Explain the term corporation and the primary advantages of corporate form of business.

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Answer 1

Question

Chapter 11, Problem 1Q

To determine

Explain the term corporation and the primary advantages of corporate form of business.

Expert Solution & Answer

Explanation of Solution

Corporation:

A business concern where there is a separate legal entity and are owned by stockholders are classified as corporation. Transfer of ownership and raising funds are easy in this form of organization. No personal legal liability exists among the shareholders.

The primary advantages of corporate form of business are as follows:

Transferability of ownership is easy in the corporate form of business,
Stockholders has limited liability, and they are not liable for corporation’s debts, and
Investors can purchase or sale their shares in small quantities.

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The partnership of Keenan and Kludlow paid the following wages during this year: Line Item Description Amount M. Keenan (partner) $108,000 S. Kludlow (partner) 96,000 N. Perry (supervisor) 54,700 T. Lee (factory worker) 35,100 R. Rolf (factory worker) 27,200 D. Broch (factory worker) 6,300 S. Ruiz (bookkeeper) 26,000 C. Rudolph (maintenance) 5,200 In addition, the partnership owed $250 to Rudolph for work he performed during December. However, payment for this work will not be made until January of the following year. The state unemployment tax rate for the company is 2.95% on the first $9,000 of each employee's earnings. Compute the following: ound your answers to the nearest cent. a. Net FUTA tax for the partnership for this year b. SUTA tax for this year

Answer 2

Question

Chapter 11, Problem 1Q

To determine

Explain the term corporation and the primary advantages of corporate form of business.

Expert Solution & Answer

Explanation of Solution

Corporation:

A business concern where there is a separate legal entity and are owned by stockholders are classified as corporation. Transfer of ownership and raising funds are easy in this form of organization. No personal legal liability exists among the shareholders.

The primary advantages of corporate form of business are as follows:

Transferability of ownership is easy in the corporate form of business,
Stockholders has limited liability, and they are not liable for corporation’s debts, and
Investors can purchase or sale their shares in small quantities.

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Answer 3

Question

Chapter 11, Problem 1Q

To determine

Explain the term corporation and the primary advantages of corporate form of business.

Expert Solution & Answer

Explanation of Solution

Corporation:

A business concern where there is a separate legal entity and are owned by stockholders are classified as corporation. Transfer of ownership and raising funds are easy in this form of organization. No personal legal liability exists among the shareholders.

The primary advantages of corporate form of business are as follows:

Transferability of ownership is easy in the corporate form of business,
Stockholders has limited liability, and they are not liable for corporation’s debts, and
Investors can purchase or sale their shares in small quantities.

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Answer 4

Question

Chapter 11, Problem 1Q

To determine

Explain the term corporation and the primary advantages of corporate form of business.

Expert Solution & Answer

Explanation of Solution

Corporation:

A business concern where there is a separate legal entity and are owned by stockholders are classified as corporation. Transfer of ownership and raising funds are easy in this form of organization. No personal legal liability exists among the shareholders.

The primary advantages of corporate form of business are as follows:

Transferability of ownership is easy in the corporate form of business,
Stockholders has limited liability, and they are not liable for corporation’s debts, and
Investors can purchase or sale their shares in small quantities.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 11, Problem 1Q

To determine

Explain the term corporation and the primary advantages of corporate form of business.

Expert Solution & Answer

Explanation of Solution

Corporation:

A business concern where there is a separate legal entity and are owned by stockholders are classified as corporation. Transfer of ownership and raising funds are easy in this form of organization. No personal legal liability exists among the shareholders.

The primary advantages of corporate form of business are as follows:

Transferability of ownership is easy in the corporate form of business,
Stockholders has limited liability, and they are not liable for corporation’s debts, and
Investors can purchase or sale their shares in small quantities.

Answer 6

Chapter 11, Problem 1Q

To determine

Explain the term corporation and the primary advantages of corporate form of business.

Expert Solution & Answer

Explanation of Solution

Corporation:

A business concern where there is a separate legal entity and are owned by stockholders are classified as corporation. Transfer of ownership and raising funds are easy in this form of organization. No personal legal liability exists among the shareholders.

The primary advantages of corporate form of business are as follows:

Transferability of ownership is easy in the corporate form of business,
Stockholders has limited liability, and they are not liable for corporation’s debts, and
Investors can purchase or sale their shares in small quantities.

Answer 7

Chapter 11, Problem 1Q

To determine

Explain the term corporation and the primary advantages of corporate form of business.

Answer 8

Expert Solution & Answer

Explanation of Solution

Corporation:

A business concern where there is a separate legal entity and are owned by stockholders are classified as corporation. Transfer of ownership and raising funds are easy in this form of organization. No personal legal liability exists among the shareholders.

The primary advantages of corporate form of business are as follows:

Transferability of ownership is easy in the corporate form of business,
Stockholders has limited liability, and they are not liable for corporation’s debts, and
Investors can purchase or sale their shares in small quantities.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 11 - Prob. 1Q Ch. 11 - Prob. 2Q Ch. 11 - Explain each of the following terms: (a)...Ch. 11 - Differentiate between common stock and preferred...Ch. 11 - Explain the distinction between par value and...Ch. 11 - Define additional paid-in capital.Ch. 11 - Prob. 7Q Ch. 11 - Define treasury stock. Why do corporations acquire...Ch. 11 - How is treasury stock reported on the balance...Ch. 11 - What are the two basic requirements to support the...

Explain the term corporation and the primary advantages of corporate form of business.

Explain the term corporation and the primary advantages of corporate form of business.

Explanation of Solution

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Chapter 11 Solutions