Answer:
B. Corporation
Explanation:
A Corporation is formed about by at least one person.
A coparation is a separate legal entity.
Owners of a corporation usually have limited liability ; they have no personal liability for the firm's debts.
In a limited partnership, some partners have unlimited liability.
A sole proprietorship is owned by a single person, the business isn't a separate legal entity and the owner has unlimited liabilities.
In a general partnership, partners have unlimited liabilities.
Answer:
to provide a brief technical summary of the report.
Explanation:
The correct answer is $500.
An adjusted trail balance is prepared at the end of the accounting period. On this statement you will have what the value of the supplies in inventory is on the last day of the accounting cycle. In this example there are $500 worth of supplies left, which is why it is the correct answer.
Answer:
C) Both I and II
Explanation:
A partner's tax basis increases as partnership income and gain is allocated to the partner, including the partner's share of tax-exempt income like municipal bonds. The partner must also report a gain on his/her distributive share of partnership items like property, machinery, vehicles or merchandise distribution.