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Business Entities - Partnerships and Corporations
Assume your company is involved in a major lawsuit and the probable damages are estimated to be $2,000,000.
A. Describe the effects damage estimates would have on the financial statements of a corporation and a partnership.
B. How do disclosure requirements differ from a corporation to a partnership and what information is required?
C. Are the shareholders at risk for any personal liability with the company set up as a corporation? Defend your response.
D. If your company was set up as a partnership, would the partners be at risk for personal liability? Defend your response.
an aging of a companys accounts receivable indicates that 4500 are estimated to be uncollectible. if allowance for
the management of theus corporation is considering dropping e281 sales 480000 variable expenses 202000 fixed
Marlene, a cash basis taxpayer, invests in Series EE U.S. government savings bonds and bank certificates of deposit (CDs). Determine the tax consequences of the following on her 2015 gross income:
If the company can earn 8 percent per annum on freed-up funds, how much will the income be? How many dollars will the cash management system free up?
Which of the two reporting methods (if either) do you think better expresses the hospital financial performance? Give reasons for your answers.
why is it important that we use the accounting practice of capitalizing major asset acquisitions of items with
smithton inc. produces four types of computer chips. two of these w and x are sold by the business. the others y and z
Compute the rate of return of assets.
cardinal paz corp. carries an account in its general ledger called investments which contained debits for investment
59. Ida owns 30% of the stock in Mockingbird, a calendar year S corporation. Her basis in the stock as of January 1, 2013, is $120,000. Mockingbird has an operating loss of $500,000 in 2013 and an operating profit of $600,000 in 2014. Ida ..
the cash flows from operating activities are reported by the direct method on the statement of cash flows. determine
Prepare a report that includes your map of the current process, recommendations for improvement, and a map for your improved process.
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