Answer: The correct answer is "D. Caleb is personally jointly and severally liable along with Anna.".
Explanation: Caleb is personally jointly and severally liable along with Anna. When there is joint and several liability, a person has the right to claim payment of a debt or compensation for damage to any of those responsible or even all of them, without anyone being able to excuse themselves to evade their responsibility.
You need to analyze your personal achievements, or B. Without doing this, there is nothing to put on your resume.
Answer:
D. financial accounting information.
Explanation:
Financial reporting can be defined as the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors.
Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP). These accounting informations are prepared and made available for investors and other external agencies. Examples of financial statements includes Balance sheet, cash-flow and income statement.
In this scenario, Connie is analyzing the financial statements of MegaMart and Bullseye Company. She wants to invest in one of the companies and is trying to decide which company has the better past performance.
Hence, Connie is examining the financial accounting information.
Answer:
The correct answer is letter "D": What is the best business entity and structure setup for continuity and transferability?
Explanation:
If an investor is considering to start a new business and thinking about how his children will continue with the company after his or her pass away, the factors to be considered are the<em> type of entity</em> that could be more convenient for his children according to their interests and the <em>transferability </em>of the organization upon the decease of the original owner.
Types of entities refer to the structure the firm will take and the responsibility the owners will take. We could identify sole proprietorships, partnerships, Limited Liability Companies (LLCs), and corporations to mention a few.
When it comes to transferability, for instance, in sole proprietorships, partnerships, and LLCs that cannot be done upon the death of an owner. For such a case a new organization has to be born. That situation does not happen in corporations since ownership can be transferred by the purchase of stocks and the entity remains the same.
Answer:
Built-in gains tax is $13,020
.
Explanation:
The built-in gains tax is one levied against an S corporation that used to be a C corporation, or received assets from a C corporation.
Here,
Gain= $80,000
Loss= $10,000
Holds= $8,000
Income= $65,000
Corporate tax= 21%
To calculate the built-in gains tax, we will need to calculate the net gain of the corporation and multiply it by the tax rate.
= Built-in-gain - built-in-loss - unexpired NOL
80,000 - 10,000 - 8,000 = 62,000
Then
62,000 x 0.21 tax rate = 13,020
= 13,020
