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Which of the following business transactions would cause a decrease both in assets and owner's equity?
a withdrawl
What other term would mean almost the same as assets and liability?
Net assets
How does profit link with changes in assets and liabilities?
Profit is the difference between your assets and liabilities if you have $30,000.00 in assets and $20,000.00 in liabilities = you would have $10,000.00 in profit If you have 22,000.00 in Assets and $30,000.00= you would have $-8,000.00 in loss can be written as ($-8,000.00) usually in Red hope this helps
What is the amount of owners equity for tom cotton in the blue top taxi comppany?
To determine the amount of owner's equity for Tom Cotton in the Blue Top Taxi Company, you would need to know the company's total assets and total liabilities. Owner's equity is calculated as the difference between total assets and total liabilities. Without specific financial information, it's impossible to provide a precise figure for Tom Cotton's equity in the company.
What is the journal of invested 1000 cash in business?
Investing $1,000 in a business would typically be recorded in the journal as a debit to the "Cash" account, reflecting the cash inflow for the business. Simultaneously, a credit entry would be made to the "Owner's Equity" or "Capital Contributions" account, indicating the owner's investment in the business. This transaction reflects the increase in assets and the corresponding increase in equity.
Can an owner of a business withdraw assets from that business for personal use?
Unless those assets are part of an expressly-designated expense account, that would be fraud.
Which of the following business transactions would cause a decrease both in assets and owner's equity?
a withdrawl
What happens when you buy assets in stick rpg 2?
go to the bank and withdraw the amount of money that you need to buy what you want. once you have withdrew the money you can then buy the asset you want if you have enough
What other term would mean almost the same as assets and liability?
Net assets
What are the legal ramifications for a joint bank account?
Either owner can withdraw all the funds. Half the funds would be available to a creditor of either owner for such reasons as a child support lien or tax lien. When one owner dies the account would not need to go through probate- it would pass automatically to the survivor.
What are the advatages of sole proprietor ship?
these are the advantages 1. the profit accrued to the business belongs to the owner of the business 2. the owner has the right to the assets of the business,if he would like to invest those assets, he needs no permission from any person. 3. the only registration of the business is its name, and not necessarily
Can a deceased persons spouse sell a jointly owned vehicle without the executor of the will being inovolved?
Yes. Any jointly owned assets do not form part of the deceaseds estate. The assets therefore belongs to the joint owner. This would be true even if the assets was a house.
What happens to a garnishment when the company is sold to a new owner?
By garnishment I believe you are referring to a lien on the business assets as a wage garnishment would affect employee wages and a bank levy would affect a bank account What ultimately happens depends somewhat on how the company is sold: If the company's assets are being sold but the seller is retaining its ownership shares in an LLC (single owner or partnership) or a Corporation, the seller would have to pay off the lien from the sale of the assets or the assets would not be able to be sold to the new owner as this is the purpose of a court ordered lien in the first place. If shares of the company itself are sold the lien in place would likely transfer to the new shareholder unless the lien was on the seller as an individual instead of on the company itself. When the company sells any assets such as a company vehicle the lien could then be enforced. in some cases it is also possible to force the sale of certain assets to satisfy a judgment. If you are referring to the wages of an employee that are being garnished after the sale a similar thing would be in effect. If the assets are sold only, the new owner is essentially forming a new company. Since the employee would be working for a new company, a new garnishment order would have to be served on him before the garnishment would take place. If the shares of the company were sold, the garnishment would continue to be enforced.
Can you give me the opposite of withdraw?
The word insert would work as an opposite of withdraw.
What happens to household insurance if the owner dies?
After the assets are distributed, a new policy should be written. I would contact the agent and inform them of the named insureds passing.
What accounting principle would conflict to include the personal assets and transactions of a business owner in the records and reports of the business?
Business entity assumption
Under what circumstances can you withdraw from a 401K without a penalty?
If you cannot get money from any other source and you need money for something like staving off foreclosure (financial hardship), you can withdraw money with no penalty. Taxes would be need to be paid and you can only withdraw the exact amount you need.
