Describe the effects of the business operations on turners

Reference no: EM13567791

IF you answer questions 1 & 2 you will not receive points. Only need answers to questions 4 and 5. I will report abuse on your account for the answers to questions 1 and 2.

S&X Co. is a retail store owned by Paul Tuner. During the month of November, the equity accounts were affected by the following events:
Nov.9 Turner invested an additional $15,000 in the business.
Nov.15 Tuner withdrew $1,500 for his salary for the first two weeks of the month.

Nov.30 Turner withdrew $1,500 for his salary for the second two weeks of the month.

Nov.30 S&X distributed $1,000 or earnings to Turner.

INSTRUCTIONS:

1.Explain the causes of the differences in the net income between S&X as a sole propietorship and S&X as a corporation.

2.Describe the effects of the business operations on Turners individual income tax return, assuming that the business is organized as 1)a sole proprietorship and 2) a corporation.

Reference no: EM13567791

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