After a successful five years, Double Z, LLC (a retirement ranch for race horses) thinks it may be able to attract donations from animal activist groups and even the federal government if it becomes a not-for-profit corporation
Explain what changes the owners of Double Z would need to make in order to be a not-for-profit corporation?
If Double Z decides to change its form of business ownership to a not-for-profit corporation, it will not seek personal profits for its owners. If the owners work in the business, they can expect a salary. The company cannot distribute any additional income to owners. It must put all revenues and/or contributions back into the business. In addition, should the not-for-profit dissolve, its assets will need to go to another not-for-profit with a similar mission.
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What kind of sentence reveals the main idea of a paragraph?
A) Pivoting B) Supporting C) Topic D) Transitional
On May 1, Anders Company purchased merchandise in the amount of $5,800 from Shilling, with credit terms of 2/10, n/30. Anders uses the perpetual inventory system and the gross method. The journal entry or entries that Anders will make on May 1 is:
A.
| Merchandise Inventory | 5,800 | |
| Cash | 5,800 |
B.
| Purchases | 5,800 | |
| Accounts payable | 5,800 |
C.
| Merchandise Inventory | 5,800 | |
| Accounts payable | 5,800 |
D.
| Accounts payable | 5,800 | |
| Sales | 5,800 |
E.
| Sales | 5,800 | |
| Accounts receivable | 5,800 |
Which of the following countries is a member of the European Union?
A. Ireland B. Iceland C. Norway D. Switzerland
Protective Corporation acquired 70 percent of the common shares and 60 percent of the preferred shares of Safety Corporation at underlying book value on January 1, 20X6. At that date, the fair value of the noncontrolling interest in Safety's common stock was equal to 30 percent of the book value of its common stock. Safety's balance sheet at the time of acquisition contained the following balances: Assets$700,000 Liabilities$110,000 Preferred Stock 100,000 Common Stock 200,000 Retained Earnings 290,000 Total Assets$700,000 Total Liabilities and Equities$700,000 The preferred shares are cumulative and have an 8 percent annual dividend rate and are three years in arrears on January 1, 20X6. All of the $10 par value preferred shares are callable
at $12 per share. During 20X6, Safety reported net income of $80,000 and paid no dividends.Based on the information provided, what amount will be reported as the noncontrolling interest in the consolidated balance sheet on January 1, 20X6? A. $210,000 B. $191,400 C. $133,800 D. $204,600