1. One advantage of the corporate form of organization is the: A. taxation of the corporate...
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1. One advantage of the corporate form of organization is the: A. taxation of the corporate profits. B. unlimited liability for its shareholders. C. double taxation of profits. D. ability to raise larger sums of equity capital than other organizational forms. E. ease of formation compared to other organizational forms. 2. Security dealers: A. B. match buyers with seliers. buy and sell from their own inventory. operate on a physical trading floor. operate exclusively in auction markets. C. D. E. are limited to trading non-listed stocks. 3. ANC Plastics has net working capital of $15,400, current assets of $39,200, equity of $46,600, and long-term debt of $22,100. What is the amount of the net fixed assets? A. $50,800 B. $56,900 C. $45,500 D. $48,100 E. $53,300 $ 4. AV Sales has net revenue of $513,000 and costs of $406,800. The depreciation expense is $43,800,interest paid is $11,200, and dividends for the year are$4,500. The tax rate is 33 percent. What is the addition to retained earnings? A. $38,804 B. $34,304 C. $28,120 D. $29,804 E. $30,450 5. Use the following tax table to answer this question: Taxable Income 0- 50,000 75,000 100,000 100,001- 335,000 335,001- 10,000,000 50,001- 75,001- Tax Rate 15% 25 34 39 34 Comfy Inn earned $218,310 in taxable income for the year. How much tax does the company owe? 1. One advantage of the corporate form of organization is the: A. taxation of the corporate profits. B. unlimited liability for its shareholders. C. double taxation of profits. D. ability to raise larger sums of equity capital than other organizational forms. E. ease of formation compared to other organizational forms. 2. Security dealers: A. B. match buyers with seliers. buy and sell from their own inventory. operate on a physical trading floor. operate exclusively in auction markets. C. D. E. are limited to trading non-listed stocks. 3. ANC Plastics has net working capital of $15,400, current assets of $39,200, equity of $46,600, and long-term debt of $22,100. What is the amount of the net fixed assets? A. $50,800 B. $56,900 C. $45,500 D. $48,100 E. $53,300 $ 4. AV Sales has net revenue of $513,000 and costs of $406,800. The depreciation expense is $43,800,interest paid is $11,200, and dividends for the year are$4,500. The tax rate is 33 percent. What is the addition to retained earnings? A. $38,804 B. $34,304 C. $28,120 D. $29,804 E. $30,450 5. Use the following tax table to answer this question: Taxable Income 0- 50,000 75,000 100,000 100,001- 335,000 335,001- 10,000,000 50,001- 75,001- Tax Rate 15% 25 34 39 34 Comfy Inn earned $218,310 in taxable income for the year. How much tax does the company owe?
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Answers 1 D 2 B 3 E 4D 5 68390 Explanation 1 A is incorrect taxation is a disadvantage B is incorrec... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
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