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BartSMP [9]
4 years ago
14

Which of the following statements regarding C corporation is false?

Business
2 answers:
dedylja [7]4 years ago
8 0

c corporation are generaly not subject

Vedmedyk [2.9K]4 years ago
7 0

These are the choices I found on the internet:

A. C corporations are generally not subject to corporate income tax.

B. C corporations are separate entities for tax purposes.

C. Shareholders of a C corporation have limited liability.

D. Shareholders of a C corporation are taxed only when the corporation distributes earnings and profits.


The false one would be letter A - C corporations are generally not subject to corporate income tax. C corporations are subject to tax and may be taxed at a tax rate from 15 to 38 percent.

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Assume you are the accountant for Austin Industries. Ellis Austin, the owner of the company, is in a hurry to receive the financ
lorasvet [3.4K]

Answer:

Once you make the proper adjustments, the income statement should no longer show a $95,560 profit, instead it should show $55,080

Explanation:

1. Rent of $42,000 was paid on July 1, 2019, for 12 months.

December 31, 2019, adjusting entry on prepaid rent

Dr Rent expense 21,000

    Cr Prepaid rent 21,000

So rent expense must increase by $21,000

2. Purchases of supplies during the year totaled $18,000. An inventory of supplies taken at year-end showed supplies on hand of $2,720.

December 31, 2019, adjusting entry on supplies inventory

Dr Supplies expense 15,280

    Cr Supplies 15,280

So supplies expense must increase by $15,280

3. The building was purchased three years ago and has an estimated life of 30 years (total accumulated depreciation for 3 years = $21,000)

December 31, 2019, adjusting entry on building depreciation

Dr Depreciation expense 4,200

    Cr Accumulated depreciation - building 4,200

So depreciation expense must increase by $4,200

Adjusted income statement should be:

budgeted profit $95,560

- rent expense ($21,000)

- supplies expense ($15,280)

- depreciation expense ($4,200)

net income after adjustments = $55,080

8 0
3 years ago
Gannon Enterprises is in the midst of a major strategic change. To lessen resistance from some of the senior managers who are op
Vera_Pavlovna [14]

Answer:

The correct answer is negotiation.

Explanation:

A definition of negotiation that appears on the internet expresses, which is the communication process that aims to influence the behavior of others and where both parties reach a WIN-WIN agreement. The reason why at the end of a negotiation both parties can believe that they have won is that neither the interests nor the values have to be opposed, and it is the responsibility of the negotiators to discover the complementary points to develop a negotiation with the win-win scheme.

On the other hand, negotiation techniques are defined as the mechanisms and models of behavior that the parties use to influence the other and achieve a satisfactory solution to a conflictive encounter. These actions are based on the potential power of the parties involved in the negotiation.

7 0
3 years ago
Information concerning the unexpected resignation of one or more of the registrant's directors would be disclosed on which of th
labwork [276]

Answer: Form 8-K

Explanation:

An 8-K is a report the corporate changes that happens at an organization. The information given in form 8-K is important to the shareholders of the organization and also to the Securities and Exchange Commission.

Events such as bankruptcy, acquisitions, resignation of directors can all be seen in the report.

7 0
3 years ago
Individual proprietors report their business income and deductions on: Multiple Choice O Form 1065.
lana [24]

Individual proprietors report their business income and deductions on  

Form 1120S.

What is Form 1120S?

Form 1120S is an IRS form used by businesses organized as S corporations to report their income, gains, losses, deductions, and credits to the Internal Revenue Service (IRS). It is a variant of the Form 1120 and is used in place of this form by businesses that have elected to be taxed as an S corporation.

What do you mean by Proprietors?

Individual proprietors are sole proprietors who own and operate a business. They are the sole owners of the business and do not have to answer to any other shareholders or partners. They have complete control over the business and its operations, as well as the profits and losses.

Hence, the correct option is Option D.

To know more about Individual proprietors,

brainly.com/question/27857676

#SPJ4

3 0
1 year ago
Suzanne owns interests in a bagel shop, a lawn and garden store, and a convenience store. Several full-time employees work at ea
ollegr [7]

Answer:

In order for Suzanne to be considered an active participant in her stores, she must work at least 31 hours more. That way, her total working hours will be above 500, and she can deduct any losses from her adjusted gross income.

If she doesn't work at least 31 hours more, these activities will be considered passive activities and can only offset passive income.

Explanation:

4 0
3 years ago
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