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The following describe several different business organizations. Determine whether the description refers to a sole proprietorship, partnership, or corporation.
a. Ownership of Zander Company is divided into 1,000 shares of stock.b. Wallingford is owned by Trent Malone, who is personally liable for the company's debts.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.d. Riley and Kay own Speedy Packages, a courier service. Both are personally liable for the debts of the business.e. IBC Services does not have separate legal existence apart from the one person who owns it.f. Physio Products does not pay income taxes and has one owner.g. AJ pays its own income taxes and has two owners.
Comment on the manager's contention.
Leister Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $15,540. All sales are subject to a 5% sales tax. Compute sales taxes payable, and make the entry to record sales taxes payable an..
Which qualitative characteristic of accounting information is reflected when accounting information is clearly presented?
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What is the payout policy and list and explain the two primary ways in which a firm can distribute cash to shareholders.
Earl explained what he meant by effective welfare reform by stating,"Welfare reform can only be considered effective when at least 40 percent of the adults currently on welfare are employed in full-time jobs that pay minimum wage or better." In th..
carmack company has credit sales of 2.6 million for year 2011. on december 31 2011 the companys allowance for doubtful
There're 3 major requirements of Code Section 351: (1) the transfer must consist of property, (2) the transfer must be solely in exchange for stock and (3) the transferors must be in control immediately after the exchange.
harriscorporation produces a single product. last year harris manufactured 35250 units and sold 29700 units. production
do you think the fasb made the correct decision in requiring consolidated financial statements to recognize all
Carter company uses a weighted average process costing system. Material is added at the start of production. Dixie company started 13,000 units into production and had 4500 units in process at the start of the period that were 60% complete as to c..
(a) What would be Langdon Company's finished goods inventory cost on December 31 under variable costing? (b) Which costing method, absorption or variable costing, would show a higher net income for the year? By what amount?
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