A corporation that uses subsidiary corporations to operate in more than one country cannot be termed as a multinational corporation.
Answer the following statement true (T) or false (F)
False
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In reconciling a bank statement, the bank balance is $1,500, and the checkbook balance is $2,105. Which of the following is the most probable reason for the checkbook balance being larger than the bank balance?
A) The bank has not cleared certain outstanding checks. B) The bank has added interest revenue to the account balance. C) A deposit in transit was made at the end of the month. D) The bank received an EFT from a customer.
Which of the following is true in regards to a Limited Liability Company?
A) It is organized as a corporation. B) It can elect to be taxed as a partnership. C) Provides tax and liability advantages to the owners. D) All are correct.
Jane and Ed Rochester are married with a 2-year-old child, who lives with them and whom they support financially. In 2019, Ed and Jane realized the following items of income and expense:ItemAmountEd's Salary$35,000 Jane's Salary 70,000 Municipal bond interest income 400 Qualified business income 1,000 Alimony paid (for AGI deduction) (7,000)Real property tax (from AGI deduction) (10,000)Charitable contributions (from AGI) (15,000) They also qualified for a $2,000 child tax credit. Their employers withheld $5,800 in federal income taxes from their paychecks (in the aggregate). Finally, the 2019 standard deduction amount for MFJ taxpayers is $24,400.What is the couple's adjusted gross income?
What will be an ideal response?
Carol's Clothiers, LLP, sells women's business clothing designed by the world's top designers. The company also sells clothing from its own line which is priced just below the designer clothing, but is nonetheless of very high quality. Carol's has, throughout its history, been attentive to the financial needs of the company and the seasonal fluctuations in income and expenses, and has planned accordingly. Except for the initial start-up expenses which were paid by the partner's loaning funds to the company, Carol's has always paid its bills from the income generated by sales. During the second year in operation, the company repaid the loans made by the partners. What kind of financing has Carol's Clothiers, LLP, used as its primary source of funds?
A. Proceeds from sale of assets B. Equity capital C. Debt capital D. Sales revenue