Acc 225 Wk 1

workweek whiz EXERCISE DUE DAY FIVE, WEEK ONE (FRIDAY) Resource: Fundamental Accounting Principles, p. 30 expect your answers to Exercises 1-1 and 1-4. 1-1 The following draw and quarter several different concern organizations. Determine whether the description refers to a fix proprietorship, confederacy, or corporation. a. self- exit of Spirit Company is divided into 1,000 sh atomic number 18s of stock. corporation b. Delta is possess by Sarah Gomez, who is soulfulnessally liable for the debts of the business. touch on proprietorship c. Jo Chen and Al foumart make m anetary Services, a financial work provider. incomplete Chen nor Fitch has personal responsibility for the debts of Financial Services. partnership d. Sung Kwon and Frank Heflin own Get-It-There, a courier service. some(prenominal) are personally liable for the debts of the business. . partnership e. XLT Services does non bewilder separate legal existence apart from the one pe rson who owns it. corporation f. BioProducts does not pay income taxes and has one owner. sole proprietorship g. Tampa Biz pays its own income taxes and has two owners. partnership 1-4 ofttimes of accounting is directed at run the knowledge ineluctably of those employmentrs that are external to an organization.

Identify at least lead external users of accounting information and direct two questions they mightiness seek to answer through their use of accounting information. a) Lenders. Lenders are delighted in information that enables them to visit whether their loans, and the interest attaching to them, will be paid when due. b) Cust! omers. Customers stomach an interest in information about the continuance of an enterprise, especially when they have a long-run involvement with, or are dependant on, the enterprise. c) Governments and their agencies. Governments and their agencies are provoke in the allocation of resources and, therefore, the activities of enterprises. They also rent information in order to regulate the activities of enterprises,...If you want to watch a honest essay, order it on our website: OrderCustomPaper.com

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