Corporation: It is the form of business organization in which business has its own separate legal entity. It gives the owner of the business the advantage to has limited liability. Requires government approval : It means that the work done by someone requires government approval before it is done. Corporate income is taxed : It means the income earned by the corporation is taxed. Separate Legal Entity : It means that the corporation and the owner of corporation are different persons in the eyes of law. Readily Transferred: It means that one thing can be transferred from one place to another easily such as, ownership of the company. One Vote per Share : It means that one person who has one share will count as one vote in a particular meeting. High ability : It means that something has high possibility like in corporations; high amount of capital can be raised. Unlimited : It means that something has no limit to it extent like life of a corporation. Limited: It means that it is available in limited extent or its extent is limited. To identify: The suitable description for given characteristics of corporate.

Question

Want to see the full answer?

Answer 1

Question

Chapter 11, Problem 1E

To determine

Corporation:

It is the form of business organization in which business has its own separate legal entity. It gives the owner of the business the advantage to has limited liability.

Requires government approval:

It means that the work done by someone requires government approval before it is done.

Corporate income is taxed:

It means the income earned by the corporation is taxed.

Separate Legal Entity:

It means that the corporation and the owner of corporation are different persons in the eyes of law.

Readily Transferred:

It means that one thing can be transferred from one place to another easily such as, ownership of the company.

One Vote per Share:

It means that one person who has one share will count as one vote in a particular meeting.

High ability:

It means that something has high possibility like in corporations; high amount of capital can be raised.

Unlimited:

It means that something has no limit to it extent like life of a corporation.

Limited:

It means that it is available in limited extent or its extent is limited.

To identify: The suitable description for given characteristics of corporate.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Calculate the Operating Cash Flow (OCF) from the following data: • Change in net fixed assets: $18,000 • Change in net working capital: $22,000 Dividends Paid: $28,000 • Depreciation Expense: $32,000 . Interest Paid: $19,000 • Net New Borrowing: $14,000 • Net New Equity Issued: $9,000

Hannah Brooks receives a travel allowance of $220 each week from her company for time away from home. If this allowance is taxable and she has a 25 percent income tax rate, what amount will she have to pay per year in taxes for this employee benefit? a. $5250 b. $5500 c. $2,860 d. $4880

Please dont answer if you can't read the values in image . I will give unhelpful.