Indicate whether the statement describes a corporation, a soleproprietorship, a partnership or a limited liability company (LLC).Igwe and Briggs own Seedy Packaging, a shippingservice. Both gentlemen are personally liable for theChoose.debts of the business.Jiffy Auto & Lube is a separate legal entity from itsChoose.owner, but it does not pay a business income tax.Ownership of Amazon Company is divided into 1,000shares of stock. The company pays a business incomeChoose.tax.Udeh and Opechi own Financial Services, Inc. which paysa business income tax. Udeh and Opechi do not haveChoose.personal responsibility for the debit of FinancialServices, Inc.ITT Services does not have separate legal existenceChoose.apart from the one person who owns it,

Sole Proprietorship Business is owned by a single person and he is personally liable for the debts…

Indicate whether the statement describes a corporation, a sole proprietorship, a partnership or a limited liability company (LLC). Igwe and Briggs own Seedy Packaging, a shipping service. Both gentlemen are personally liable for the Choose. debts of the business. Jiffy Auto & Lube is a separate legal entity from its owner, but it does not pay a business income tax. Choose. Ownership of Amazon Company is divided into 1,000 shares of stock. The company pays a business income Choose. tax. Udeh and Opechi own Financial Services, Inc. which pays a business income tax. Udeh and Opechi do not have Choose. personal responsibility for the debit of Financial Services, Inc. ITT Services does not have separate legal existence Choose. apart from the one person who owns it,

Indicate whether the statement describes a corporation, a sole proprietorship, a partnership or a limited liability company (LLC). Igwe and Briggs own Seedy Packaging, a shipping service. Both gentlemen are personally liable for the Choose. debts of the business. Jiffy Auto & Lube is a separate legal entity from its owner, but it does not pay a business income tax. Choose. Ownership of Amazon Company is divided into 1,000 shares of stock. The company pays a business income Choose. tax. Udeh and Opechi own Financial Services, Inc. which pays a business income tax. Udeh and Opechi do not have Choose. personal responsibility for the debit of Financial Services, Inc. ITT Services does not have separate legal existence Choose. apart from the one person who owns it,

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Jim Ltd.'s accounting income and taxable income information for the 2021 fiscal year is set out below. Jim Ltd. is a public company. Net Income (accounting pre-tax) Dividends received (accounting) Capital Gains realized (accounting) Meals & Entertainment deducted (accounting) Golf Club Dues deducted (accounting) Political Contributions deducted (accounting) Depreciation deducted (accounting) Capital Cost Allowance deducted (taxation) Bad debt expense (accounting) Bad debts expense (taxation) $ 920,000 404,000 472,000 120,000 80,000 20,000 200,000 290,000 185,000 135,000 REQUIRED: Determine Jim Ltd.'s taxable income for the 2021 fiscal year.
The owners are desirous of comparing serval financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2021. In addition, J&K Paint Shop Company’s charter will authorize 1,200,000 shares of common stock (to be divided into two classes (700,000 shares class A -voting rights and 500,000 shares class B -nonvoting rights) and 400,000, $X par value (see info below), 5% cumulative preferred stock. They have asked each student from your accounting course to prepare the company’s journal entries and statement of owner’s equity based on the following information . Issued 40% of authorized shares of class A common stock. Stock has par value of $45 per share and was issued at $62 per share. Issued at $60, 40% of authorized shares of no-par class B stock. Issued 30% of authorized shares of preferred stock at par value $125. Exchanged 40% of authorized shares of class A common stock for Office…
Payable to Company Founder Jensen Inc. has a $500,000 note payable due to its founder, Jen Jensen. Ms. Jensenis recently deceased and has no heirs that Jensen Inc.’s executive team is aware of. The company has asked for yourhelp to determine whether it is appropriate to derecognize the liability from its financial statements.Required:1. Respond to Jensen Inc. Describe the applicable guidance requirements, including excerpts as needed to supportyour response.2. Next, explain how you located the relevant guidance, including the search method used and which section yousearched within the appropriate topic
Holbrook, a calendar year S corporation, distributes $15,000 cash to its only shareholder, Cody, on December 31. Cody's basis in his stock is $20,000, Holbrook's AAA balance is $8,000, and Holbrook holds $2,500 AEP before the distribution. According to the distribution ordering rules, complete the chart below to indicate how much of the $15,000 is from AAA and AEP as well as how Cody's stock basis is affected. If an amount is zero, enter "0". Beginning stock basis From AAA account From AEP account From Cody's stock basis Ending stock basis Basis in Stock $20,000 8,000 2,500 X 4,500 5,000 X Distribution from Account -8,000 0 -4,500 X Effect on Stock Basis 0 0 X 7,500 X
Fae and Carley had a tech business. After two unprofitable years, the business closed. At that point, the liabilities of the business were $100,000 larger than its assets. Under each separate situation, how much money (if any) can creditors take from Carley’s personal assets to pay the unpaid business debts? a. The business is set up as a limited liability company (LLC). b. The business is set up as an S corporation.
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Kath, Julia and Janel formed a joint operation. Kath is to act as managing joint operator and is designated to record the joint operation accounts in his books. As manager, he is alloweda salary of P12,000. Remaining profit (loss) is to be divided equally.The following balances appear at the end of 20x6 before adjustments for joint operation's inventory and profits. Joint operations cash (dr). P48,000; Julia, capital (dr), 3.000; Janel, capital (cr). P27,000. The arrangement is to terminate on December 31, 20x6 with unsold merchandise costing P10,400. Assuming that the joint operations profit is P5,000, what is the balance of the Joint Operation's account before the distribution of profit? 5,400(Dr) P6,400(Cr) 19,000(Dr) 15,400(Dr) During the liquidation, the sale of all the assets of liquidated corporation resulted to net proceeds of P500,000. Liquidation expense amounting to P30,000 has been paid at the start of liquidation from the net proceeds of disposal of all assets. Before the…
Amy and Brian were investigating the acquisition of a tax accounting business, Bottom Line Inc. (BLI). As part of their discussions with the sole shareholder of the corporation, Ernesto Young, they examined the company's tax accounting balance sheet. The relevant information is summarized as follows: FMV Adjusted Basis Appreciation Cash $ 14,500 $ 14,500 Receivables 18,800 18,800 Building 102,500 51,250 51,250 Land 260,250 86,750 173,500 Total $ 396,050 $ 171,300 $ 224,750 Payables $ 19,100 $ 19,100 Mortgage* 159,000 159,000 Total $ 178,100 $ 178,100 * The mortgage is attached to the building and land. Ernesto was asking for $445,700 for the company. His tax basis in the BLI stock was…