: 3 >> The Income Summary amount in a work sheet’s Adjustments Debit column represents thea. Decrease in Merchandise Inventory.b. Increase in Merchandise Inventory.c. Beginning Merchandise Inventory.d. Ending Merchandise Inventory.
Answer Preview: The total debits in the income statement column equal th…

, Chapter: 23 -Problem: 1 >> Karina Ludmiko is turning her photography hobby into a business called The Photo Studio. She asked you to set up the company’s asset records.  INSTRUCTIONS 1. Assume that The Photo Studio’s photography equipment cost $25,000, has a 10-year useful life, and no salvage value. Set up a depreciation schedule.2. Explain to Karina how depreciation appears on the financial statements.
Answer Preview: 1 Set up a depreciation schedule Assuming that The Photo Studios photography equipmen…

, Chapter: 10 -Problem: 6 >> The ninth step in the accounting cycle is to prepare a post-closing trial balance. Only the permanent accounts are listed on the post-closing trial balance. Transcribed Image Text: Roadrunner Delivery Service Post-Closing Trial Balance December 31, 20-- Cash in Bank Accts. Rec. City News Computer Eq
Answer Preview: ANSWER Based on the information provided it appears that Roadrunner Delivery Service has completed t…

, Chapter: 6 -Problem: 1 >> What term describes any accounting period of 12 months?
Answer Preview: If a set of financial statements cover the results of an entire year then the accounting period is o…

, Chapter: 14 -Problem: 1 >> If the merchandise is purchased for $1,000 on August 1, with terms of sale of 2/10, n/30, the amount due to the vendor on August 9 isa. $1,000.b. $990.c. $980.d. $20.
Answer Preview: If the merchandise is purchased for 1000 on August 1 with terms of sal…

, Chapter: 2 -Problem: 1 >> Profit, which is the money left after the owner pays all operating costs, is required so that a business can continue to operate and be successful. Entrepreneurs play an important role in business by taking ideas for products and services and turning them into actual businesses. Most entrepreneurs are willing to take risks, often by providing capital, to create profitable and useful businesses.
Answer Preview: Regulation is the rules set by government on how business must be operated The goal of regulation th…

, Chapter: 2 -Problem: 2 >> The three types of business operations follow:• Service businesses provide needed services, such as medical, legal, hair styling, and lawn mowing, for a fee.• Merchandising businesses buy products and resell them.• Manufacturing businesses use labor and machinery to transform raw materials into finished products.
Answer Preview: 1 Service businesses provide needed services such as …

, Chapter: 27 -Problem: 1 >> On June 1 Matthew Deck and Jennifer Rusk agree to combine their sole proprietorships into a new business, Dreamscapes Catering, organized as a partnership. The partnership will take over all assets of the two proprietorships. The assets invested by Deck and Rusk follow. InstructionsPrepare the journal entries required to record the investment by each partner. Use page 1 of the general journal in y
Answer Preview: The journal entries to record the investment by each partner in Dreamscapes Catering would be as follows Journal Entry 1 Recording Investment by Matth…

, Chapter: 2 -Problem: 3 >> Consider the businesses at your local mall. What type of business operation is the most popular? How do you think most of the businesses are organized?
Answer Preview: Ans Corporations offer the strongest protection to its owners from personal liability but the cost to form a corporation is higher than other structur…

, Chapter: 8 -Problem: 1 >> a. Preparing the work sheet is which step of the accounting cycle?b. What is the purpose of the work sheet?
Answer Preview: a The work sheet is used to prepare t…

, Chapter: 2 -Problem: 3 >> Imagine that you work for a local day-care center. You attend a company meeting to discuss new services that would help the center stand out from its competition. You think you can use the services discussed to become an entrepreneur—by opening your own day-care center.Who are the affected parties?
Answer Preview: Ans They are adaptability persistence and work ethic We stick by these Youll need all three However …

, Chapter: 9 -Problem: 4 >> At the end of a fiscal period when a balance sheet is prepared, from which document may we find the ending owner’s capital balance?a. Worksheetb. Trial Balancec. Income Statementd. Statement of Changes in Owner's Equity
Answer Preview: At the end of a fiscal period when a balance sheet is prepared the do…

