Need exercise 6,7, & 8

The following describe several different business organizations. Determine whether the description refers to a sole proprietorship (SP), partnership (P), or corporation (C). Micah Douglas and Nathan Logan own Financial services, a financial services provider. Neither Douglas nor Logan has personal responsibility for the debts of Financial services. Riley and Kay own speedy Packages, a courier service. Both are personally liable for the debts of the business. IBC services does not have separate legal existence apart from the one person who owns it. Trent Company is owned by Trent Malone, who is personally liable for the company's debts. Ownership of Zander Company is divided into 1,000 shares of stock. Physio products does not pay income taxes and has one owner. AJ company pays its own income taxes and has two owners. Match each of the numbered description with the principles or assumption it best reflects. Enter the letter for the appropriate principle or assumption in the blank space next to each description. General accounting principle Cost principle Business entity assumption Revenue recognition principle Specific accounting principle Matching (expense recognition) principle Going-concern assumption Full disclosure principle A company reports details behind financial statements that would impact users decisions. Financial statements reflect the assumption that the business continues operating. A company records the expenses incurred to generate the revenues reported. Derived from long-used and generally accepted accounting practices. Every business is accounted for separately from its owner or owners. Revenue is recorded only when the earnings process is complete. Usually created by a pronouncement from an authoritative body. Information is based on actual costs incurred in transactions. Determine the missing amount from each of the separate situations a, b, and c below