The S corporation cannot have more than 75 shareholders.
Answer the following statement true (T) or false (F)
False
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The unadjusted trial balance and the adjustment data for Porter Business Institute are given below along with adjusting entry information. What is the impact on net income if these adjustments are not recorded? Show the calculation for net income without the adjustments and net income with the adjustments. Which one gives the most accurate net income? Which accounting principles are being violated if the adjustments are not made? Porter Business InstituteUnadjusted Trial BalanceDecember 31 (in millions)?Cash…………………………………………………. ?$ 58,000??Accounts receivable…………..………………59,000??Prepaid insurance …………………………...12,000??Equipment …………………………………….8,000??Accumulated
depreciation-equipment ……….. ??$ 2,000Buildings………………………………………...57,500??Accumulated depreciation-buildings…………..??17,500Land………………………………….55,000??Unearned rent…………………………………..??16,000Long-term notes payable……………………….??50,000Common stock……………………….??50,000Retained earnings ……………………………….??65,600Tuition fees earned ……………………….??74,000Training fees earned ………………………….??23,400Wages expense ……………………………………...32,000??Utilities expense …………………………….8,000??Property taxes expense …………………………5,000??Interest expense …………………………………….4,000?________Totals ………………………………………..$ 298,500 ?$298,500 Additional information items:a. The Prepaid Insurance account consists of a payment for a 1 year policy. An analysis of the insurance invoice indicates that one half of the policy has expired by the end of the December 31 year-end.b. A cash payment for space sublet for 8 months was received on July 1 and was credited to Unearned Rent.c. Accrued interest expense on the note payable of $1,000 has been incurred but not paid. What will be an ideal response?
The demographic characteristics of the population and its culture are referred to as
A. market forces. B. cultural forces. C. psychographic forces. D. social forces. E. attitudinal forces.
______ benefit plans provide employees with several basic options for benefits packages from which they can select the one that best matches their life and family circumstances.
A. Singular B. Vesting C. Modular D. Utilization
To help them estimate the company's cost of capital, Smithco has hired you as a consultant. You have been provided with the following data: D1 = $1.45; P0 = $22.50; and gL = 6.50% (constant). Based on the dividend growth approach, what is the cost of common from reinvested earnings?
A. 11.10% B. 11.68% C. 12.30% D. 12.94% E. 13.59%