, Chapter: 27 -Problem: 1 >> Choose a classmate and discuss a partnership for a business the two of you might like to own and operate. Use your creativity. Prepare a partnership agreement that spells out the details. Include information about what each partner will contribute to the business. Be sure to sign the agreement to make it legal and binding.
Answer Preview: Here are five clauses every partnership agreement should include Capital co…

, Chapter: 24 -Problem: 6 >> Evaluate (a) the direct write-off method and (b) the allowance method.
Answer Preview: The direct writeoff method is when a company writes off a …

, Chapter: 8 -Problem: 1 >> You just finished the work sheet for the third quarter and it looks like your company will make a considerable profit. In the second quarter, the company had a net loss. On a separate sheet of paper, write a memo to your boss, Tonya Newman, asking her to review your trial balance and work sheet. Use the terms listed below in your memo. 
Answer Preview: To Tonya Newman From Subject Trial Balance and Work Sheet Review I have c…

, Chapter: 5 -Problem: 5 >> If the owner of a company takes merchandise for personal use, what account is debited?a. Owner’s capitalb. Owner’s withdrawalsc. Purchasesd. Cash
Answer Preview: b Owners withdrawals When the owner of a company takes merchandise …

, Chapter: 24 -Problem: 5 >> InBeat CD Shop uses the percentage of net sales method of accounting for uncollectible accounts. At the end of the period, the following account balances appeared on InBeat’s trial balance:  Instructions1. In your working papers, calculate the amount of the adjustment for uncollectible accounts for the period ended June 30. Manage ment estimates that uncollectible accounts will be 1 percent of net
Answer Preview: To calculate the amount of the adjustment for uncollectible accounts we need …

, Chapter: 3 -Problem: 5 >> If owner’s equity is $25,500, and assets are $37,600, liabilities are.a. $25,500.b. $37,600.c. $63,100.d. $12,100.
Answer Preview: If owners equity is 25500 and assets are 37600 then lia…

, Chapter: 24 -Problem: 3 >> Cameron Corporation ages accounts receivable to estimate uncollectibles. The aging schedule estimates $2,340 of uncollectible accounts. Prior to adjustment, allowance for uncollectible accounts has a debit balance of $300. The expense reported on the income statement for uncollectibles will be a. $2,640.b. $2,040c. $2,340. d. $300.
Answer Preview: c 2340 The expense reported on the income statement for uncollec…

, Chapter: 26 -Problem: 2 >> Good Times Amusement Park has offered you a full-time job. Before you can accept it, you must arrange for transportation. INSTRUCTIONS List estimated costs of owning a car compared to using other transportation. How would each impact the use of your time and your budget?
Answer Preview: The ownership claim on total assets is owners equity It is equal …

, Chapter: 25 -Problem: 5 >> Explain why an ice cream stand would not use the LIFO method of inventory costing.
Answer Preview: IFRS prohibits LIFO due to potential distortions it may have on a companys profitability and financi…

, Chapter: 5 -Problem: 4 >> Each of the following is a business expense except a payment fora. Equipmentb. Advertisingc. Rentd. Utility bills
Answer Preview: d Utility bills All the options you listed are common business e…

, Chapter: 25 -Problem: 5 >> InBeat CD Shop assigns a cost to its inventory using the lower-of-cost-ormarket rule. In your working papers, there is a partial inventory record. As an example, the first line of the inventory record has been completed.  Instructions Complete the inventory record. Do the following:1. Select the lower-of-cost-or-market value. Enter that amount in the Price to be Used column.2. Calculate the total
Answer Preview: INVENTORY RECORD Item No Item Ending Inventory Cost per Unit Current Market Value Price to be Used T…

, Chapter: 26 -Problem: 3 >> On June 12 Frank’s Lobster Pound issued a $9,000, 120-day, 12% note payable to American Bank of Commerce.1. Which account is debited? What is the debit amount?2. Which account is credited? What is the credit amount?3. What is the classification of each account?4. What is the maturity value of the note?
Answer Preview: Solution 1 Account is debited is in the asset section because the note is an …

, Chapter: 25 -Problem: 1 >> Name and describe the two systems used to determine the quantity of merchandise on hand.
Answer Preview: 1 The first system is called the physical inventory system …

, Chapter: 27 -Problem: 1 >> You and your best friend Harold have started a jewelry business. He manages the business while you make the jewelry. Your designs are very successful, but because of Harold’s mismanagement, the business is not making any money. He suggests “doctoring” the financial statements and using them to raise capital from other investors. You are afraid that the business will not grow as long as Harold is r
Answer Preview: Types of Ethical Issues in Business Discrimination One of the biggest et…

