answers to A-G Chapter 1 Accounting in Business The following describe several d

Question

answers to A-G

Chapter 1 Accounting in Business The following describe several different business organizations. Determine whether each descript refers to a sole proprietorship (SP), partnership (P), or corporation (C). a. Micah and Nancy own Financial Services, a financial services provider. Neither Micah not Nancy has personal responsibility for the debts of Financial Services b. Riley and Kay own Speedy Packages, a courier service. Both are personally liable for the debts of the business c. IBC Services does not have separate legal existence apart from the one person who owns it. d. Trent Company is owned by Trent Malone, who is personally liable for the company's debts. e. Ownership of Zander Company is divided into 1,000 shares of stock. f. Physio Products does not pay income taxes and has one owner. g. AJ Company pays its own income taxes and has two owners. Enter the letter A through H for the principle or assumption in the blank space next to each numbered de- scription that it best reflects

Explanation / Answer

a.partnership

b.sole properitorship

c.partnership

d.corporation

e.corporation

f.sole properitorship

g.corporation

h.

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