If you answer questions 1 amp 2 you will not receive points

Assignment Help Accounting Basics

Reference no: EM13567875

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: EM13567875

Questions Cloud

The following income statement and information about : the following income statement and information about changes in noncash current assets and current liabilities are

How should southwestern report each of these three assets : southwestern corporation operates throughout texas buying and selling widgets. to expand into more profitable markets

Discuss the purpose of marshaling of assets what are the : discuss the purpose of marshaling of assets. what are the provisions that must be complied wiyh in a marshaling of

In january 6 dee-light corporation issued for cash 17200 : in january 6 dee-light corporation issued for cash 17200 shares of 1 par value common stock at 30 per share. on may 10

If you answer questions 1 amp 2 you will not receive points : if you answer questions 1 amp 2 you will not receive points. only need answers to questions 4 and 5. i will report

Assume variable costs and fixed costs were to change as in : 1. noreen company sells umbrellas that retail for 40. noreens variable costs are 40 of sales fixed costs are

What should be the required initial investment at the : a on january 1 2012 fishbone corporation sold a building that cost 271800 and that had accumulated depreciation of

Employees are a part of the cash disbursements cycle why is : employees are a part of the cash disbursements cycle. why is it important that a company have all of its employees in

In anticipation of property tax revenues to be received : yarrow county engaged in the following debt-related transactions during the year. required assume that the county

User Account

All Pages