, Chapter: 24 -Problem: 2 >> The Clothes Horse, a well-known retailer of men’s apparel, is closing. Before it does it wants to collect all its accounts receivable. INSTRUCTIONS Write a collection letter to send to all customers with outstanding balances now and a second letter to send in four weeks.
Answer Preview: A collection letter to send to all customers with outstanding balances now …

, Chapter: 5 -Problem: 6 >> Evaluate the practice of using temporary accounts for recording certain transactions, as opposed to using the owner’s capital account.
Answer Preview: There are pros and cons to using temporary accounts for recording certain transactions Some a…

, Chapter: 24 -Problem: 1 >> a. Explain the difference between the direct write-off method and the allowance method.b. Which method is likely to be used by a business with many charge customers? Which is likely to be used by a business that sells mainly on a cash basis?
Answer Preview: The key difference between direct write off method and allowance method is that while direct write o…

, Chapter: 26 -Problem: 5 >> When considering a borrower’s long-term debt, lenders often consider the debt to equity ratio. This ratio compares the resources the lender will provide to the borrower’s resources. It is calculated by dividing total liabilities by total stockholders’ equity. Here’s an example: This debt to equity ratio of 1.21 to 1 means that lenders would provide more resources than the borrower has. The higher
Answer Preview: Solution 1 PETsMARTs debt to equity ratio for both yea…

, Chapter: 25 -Problem: 1 >> Grandma’s Toy Attic is changing from a manual to an automated inventory control system. As the owner, you plan to hire an inventory supervisor who understands accounting principles, inventory control, and business economics as well as computer applications. Use the following terms to write a job description for this position. Then write a newspaper advertisement to attract the most qualified indiv
Answer Preview: The job description for this position is as follows i Inventory Supervisor The inventory supervisor …

, Chapter: 4 -Problem: 5 >> a. What are the six steps used to analyze a business transaction?b. Explain briefly what is meant by the following phrase:A debit of $100 to Cash in Bank
Answer Preview: a The six steps used to analyze a business transaction are 1 Identify the …

, Chapter: 25 -Problem: 1 >> Imagine that you work in the cosmetics department of a large department store like Macy’s. You have access to free samples—shampoo, moisturizer, lipstick, and nail polish—offered by manufacturers to get customers to try their products. This is great! You will never have to buy these products again. You figure that by using them, you are helping to promote them. ETHICAL DECISION MAKING 1. What are
Answer Preview: 1 The ethical issues are using products getting them for free and not buying them 2 The alternat…

, Chapter: 4 -Problem: 5 >> Abe Shultz owns Kits & Pups Grooming and uses the following accounts:For each transaction:1. In your working papers, prepare a T account for each account listed.2. Using the appropriate T accounts, analyze and record each of the following business transactions. Identify each transaction by number.3. After recording all transactions, write the word Balance on the normal balance side of each T accou
Answer Preview: 1 T Accounts 101 Cash in Bank DebitCredit 115 Accounts Receivable Martha Giles DebitCredit 205 Accou…

, Chapter: 24 -Problem: 2 >> Taylor Furniture Company Inc. uses the allowance method to account for uncollectible accounts. Instructions In your working papers:1. Record the following transactions in the general journal on page 24.2. Post the transactions to the appropriate accounts.3. Prepare the Assets section of the balance sheet for Taylor Furniture Company Inc. using the partial general ledger in your working papers. The
Answer Preview: General Journal May 4 Accounts Receivable1050 Allowance for Uncollectible Accounts1050 Memo …

, Chapter: 27 -Problem: 3 >> a. When assets other than cash are invested in a partnership, at what amount are the assets recorded?b. What is the journal entry to record a partner’s investment of cash?
Answer Preview: a All assets invested in a partnership are recor…

, Chapter: 23 -Problem: 9 >> Cycle Tech Bicycles purchased manufactur ing equipment on August 1 for $410,000. The equipment has an estimated useful life of 25 years and an estimated disposal value of $20,000. Cycle Tech uses the straight-line method of depreciation. The partial depreciation schedule found in your working papers is set up for the equipment.  Instructions1. Calculate annual depreciation, accumulated depreciatio
Answer Preview: 1 The annual depreciation 410000 25 16000 accumulated …

