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Q. Illustrate about corporation?
A corporation is an incorporated business under the laws of a state and owned by a few stockholders or thousands of stockholders. Approximately all large businesses and many small businesses are incorporated. The corporation is exclusive in that it is a separate legal business entity. The owners of the corporation are shareholders or stockholders. They purchase shares of stock which are units of ownership in the corporation. Must the corporation fail the owners would only lose the amount they paid for their stock. The corporate type of business protects the personal belongings of the owners from the creditors of the corporation. Stockholders don't directly manage the corporation. They select a board of directors to represent their interests. The board of directors choose the officers of the corporation such like the president and vice presidents who manage the corporation for the stockholders.
Q. Explain Statement of retained earnings? The statement of retained earnings demonstrates the change in retained earnings between the beginning and end of a period e.g. a mont
solutions for chapter 8
Inflation Accounting: It is related along with the adjustment in the value of assets that is current and fixed and of income in the light of changes in the price level. In a
Liquid Extracts Company makes a line of fruit extracts for home use in making wine, jams and jellies, pies and meat sauces. Fruits enter the production process in pounds; the prod
Q. Illustrate unearned service fees? Micro Train reports the service income in its income statement for 2010. The company enters the USD 3000 balance in the Unearned Service Fe
Q. Explain cash basis of accounting? Professionals such as lawyers and physicians and some relatively small businesses may account for their revenues and expenses on a cash bas
Q. Taking a physical inventory in periodic inventory procedure? Taking a physical inventory in periodic inventory Procedure Company personnel determine ending inventory cost by
On october 31 A fund accrued 2000.00 for legal fees. In November 2000 the fund received an invoice. for October 2008 legal fees for an amount of $2500 and paid the invoice on Nov
1. PDQ Corp. has sales of $4,000,000; the firm''s cost of goods sold is $2,500,000; and its total operating expenses are $600,000. The firm''s interest expense is $250,000, and the
what is account
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