The following characteristics were discussed in the text: a. Separate legal entity b. Liability of owners c.
Question:
a. Separate legal entity
b. Liability of owners
c. Ability to raise capital
d. Transferability of ownership
e. Taxation
f. Regulation
Required
Describe how each characteristic relates to the corporate form of business.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (18 reviews)
a Separate legal entity A corporation is a separate legal entity formed under state l...View the full answer
Answered By
Navashree Ghosh
I believe in quality work and customer satisfaction. So, I can assure you that you will get quality work from me when you hire me. Let's work together and build a long-term association.
4.90+
82+ Reviews
116+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
The topics I believe are most relevant to my career plans are Business Organizations and Financial Data My current short term and long term goals are to establish an Enterprise that will assist...
-
Describe the owners legal liability and the taxation of income in the following forms of business: corporation, proprietorship and partnership.
-
The corporate form of business is characterized by free transferability of equity interests. Describe this characteristic as it applies to publicly held corporations and closely held corporations.
-
Mien Co. is budgeting sales of 53,000 units of product Nous for October and 60,000 units of product Nous for November. The manufacturing of one unit of Nous requires 4 kilos of chemical Loire. During...
-
Define a Ponzi scheme. Next, describe why the Madoff fraud is considered a Ponzi scheme. Please be specific in your explanation.
-
Engineering a highway curve if a car goes through a curve too fast, the car tends to slide out of the curve. For a banked curve with friction, a frictional force acts on a fast car to oppose the...
-
\(\left(\frac{3 a^{4}}{7} ight)^{3}\) Simplify the expression.
-
(Non-vested EmployeesAn Ethical Dilemma) Thinken Technology recently merged with College Electronic (CE), a computer graphics manufacturing firm. In performing a comprehensive audit of CEs accounting...
-
XYZ Inc. is deciding whether to buy a new building. The building will increase cash flows by $8,500,000 per year. The building has a 25-year life and will be obsolete 25 years from today. The buil...
-
Hal Lelulia is the sole shareholder of Microcosm Ltd., a corporation with an October 31 year-end. Microcosm Ltd. produces trivia games. Hal started the corporation with an initial capital investment...
-
A company provides the following information: Required Comment on the profitability of the company and its dividend policy. 2012 2011 Return on equity Earnings per share Dividend payout ratio...
-
Irons Incorporated entered into the following stock transactions: Apr. 5 Issued 30,000 shares of $3 par value common stock for $180,000. May 31 Purchased 1,000 shares of treasury stock for $50,000....
-
What is the difference between a generalized Wiener process and a Wiener process?
-
Company A announced a total dividend of $ 5 0 0 , 0 0 0 paid to shareholders in the upcoming quarter. Currently, the value of the equity shares is $ 5 5 0 , 0 0 0 and the par value is $ 0 . 4 0 . a ....
-
IAS 10 Events After the Reporting Period prescribes relevant treatment for events that occur after an entity's reporting period has ended. a) Explain what is meant by the term "Events After the...
-
Marin Company makes several products, Including canoes. The company reports a loss from Its canoe segment (see below). All its variable costs are avoidable, and $320,000 of Its fixed costs are...
-
The service division of Culver Industries reported the following results for 2022. Sales $580,000 Variable costs 348,000 Controllable fixed costs 72,500 Average operating assets 725,000 Management is...
-
Beverly Cook is a particular investor who wants to analyze the financial performance of the company in-depth. The Income Tax rate for the year was 15%. With this information in mind, Beverly wants to...
-
Suppose B.O. Drug Co. decides to reorganize under Chapter 11. Generally, senior claims are honored in full before various other claims receive anything. Assume that the going concern value of B.O....
-
At 31 December 20X9, the end of the annual reporting period, the accounts of Huron Company showed the following: a. Sales revenue for 20X9, $ 2,950,000, of which one- quarter was on credit. b....
-
Some analysts make a distinction between art and craft (the application of aesthetic principles to the production of utilitarian objects). Discuss and debate whether or not this is a useful...
-
Auditor oversight bodies have recently been established in several countries discussed in this chapter. Identify the auditor oversight bodies discussed in the chapter. What is the reason for this...
-
What is the difference between principles-based and rules-based accounting standards? What evidence indicates that U.S. GAAP is rules-based?
-
U.S. financial statements present fairly, while U.K. financial statements are true and fair. What is the difference between these two concepts?
-
BF Company has a cycle time of 2.0 days, uses a Raw and In Process account (RIP) and charges all conversion cost to Cost of Goods Sold. At the end of each month, all inventories are counted, their...
-
Identify a particular support function of a college (the library, for example). Discuss possible allocation bases that might be used to allocate costs in the function to programs (degrees) or...
-
minimum selling price. Surf Gear manufactures beach towels. The plant has a production capacity of 48,000 towels each month. Currently, the expected results of August are as follows: Per unit Total...
Study smarter with the SolutionInn App