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

Consolidation after Several Years On January 1, 2016, Adams Corporation acquired all of the stock of Baker Company. The fair value of Adams’ shares used in the exchange was $37,500,000. At the time of acquisition, the book value of Baker’s shareholders’ equity was $5,000,000, and the book value of Baker’s building (25-year life) exceeded its fair value by $1,000,000. From the date of acquisition to December 31, 2021, Baker had cumulative net income of $1,300,000. For 2022, Baker reported net income of $300,000. Adams uses the complete equity method to account for its investment in Baker. There is no goodwill impairment loss for the period 2016 through 2021, but there is impairment loss of $100,000 in 2022. Baker declared no dividends during the period 2016–2022. Required Prepare the working paper eliminating entries necessary to consolidate the financial statements of Adams and Baker at December 31, 2022. Enter numerical answers using all zeros (do not abbreviate in thousands or in…

Give me the answer in a clear organized table please. Thank you!