The type of legal entity a business uses impacts: . the tax form filed the equity...
The type of legal entity a business uses impacts:
. the tax form filed
the equity accounts
the accounts receivable balances
the cash balance
Homework Answers
Correct answer-----------the tax form filed.
.
The entity used for business changes the tax formalities that a businessmen deals with, for example these formalities are less in a proprietor and are very high in corporations. The tax rates are also different when the form of business entity is different as well as the forms filled.
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The type of legal entity a business uses impacts:
. the tax form filed
the equity...
Matt and Alicia created a firm that is a separate legal entity and will share ownership...
Matt and Alicia created a firm that is a separate legal entity and will share ownership of that firm on a 75/25 basis. Which type of entity did they create if they have no personal liability for the firm's debts? Blythe Industries reports the following account balances: Inventory of $417,600, equipment of $2,028,300, accounts payable of $224,700, cash of $51,900, and accounts receivable of $313,900. What is the amount of the current assets?
Which of the following is a legal obligation filed against a piece of property? Which of...
Which of the following is a legal obligation filed against a piece of property? Which of the following is the LEAST important factor in evaluating a business for sale? Select one: a. the financial history of the business b. the seller's stated reason for selling C. the return on time and investment d. accounts receivable and payable
5. The most dominant form of business organization is the a legal entity formed by selling...
5. The most dominant form of business organization is the a legal entity formed by selling shares of stock to investors who then become shareholders and the of the company. 6. ( True False) A corporation and its shareholders can be sued and can be held liable for the corporations debts. 7. (True False) A joint venture is a relationship created between two or more persons or corporations for a specific undertaking. 8. A business trust is a business organization...
5. The most dominant form of business organization is the a legal entity formed by selling...
5. The most dominant form of business organization is the a legal entity formed by selling shares of stock to investors who then become shareholders and the of the company. 6. ( True False) A corporation and its shareholders can be sued and can be held liable for the corporations debts. 7. (True False) A joint venture is a relationship created between two or more persons or corporations for a specific undertaking. 8. A business trust is a business organization...
acct hw QUESTION 1 The partnership form of business organization has tax advantage over sole proprietorship....
acct hw
QUESTION 1 The partnership form of business organization has tax advantage over sole proprietorship. combines the records of the business with the personal records of the owner. has tax advantage over corporation. is classified as a separate legal entity. QUESTION 3 Retained earnings is part of stockholders' equity is part of assets is part of liabilities is part of common stock QUESTION 4 A payment of a portion of an accounts payable will increase liabilities decrease stockholders' equity....
Chart of Entity Comparison Sole Proprietor Partnership C Corporation S Corporation LLC Legal Status Same entity...
Chart of Entity Comparison Sole Proprietor Partnership C Corporation S Corporation LLC Legal Status Same entity as owner Separate entity from owner Separate entity from owner Separate entity from owner Separate entity from owner Tax Year Same as owner Majority interest rules; principal partner rules; or the least aggregate deferral of income rule; exceptions may be the business purpose of 444 election Calendar or fiscal year Calendar year; 444 election; or business purpose demonstrated Depends on tax status as sole...
WHY MIGHT THE LLC FORM OF BUSINESS ENTITY BE PREFERRED OVER AN S CORPORATION LLC HAVE...
WHY MIGHT THE LLC FORM OF BUSINESS ENTITY BE PREFERRED OVER AN S CORPORATION LLC HAVE LOWER TAX RATES LLC IS NOT A PASS THROUGH ENTITY THERE ARE NO RESTRICTIONS ON THE NUMBER OF TYPES OF INVESTORS THERE ARE RESTRICTIONS ON CLASSES OF STOCK
Chapter 2-Recording Business Transactions 11. What type of account is cash? A. Asset B. Liability C....
Chapter 2-Recording Business Transactions 11. What type of account is cash? A. Asset B. Liability C. Equity--Capital D. Equity--Revenue E. Equity--Expense 12. Which of the following accounts does NOT have a normal balance? A. Cash--Balance 1,000 credit B. Bright, Withdrawals--Balance 1,000 debit C. Accounts payable--Balance 1,000 credit D. Rent expense--Balance 1,000 debit E. Prepaid Rent--Balance 1,000 debit 13. Which of the following account names is a liability account? A. Cash B. Unearned Revenue C. Accounts Receivable D. Furniture E. Prepaid...