, Chapter: 2 -Problem: 1 >> A business in which two or more persons combine their assets is called a(an) a. Corporation.b. Sole proprietorship.c. Partnership.d. Merchandising business.e. None of these answers.
Answer Preview: Joint Venture A business venture where two or more persons or entities c…

, Chapter: 5 -Problem: 5 >> Abe Shultz, owner of Kits & Pups Grooming, uses the following accounts to record transactions for the month.For each transaction:1. Prepare a T account for each account listed.2. Enter a balance of $15,000 in the Cash in Bank account; also enter a balance of $15,000 in the Abe Shultz, Capital account.3. Analyze and record each of the following business transactions, using the appropriate T account
Answer Preview: 1 Cash in Bank T Account DebitCredit 15000 Accounts Receivable Juan Alvarez T Account DebitCredit 15000 Grooming Equipment T Account DebitCredit 15000 Accounts Payable Dogs Cats Inc T Account DebitCre…

, Chapter: 23 -Problem: 3 >> Global companies may use the revaluation model allowed by International Accounting Standard 16 to record plant assets. After initially recording an asset at cost, this model revalues an asset at its fair market value less subsequent depreciation, if fair market value can be measured reliably. INSTRUCTIONS Define fair market value. How would revaluation affect the income statement?
Answer Preview: Fair market value is the price that an asset would fetc…

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, Chapter: 5 -Problem: 7 >> Greg Failla owns Showbiz Video. He uses the following accounts to record business transactions.For each transaction:1. Prepare a T account for each account listed above.2. Analyze and record each of the following transactions using the appropriate T accounts. Identify each transaction by number.3. After recording all transactions, compute a balance for each account.4. Test for the equality of debi
Answer Preview: ANSWER Juanita Ortega transferred an additional 53250 from her personal savings account into the bus…

, Chapter: 24 -Problem: 4 >> Sunset Surfwear uses the direct write-off method of accounting for uncollectible accounts. Instructions1. In your working papers, record the following transactions on page 14 in the general journal.2. Post the transactions to the appropriate accounts. Transcribed Image Text: Date Transactions June 1
Answer Preview: june 1 bad debts Ac Dr 28875 to alex hamilton 288…

, Chapter: 10 -Problem: 4 >> Which of the following will not appear on a post-closing trial balance?a. Accounts Payableb. Salesc. Owner’s Capitald. Cash
Answer Preview: Tips The revenue expense income summary and owners drawing accounts will …

, Chapter: 4 -Problem: 6 >> Juanita Ortega runs Outback Guide Service. The accounts she uses to record and report business transactions are listed below.For each transaction:1. In your working papers, prepare a T account for each account.2. Analyze and record each of the following business transactions in the appropriate T accounts. Identify each transaction by number.3. After recording all transactions, compute and record t
Answer Preview: Here are the Taccounts for each account 101 Cash in Bank Date Description Debit Credit Balance 105 A…

, Chapter: 24 -Problem: 2 >> a. How does the direct write-off method identify the uncollectible accounts expense amount?b. What factors does the allowance method consider in determining bad debt expense?
Answer Preview: a The direct writeoff method identifies uncollectible accounts expense …

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, Chapter: 27 -Problem: 8 >> Toni Graff, Ahmad Nu, and Lindsay Pane are partners in Travel Essentials. Their partnership agreement stated that withdrawals would be 10 percent for each partner based on the partnership’s net profits or net losses recorded for the year. In the first year of operation, the partnership reported $25,000 in net profit. InstructionsPrepare the entry to record the withdrawals of Graff, Nu, and Pane ba
Answer Preview: The entry to record the withdrawals of Graff Nu and Pane is as follows i Listed in the j…

, Chapter: 24 -Problem: 7 >> Cycle Tech Bicycles uses the allowance method of accounting for uncollectible accounts. The company estimates the uncollectible amount by aging its accounts receivable accounts.  Instructions1. Complete the analysis of accounts receivable that is included in your working papers.2. Calculate the estimated uncollectible amount. Use the form provided in your working papers.3. Journalize the June 30 a
Answer Preview: 1 The completed analysis of accounts receivable that is included in your working papers is as fol…

, Chapter: 10 -Problem: 6 >> What is the value of preparing a post-closing trial balance?
Answer Preview: A postclosing trial balance is used to check the accuracy of a …

