What is a sole proprietorship, Basic Statistics

Assignment Help:

What is a sole proprietorship?

A sole proprietorship is a form of business organization that is owned by one person. The owner is referred to as a sole proprietor.

In accounting, the balance sheet of the sole proprietorship reflects the accounting equation: Assets = Liabilities + Owner's Equity. Owner's Equity consists of the owner's capital account and also a drawing account. The drawing account is a temporary account in which the owner's current year draws or withdrawals are recorded. (The sole proprietor has draws because he or she does not receive a salary or wages. Hence, the income statement will not report an expense for the owner's work. This means that the net income reflects the total return for the owner's work and investment.)

A sole proprietorship is not legally separate from its owner (as would be the case with a corporation). However, a sole proprietor may be able to register as a limited liability company in order to limit his or her personal liability. Be sure to seek professional advice as to the appropriate form of business for your situation and location.

Expertsmind.com offers unique accounting assignment help


Related Discussions:- What is a sole proprietorship

Probability, if you tossed coin 6 times what is probability of getting more...

if you tossed coin 6 times what is probability of getting more than 3 head?

Barter system, Define the barter system with examples where payment is made...

Define the barter system with examples where payment is made in kind instead of cash. A barter system whereby the payment for purchases is made in kind instead of, in cash. i.e.

Determine the upper and lower control limits, You should show your work to ...

You should show your work to earn partial credit.  You must show ALL of your work on the pages provided.  There should be plenty of room to show your work on the page with each pro

Homework, The probability a computer will boot is .08. What is the least nu...

The probability a computer will boot is .08. What is the least number needed so that the probability at least two will boot is greater than .99?

Process costing, discuss the steps in preparing product cost allocation.

discuss the steps in preparing product cost allocation.

Applied problems, A company determines that the profit (P) in Pula and the ...

A company determines that the profit (P) in Pula and the advertising expenditure (e) in Pula have a linear relationship. a) Find an equation of linear relationship

Cash discount., Cash discount A payment received, given if payment is comp...

Cash discount A payment received, given if payment is completed within a stated age of occasion, Refer to TRADE DISCOUNT,

Kolmogorov test, how can i get a free software to run a kolmogorov test?

how can i get a free software to run a kolmogorov test?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd