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.
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Chapter 11 Solutions
Connect 2 Semester Access Card for Financial and Managerial Accounting
- expert of general accounting answerarrow_forwardabc general accountingarrow_forwardUse the information given below: 2018 2017 Income Statement Information: Sales revenue Cost of goods sold Net income Balance Sheet Information: Current assets Long-term assets Total assets Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity Calculate the Profit margin ratio for 2018. $ 80,04,000 $ 78,00,000 $52,82,640 $ 53,00,000 $ 3,27,120 $ 1,88,000 $15,40,000 $14,40,000 $ 21,40,000 $18,40,000 $ 36,80,000 $32,80,000 $ 11,40,000 $ 8,40,000 $ 15,60,000 $ 15,60,000 $ 7,40,000 $ 7,40,000 $ 2,40,000 $ 1,40,000 $ 36,80,000 $ 32,80,000arrow_forward
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