, Chapter: 4 -Problem: 5 >> Think of a business you would like to open. Create a chart of accounts for the business. Include at least 10 different accounts.
Answer Preview: To make a chart of accounts youll need to first create account categories relevant to your busines…

, Chapter: 24 -Problem: 8 >> a. Describe the percentage of net sales method.b. Describe the aging of accounts receivable method.
Answer Preview: a The percentage of net sales method estimates bad de…

, Chapter: 9 -Problem: 7 >> The general ledger accounts and balances for Kits & Pups Grooming follow. 1. Prepare a work sheet for the month ended September 30, 20--.2. Prepare an income statement for the period.3. Prepare a statement of changes in owner’s equity. Abe Shultz made an additional investment of $2,500 during the period.4. Prepare a balance sheet in report form.
Answer Preview: Work Sheet for Kits Pups Grooming for the Month Ended September 30 2…

, Chapter: 26 -Problem: 1 >> a. Name the two parties to a promissory note. Which party issues the note? Which party receives the note?b. Describe a situation in which a business might (a) receive a promissory note and (b) issue a promissory note.
Answer Preview: Drawer the person who makes a promissory note He is also called the promisor the mak…

, Chapter: 1 -Problem: 6 >> a. What type of organization exists to earn money for the owners?b. Why would a not-for-profit organization need an accounting professional?
Answer Preview: Forprofit organization income Forprofit organizations seek to ge…

, Chapter: 8 -Problem: 1 >> A(n) ________ results when revenue is larger than expenses.a. Debitb. Net incomec. Net lossd. Credit
Answer Preview: b Net income Net income is the result of subtracting expenses from revenue If reve…

, Chapter: 3 -Problem: 2 >> If a customer sends in a payment on his account owed, which of the following statements is true?a. One asset increases and another asset decreases.b. One asset increases and one liability decreases.c. One liability decreases and owner’s equity increases.d. One liability increases and owner’s equity increases.
Answer Preview: b One asset increases and one liability decreases When a customer sends …

, Chapter: 2 -Problem: 6 >> Evaluate the going concern principle. Why should we use it if many businesses fail within the first five years?
Answer Preview: The going concern principle is the assumption that a business will …

, Chapter: 8 -Problem: 6 >> What is the value of the matching principle?
Answer Preview: The matching principle is the accounting principle that requires expenses t…

, Chapter: 4 -Problem: 4 >> Regina Delgado owns a business called Hot Suds Car Wash. She uses the following accounts:For each transaction:1. Determine which accounts are affected.2. Prepare T accounts for the accounts affected.3. Enter the debit and credit amounts in the T accounts. Transcribed Image Text: General Ledger 101 C
Answer Preview: 1 Transaction 1 Affected Accounts 101 Cash in Bank 301 Regina Delgado Capital T Acco…

, Chapter: 1 -Problem: 14 >> Many U.S. businesses operate in the global economy, which means they need accountants who understand international business. Find a local company that imports or exports products to or from one or more countries. Interview the accounting manager, and find out the skills, formal study, and personal traits he or she looks for in an accountant who works in international accounting. Write a short repo
Answer Preview: When asked about the skills formal study and personal traits he or …

, Chapter: 9 -Problem: 1 >> Name the one piece of information that is included on both the income statement and the statement of changes in owner’s equity.
Answer Preview: Net Income appears on both the income statement and the statement of owner s equity …

, Chapter: 26 -Problem: 1 >> Moreno’s Italian Oven is open seven days a week for lunch and dinner. The restaurant seats 60 patrons in a day and averages 90 percent capacity. It is considering expanding into the space adjacent to the restaurant. The cost to remodel the area and buy additional kitchen and restaurant equipment is estimated at $200,000. The rent on the additional space is $1,200 a month.  INSTRUCTIONS 1. If Moren
Answer Preview: 1 The restaurant can serve the same number of custom…

, Chapter: 2 -Problem: 5 >> Think of a business you would like to start. Describe the business operation and choose the best form of organization for your new business. Why did you choose this particular form of business organization?
Answer Preview: I would like to start an AI development company We would develop artificial intell…

, Chapter: 8 -Problem: 1 >> You work for Creative Advertising as an assistant to the company’s accountant. You are preparing a work sheet for the month of July. The trial balance totals are $127,750, and you have extended the account balances to the amount columns in the Balance Sheet and Income Statement sections. After adding the Balance Sheet and Income Statement columns and calculating net income, you find that the total
Answer Preview: Six step guide to help you solve problems Step 1 Identify …

