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Question: Alice and Joe want to form a business together. They anticipate that the company will lose money for the first two years, turn a profit in year three, and be profitable after that. Their plan is to share equally in the company's profits and losses. Once the company turns a profit, they plan to authorize quarterly distributions of half the company's profits from the previous quarter to the two owners (Alice and Joe will be the only owners). Based on the scenario above, what advice to Alice and Joe is accurate? (choose all that are correct) Group of answer choices If they form an entity and elect pass-through taxation, they will each be responsible to pay taxes on their share of all of the company's profits. If they form an entity and elect pass-through taxation, they will be responsible to may taxes only on the 50% of company profits distributed to them each quarter. If they form an entity and elect double taxation, the company will pay tax on the profits of the company and both Alice and Joe will pay tax on the 50% of company profits distributed to them each quarter. It doesn't matter what entity they form
salvador inc. acquired 30 of the outstanding common stock of yangming inc. on december 31 2013 which allows salvador to
When purchasing merchandise on account for say $88,000, but you pay $67,000 cash on the $88,000 due. Your sales are $145,000, and the ending inventory is $24,000 what would the gross profit be?
The expected life and salvage value of each are four years and $15,000, respectively. Calculate net present value of the investment opportunity
Anest has asked you to prepare an accrual basis income statement for the year-The following information should help in the preparation of the income statement-The equipment has a useful life of ten years-Supplies on hand at the end of the period ha..
Should write the check today and record the expense? How would the company be affected if the check is written and the invoice ends up being erroneous?
Give compound annual growth rates for key categories (such as revenue, but you must decide which others will contribute to your understanding of the company )
Alpha acquired 100% of Beta's common stock for $400,000. On this date the Fair Market Value of some of Beta's assets and liabilities were: Prepare a consolidation workpaper at the date of acquisition based upon the following book values at the date:
Should the city, in its government-wide statement of net position, report the debt as a governmental activity and the golf course as a business-type activity? Alternatively, should it report both the debt and the golf course in the same category o..
Determine the provision for warranty payable that GGT will report as a liability on December 31, 2022. GOT Jetski Corp. has sold motorized watercraft
Prepare the cash from operations section of the statement of cash flows using the DIRECT method
Now is the time for you to create TEN original sentences using derivatives from this module. Do not use the ones in the exercise above. Make sure that your sentences include both a DERIVATIVE from this module and the MEANING of its Latin root. Put..
Journalize the transactions in the general journal, beginning on page 5. Write a brief explanation for each entry. 18 Sold $1,500 in tree trimming services
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