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How much were the company expenses during the year

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Reference no: EM133003579

Problem 1: Which of the following statements concerning corporations is correct?

a. A corporation is exempt from taxation.

b. Shareholders are personally liable for the actions of the corporation.

c. A corporation has an indefinite (or continuous) life.

d. A corporation does not require authorization from a state government.

Problem 2: At the end of a company's first year of operations assets total $95,000, liabilities total $40,000, common stock is $5,000, and revenues total $80,000. How much were the company's expenses during the year?

a. $10,000

b. $20,000

c. $30,000

d. $40,000

 

Reference no: EM133003579

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