TRUE/FALSE. Write T'if the statement is true and 'F' if the statement is false. 1) Corporate form of otganization avoids double taxation. 1) 2) The amount shown on the December 31, 2019 balance sheet as "retained earnings" is equal to the firm's net income for 2019 minus any dividends is paid. 3) Corporate bond offering 6%, municipal bond offering 5% interest. With other conditions remaining the same, municipal bond is better. Assume your tax bracket is 10% 3) 4) Debt and accounts payable are the two principal sounds of financing in corporations, 5) Use the following information to calculate the company's accounting net income for the year Sales on credit SH000 Sales (cash) SODO Administrative Expenses SO Selling and marketing Expenses 500,000 $100.000 Ac Receivable (Bug. Year) Account Rewable End of Year . Acaya Your A l'ayan Year) SOLO 6) Prepare a balance sheet using the information given below. Gross fixed assets Cash Other assets Accumulated depreciation Common stock Short-term notes payable Accounts Inventories Retained earnings Accounts receivable Long-term notes payable Long-term bonds payable Sales Cost of goods sold Depreciation expense payable $40,000 $68,000 $5,000 $30,000 $43,000 $12,000 $35,000 $122,000 $100,000 $60,000 $10,000 $65,000 $300,000 $150,000 $3,000