, Chapter: 26 -Problem: 1 >> You write the copy for and design brochures to highlight New South Bank’s many financial products. Today you were asked to prepare a brochure explaining the value of non-interest-bearing notes. Write the copy for this brochure. Design it by hand or on a computer.
Answer Preview: How to write a brochure for your business 1 Create an out…

, Chapter: 2 -Problem: 5 >> Accounting provides financial information that is used to make decisions. To ensure that all financial information is presented in a consistent manner, accountants apply generally accepted accounting principles (GAAP).
Answer Preview: Ans Generally Accepted Accounting Principles GAAP or US GAAP are a collection of commonlyfollowed ac…

, Chapter: 26 -Problem: 3 >> a. What is the difference between interest-bearing and non-interest-bearing notes?b. What is the difference between interest and a bank discount?
Answer Preview: Interest bearing notes are debt instruments that require the issuer to pay interest at a predet…

, Chapter: 2 -Problem: 7 >> a. What is meant by the term assumption?b. What are three important assumptions of accounting, and what does each mean?
Answer Preview: a The term assumption means something that is taken for granted b The three important as…

, Chapter: 27 -Problem: 7 >> Mariela DeJesus and Natasha Faircloth started the partnership In Shape Fitness. Mariela contributed a capital balance of $35,000. Natasha’s capital contribution totaled $45,000. Their partnership agreement specified sharing net profits and net losses on the basis of their capital balances. The net loss for their first year of operation for In Shape Fitness was $28,500. InstructionsPrepare the jour
Answer Preview: Debit Credit Mariela DeJesus 9875 Natasha Faircloth 18625 Partners …

, Chapter: 2 -Problem: 3 >> a. Describe each of the three forms of business organization. b. What is the purpose of a partnership agreement?
Answer Preview: a There are three main forms of business organization sole proprietorship partnership and corporatio…

, Chapter: 26 -Problem: 1 >> Signed a 90-day, 10% notea. Debit Cash, credit Notes Receivableb. Debit Cash, credit Notes Payablec. Debit Accounts Receivable, credit Cashd. Debit Cash, credit Accounts Receivable
Answer Preview: Accounts receivable are the funds that customers owe your …

, Chapter: 2 -Problem: 3 >> A ________ buys raw materials and transforms them into finished products.a. Merchandising businessb. Manufacturing business
Answer Preview: A B service business A business that provides a needed servi…

, Chapter: 5 -Problem: 4 >> Which temporary accounts affect profit or loss for an accounting period?
Answer Preview: There are basically three types of temporary accounts namely revenues expenses and in…

, Chapter: 1 -Problem: 5 >> What is $580 increased by 1/5 of itself?a. $116b. $145c. $696d. $725
Answer Preview: a 116 We …

, Chapter: 27 -Problem: 4 >> If a partner invests a noncash asset in the partnership, the amount to be debited and credited would bea. The asset’s cost.b. The asset’s book value.c. The asset’s current market value.d. An amount determined by the investing partner.
Answer Preview: If a partner invests a noncash asset in the partnership …

, Chapter: 2 -Problem: 3 >> Interview two or three local entrepreneurs. If you need help finding entre preneurs, contact your local chamber of commerce or other business organizations.After writing your profile, decide whether you are entrepreneurial material. Explain why or why not.
Answer Preview: Yes I believe I am entrepreneurial material I have alwa…

, Chapter: 26 -Problem: 1 >> You work for a large property management company. Your boss, Joan, is the senior accountant; and her boss, Frank, is vice president. For the past several months, Joan has been coming to work late, taking long lunches, and leaving early. When Frank calls, she has asked you to tell him that she is “away from her desk.” You think Frank is getting suspicious, and you are starting to feel guilty about
Answer Preview: 1 The ethical issues are the conflicting duties of confidentiality and honesty The …

, Chapter: 2 -Problem: 1 >> Mr. Tirado relies on you for accuracy. Write a memo to him explaining what has occurred and your plan for correcting the problem.
Answer Preview: A business memo is one of the primary ways you can communicate information to all employees in your …

