Which of the following is not a characteristic of a corporation?
a. The financial loss that a stockholder may suffer from owning stock in a public company is limited.
b. Cash dividends paid by a corporation are deductible as expenses by the corporation.
c. A corporation can own property in its name.
d. Corporations are required to file federal income tax returns.
b
You might also like to view...
The document that serves as the basis for recording direct labor on a job cost sheet is the time card
Indicate whether the statement is true or false
Which approaches should an organization adopt for managing uncertainty in a complex and dynamic environment?
A. decentralized and organic approach, with mutual adjustment B. centralized and organic approach, with mutual adjustment C. centralized and organic approach, with direct supervision D. decentralized and bureaucratic approach, with standardized skills E. centralized and bureaucratic approach, with standardized work processes
Co-ownership of the means or instrumentality of accomplishing a single business transaction or a limited series of transactions ordinarily results in a:
a. partnership. b. joint venture. c. corporation. d. R & D partnership.
Water Drops, Inc purchased equipment for $200,000
The company recorded total depreciation of $140,000. On January 1, 2017, the company exchanges the equipment for new equipment, paying $150,000 cash. The fair market value of the new equipment is $250,000. Prepare the journal entry to record this transaction. Assume the exchange has commercial substance. What will be an ideal response