What is a Subchapter S Corporation, and what are its requirements?
Subchapter S of the Internal Revenue Code permits a corporation meeting specified requirements to elect to be taxed essentially as though it were a partnership. The requirements are: it must be a domestic corporation; it must have no more than 100 shareholders; each shareholder must be an individual, an estate, or certain type of trust; no shareholder may be a nonresident alien; and the corporation may have only one class of stock.
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Two accounting principles central to accrual accounting basis that are relied on in the adjusting process are:
A. Expense recognition (matching) and cost. B. Expense recognition (matching) and business entity. C. Revenue recognition and Expense recognition (matching). D. Revenue recognition and going-concern. E. Revenue recognition and monetary unit.
National Storage Company had sales of $1,000,000, sales discounts of $2,500, sales returns and allowances of $15,000, and cost of goods sold of $525,000. Calculate National's gross profit.
What will be an ideal response?
When was the Norris-La Guardia Act passed and what are its provisions relating to strike?
Groeneweg Corporation has provided the following data: Year 2Year 1Common stock, $2 par value$100,000 $100,000 Total stockholders' equity$1,129,000 $1,100,000 Net operating income$61,538 Net income before taxes$51,538 Net income$33,500 Dividends on common stock during Year 2 totaled $4,500. The market price of common stock at the end of Year 2 was $9.45 per share. The company's dividend payout ratio for Year 2 is closest to: (Round your intermediate calculations to 2 decimal places.)
A. 1.0% B. 8.7% C. 13.4% D. 4.5%