1. Sami Tokar and Janet Locher will not be responsible for income tax on their $350,000 business...

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1. Sami Tokar and Janet Locher will not be responsible for income tax on their $350,000 business income this year.
2. When Carm Cassman and Carl Donker receive funds from their business for personal use, the withdrawals account is used.
3. Jonathan and Jeffrey Pasher are both equally liable for all the debts of their business.
4. When Francis Barker opened Barker's Chips she was not aware that she would be required to personally pay the business income taxes.
For each scenario, state whether the business is a sole proprietorship, a general part- nership, or a corporation.
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Accounting Volume 2

ISBN: 978-0176509743

2nd Canadian edition

Authors: James Reeve, Jonathan Duchac, Sheila Elworthy, Carl S. Warren

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