Rhoades Tax Services began business on December 1, 2015. Its December transactions are as follows. Dec Rhoade...
Rhoades Tax Services began business on December 1, 2015. Its December transactions are as follows. Dec Rhoades invested $20,000 in the business in exchange for common stock. Paid $1,200 cash for December rent to Bomba Realty. 2 Purchased $1,080 of supplies on account. 2 Purchased $9,500 of office equipment; paying $4,700 cash with the balance due in 30 days. Paid $1,080 cash on account for supplies purchased December 2. 14 Paid $900 cash for assistant's wages for 2 weeks' work...
Rondo and his business associate, Larry, are considering forming a business entity called R&L but they...
Rondo and his business associate, Larry, are considering forming a business entity called R&L but they are unsure about whether to form it as a C corporation, an S corporation, or an LLC taxed as a partnership. Rondo and Larry would each invest $200,000 in the business. Thus, each owner would take an initial basis in his ownership interest of $200,000 no matter which entity type is formed. Shortly after the formation of the entity, the business borrowed $60,000 from...
Matt and Alicia created a firm that is a separate legal entity and will share ownership of that firm on a 75/25 basis. Which type of entity did they create if they have no personal liability for the firm's debts? Blythe Industries reports the following account balances: Inventory of $417,600, equipment of $2,028,300, accounts payable of $224,700, cash of $51,900, and accounts receivable of $313,900. What is the amount of the current assets?
Which of the following is a legal obligation filed against a piece of property? Which of the following is the LEAST important factor in evaluating a business for sale? Select one: a. the financial history of the business b. the seller's stated reason for selling C. the return on time and investment d. accounts receivable and payable
5. The most dominant form of business organization is the a legal entity formed by selling shares of stock to investors who then become shareholders and the of the company. 6. ( True False) A corporation and its shareholders can be sued and can be held liable for the corporations debts. 7. (True False) A joint venture is a relationship created between two or more persons or corporations for a specific undertaking. 8. A business trust is a business organization...
5. The most dominant form of business organization is the a legal entity formed by selling shares of stock to investors who then become shareholders and the of the company. 6. ( True False) A corporation and its shareholders can be sued and can be held liable for the corporations debts. 7. (True False) A joint venture is a relationship created between two or more persons or corporations for a specific undertaking. 8. A business trust is a business organization...
acct hw
QUESTION 1 The partnership form of business organization has tax advantage over sole proprietorship. combines the records of the business with the personal records of the owner. has tax advantage over corporation. is classified as a separate legal entity. QUESTION 3 Retained earnings is part of stockholders' equity is part of assets is part of liabilities is part of common stock QUESTION 4 A payment of a portion of an accounts payable will increase liabilities decrease stockholders' equity....
Chapter 2-Recording Business Transactions 11. What type of account is cash? A. Asset B. Liability C. Equity--Capital D. Equity--Revenue E. Equity--Expense 12. Which of the following accounts does NOT have a normal balance? A. Cash--Balance 1,000 credit B. Bright, Withdrawals--Balance 1,000 debit C. Accounts payable--Balance 1,000 credit D. Rent expense--Balance 1,000 debit E. Prepaid Rent--Balance 1,000 debit 13. Which of the following account names is a liability account? A. Cash B. Unearned Revenue C. Accounts Receivable D. Furniture E. Prepaid...
Rhoades Tax Services began business on December 1, 2015. Its December transactions are as follows. Dec Rhoades invested $20,000 in the business in exchange for common stock. Paid $1,200 cash for December rent to Bomba Realty. 2 Purchased $1,080 of supplies on account. 2 Purchased $9,500 of office equipment; paying $4,700 cash with the balance due in 30 days. Paid $1,080 cash on account for supplies purchased December 2. 14 Paid $900 cash for assistant's wages for 2 weeks' work...
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