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Which of the following statements is NOT TRUE about a corporation?

Which of the following statements is NOT TRUE about a corporation?

FINANCIAL ACCOUNTING
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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Which of the following statements is NOT TRUE about a corporation? A corporation often provides separation of ownership and management. Distribution of profits to shareholders is based on the amount of their investment in the corporation Undistributed profits of a corporation are represented by the accumulated profits account. Shareholders of a corporation hold shares of stock.
Transcribed Image Text:Which of the following statements is NOT TRUE about a corporation? A corporation often provides separation of ownership and management. Distribution of profits to shareholders is based on the amount of their investment in the corporation Undistributed profits of a corporation are represented by the accumulated profits account. Shareholders of a corporation hold shares of stock.
Kate Company reported the following information for 2020: Sales Cost of goods sold Operating expenses Unrealized gain - FVOCI Cash dividends received on investment For 2020, Kate would report comprehensive income before tax of O P1,170,000 O P200,000 O P1,150,000 O P970,000 P5,000,000 3,500,000 550,000 200,000 20,000
Transcribed Image Text:Kate Company reported the following information for 2020: Sales Cost of goods sold Operating expenses Unrealized gain - FVOCI Cash dividends received on investment For 2020, Kate would report comprehensive income before tax of O P1,170,000 O P200,000 O P1,150,000 O P970,000 P5,000,000 3,500,000 550,000 200,000 20,000
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