, Chapter: 28 -Problem: 1 >> When there is a net loss, thea. Capital account is increased by the amount of the net loss.b. Drawing (Withdrawals) account is increased by the amount of the net loss.c. Capital account is decreased by the amount of the net loss.d. Drawing (Withdrawals) account is decreased by the amount of the net loss.
Answer Preview: c Capital account is decreased by the amount of the net loss A net loss occurs …

, Chapter: 2 -Problem: 5 >> a. Describe the purpose of accounting.b. What does the accounting system do?
Answer Preview: a Accounting is the process of recording summarizing and analyzing fi…

, Chapter: 27 -Problem: 5 >> a. What factors do partners usually consider when deciding on how the profits and losses of the partnership will be divided?b. Name three methods partners might use to divide profits and losses.
Answer Preview: Absent an agreement the partners will share profits and losses equally If an agreement exists partne…

, Chapter: 1 -Problem: 6 >> For-profit businesses operate to earn money for their owners. Not-for-profit organizations operate for other reasons such as charitable or educational purposes. Most not-for-profit organizations have the goal of balancing their income with expenses rather than earning a profit.
Answer Preview: Ans Generally forprofit companies seek to provide a product or service to consumers and make a profi…

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, Chapter: 27 -Problem: 1 >> a. List five characteristics of a partnership.b. List three advantages and three disadvantages of the partnership form of business.
Answer Preview: 1 Partnerships are formed by two or more individuals who agree to cooperate in carrying on a busines…

, Chapter: 2 -Problem: 5 >> A set of rules used by all accountants to provide a consistent form in which to provide financial information is referred to asa. American CPA Rules.b. GAAP.c. Financial Accounting.d. Management Accounting.
Answer Preview: GAAP is a set of procedures and guidelines used by comp…

, Chapter: 15 -Problem: 2 >> a. What accounts are used when a business purchases merchandise on account?b. What type of account is Transportation In?
Answer Preview: If merchandise are purchased on account the accounts involved in the tran…

, Chapter: 6 -Problem: 1 >> Recording account information in chronological order is calleda. Posting.b. Journalizing.c. Analyzing.d. Processing.
Answer Preview: Posting is the transfer of journal entries to a general ledger which usually contains a separate …

, Chapter: 1 -Problem: 6 >> Make a list of the different ways discussed in this chapter to research careers. Create a table that compares advantages and disadvantages of each of these research options. Which one works best for you? Why?
Answer Preview: Advantages 1 Can provide a comprehensive list of career options bas…

, Chapter: 24 -Problem: 7 >> a. What is the first journal entry made when a customer pays an amount that was previously written off? Name the accounts debited and credited for both methods.b. In the second journal entry, which accounts are debited and credited?
Answer Preview: For both the allowance and writeoff methods when a previously written off accoun…

, Chapter: 27 -Problem: 5 >> Listed here are an individual partner’s investments for several partnerships. InstructionsUsing the form provided in your working papers, calculate Partner A’s percentage ownership in each partnership. Transcribed Image Text: Partnership Partner A's Investment Total Partnership Investment 1. $60,000
Answer Preview: To calculate Partner As percentage ownership in each partnership you can use th…

, Chapter: 1 -Problem: 1 >> a. Explain how your interests, skills, and values will affect your career choice.b. What are six common values that people have?
Answer Preview: a Your interests skills and values will affect your career c…

, Chapter: 22 -Problem: 2 >> Fun Farm is a hands-on, educational working farm where elementary students learn about planting crops and raising animals. In auditing its petty cash fund, you notice some unusual disbursements and cash shortages. You suspect an employee is taking funds from it and not preparing a voucher or falsifying one. Discuss with a partner how you should handle this situation.
Answer Preview: To handle this situation I must first determine whether to investigate …

, Chapter: 27 -Problem: 4 >> Entrepreneurs recognize and meet the needs of the business world. They must organize, manage, and assume risks. If you plan to be a sole proprietor, partner, or corporate executive, you will need the same traits.PERSONAL FINANCE ACTIVITYMicrosoft’s Bill Gates and TV executive and personality Oprah Winfrey are two well-known entrepreneurs. List the characteristics you think made them successful.PER
Answer Preview: The characteristics I think made them successful include …

, Chapter: 2 -Problem: 4 >> The business entity concept means thata. A business exists.b. The business’s and owner’s personal records should not be mixed.c. A business is successful.d. None of the above.
Answer Preview: The business entity concept st

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