Category > Business & FinancePosted 07 Dec 2017My Price10.00
business and supplier
Please answer these questions and show all calculation work.
1. For a business, a supplierA) is a company or individual that owns shares of the business.B) is a company or individual to whom the business sells goods or services.C) provides goods and services used by the business.D) makes loans to the company to help Fnance its acTviTes.E) None of the above is correct. 2. A group of people establishing a business might prefer to set it up as a corporaTon ratherthan a partnershipA) to have limited liability.B) to avoid double taxaTon.C) because of ease of formaTon.D) because a corporaTon is considered to be a separate business enTty and a partnership isnotE) Both A and D are correct. 3. ±he ending retained earnings balance of Juan's Mexican Restaurant chain increased by $4.5billion from the beginning of the year. ±he company had declared a dividend of $1.9 billionduring the year. What was the net income earned during the year?A) $2.6 billionB) $4.5 billionC) $6.4 b illionD) ±here is no way to determine net income as not enough informaTon was given. 4. ±he collecTon of an account receivable from a customer wouldA) Increase liabiliTes.B) Decrease liabiliTes.C) Not a²ect liabiliTes.D) Decrease stockholders' equity.E) None of the above is correct. 5. When a company buys equipment for $60,000 and pays for one third in cash and the othertwo thirds is Fnanced by a note payable, the following are the e²ects on the equaTonA) cash decreases by $20,000B) equipment increases by $60,000C) liabiliTes increase by $40,000D) total assets increase by $40,000E) All of the above e²ects occur on the equaTon 6. ±he duality (or duality of e²ects) concept statesA) there is more than one way of looking at any situaTon.B) every transacTon has good and bad ramiFcaTons.C) there are two enTTes involved in every transacTon.D) every transacTon has at least two e²ects on the accounTng equaTon.E) None of the above is correct.
