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Three college professors at MIT formed a business to speed transactions over the internet. They each put in an equal amount and will share all profits equally. They are concerned with not having personal legal liability for their business activities and want to raise capital to take the entity public. What business form should they use?
a. Sole proprietorship.
b. Partnership.
c. Corporation.
d. Division.
Rental income of Personal income taxes system in the US. Is it a progressive taxation system? Why or why not?
Prepare Dold's journal entries for the initial transaction, recognition of interest each year, and the collection of $35,843 at maturity. (Round answers to 0 decimal places, e.g. $6,538. Credit account titles are automatically indented when the am..
What conclusions can be drawn from these analyses regarding The Limited's efficiency in collecting receivables?
Piper's income before depreciation, before income taxes, and before the cummulative effect of the accounting change (if any), for the year ended december 31, 2011, is $250,000. The income tax rate for 2011, as well as for the years.
In 2010, Clair, a calendar-year taxpayer, purchased business equipment (7-year property) for $700,000. The property was placed in service during 2010 (and is being used exclusively in Clair's extremely profitable business).
Lewis Production is planning to sell 220 boxes of bricks and produce 200 boxes of bricks during May. Each box of bricks requires 20 pounds of brick mix and a half hour of direct labor.
Assume that the U.S. Congress imposes an raise in taxes. Under the floating exchange rate regime, carefully illustrate and describe the process that will generate a new goods market
Stone Co. owns 3,000 of the 10,000 outstanding shares of Maye Corp. common stock. During 2007, Maye earns $180,000 and pays cash dividends of $50,000. Stone should report investment revenue for 2007 of
In addition, the controller is aware of $10,000 of inventory that was stolen during August from one of the company's warehouses. Calculate the estimated inventory at the end of August, assuming a markup on cost of 25%.
Bo Vonderweidt, the production manager for Sportway Corporation, had requested to have lunch with the company president. Vonderweidt wanted to put forward his suggestion to add a new product line
Assume you have $3,000 in your bank account today and you decide to transfer the money into a special educational deposit, which has been newly introduced by the bank.
Accrued rents on the apartment building are as follows" 70,000 (date of death) and 60,000 (six months later). In order to pay expenses, the executor of Arlene's estate sells the Tan stock for $600,000 eight months after her death.
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