Without creating a separate business organization, Reynold starts up, and assumes the financial risk of, Sole Savers, a new, pre-owned auto sales enterprise. Reynold is?
A) a franchisee
B) a franchisor.
C) a partner.
D) a sole proprietor.
D
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The antidiscrimination provisions of the Civil Rights Act of 1964 apply to all employers
Indicate whether the statement is true or false
A short-form merger requires the approval of the shareholders of both corporations
Indicate whether the statement is true or false
The STU Partnership, an electing Large Partnership, has no passive activities and reports the following transactions for the year: net long-term capital losses $50,000, Sec. 1231 gain $60,000, ordinary income $20,000, charitable contributions $15,000, and tax-exempt income $2,000. How much will be reported as long-term capital gains to its partners?
A) $0 B) $10,000 C) $50,000 D) $60,000
Hull Company reported the following income statement information for the current year: Sales$427,000? Cost of goods sold: Beginning inventory$157,500? Cost of goods purchased 290,000? Cost of goods available for sale 447,500? Ending inventory 161,000? Cost of goods sold 286,500? Gross profit$140,500? The beginning inventory balance is correct. However, the ending inventory figure was overstated by $37,000. Given this information, the correct gross profit would be:
A. $120,500. B. $103,500. C. $177,500. D. $116,500. E. $140,500.