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ACC 220 WEEK 2 CHECKPOINT - PROPRIETORSHIPS, PARTNERSHIPS, & CORPORATIONS

ACC 220 WEEK 2 CHECKPOINT - PROPRIETORSHIPS, PARTNERSHIPS, & CORPORATIONS

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Week 2 CheckPoint: Proprietorships, Partnerships, & Corporations Due Date: Day 7 [Individual] forum Resources: Ch. 1 of Essentials of Accounting Due Date: Day 4 [Individual] forum Post your response to the following: In 200 to 300 words, explain the differences between a proprietorship, a partnership, and a corporation. Why would an entrepreneur want to choose one over the other? If you were starting a new business, which would you choose? Why?
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Companies use several tools such as a balance sheet to make sound business decisions. A balance sheet is a financial statement that shows a summary of a company's or individuals assets, liabilities and shareholders' equity of a period of time usually after the fiscal year. Assets are items of ownership convertible into cash. This report shows the expenses, debts, and the amount of money invested by the shareholders. The assets and liabilities are separated into short-term and long-term obligation such cash, money markets, government securities and accounts payable. In financial scenarios, liabilities are monies owed, debts, or monetary obligations. The portion of the balance sheet that is much scrutinized often pertains to Stockholder's equity. In this part of the balance sheet gives information about the capital obtained from investors in exchange for stock, retained earnings, and donated capital. Another tool used by companies to make decisions is a company's Income statement. The purpose of this report is to view the company's performance (profits and losses) over a designated period of time. It lists the company's revenues and its debts during operational and non operational periods. The balance sheet works in conjunction with the income statement: both
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