Mashburn Corporation is an S corporation that uses a fiscal year ending June 30 as its tax year. When is Mashburn Corporation's income tax return due?
A) July 15
B) September 15
C) October 15
D) March 15 of the next year
B) September 15
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A contract between a business and a state recognizing the business as an artificial person is known as the
A. articles of partnership. B. articles of incorporation. C. S-corporation. D. stock certificate. E. proxy.
After pro forma statements are prepared, they should be checked against actual results every month so projections can be modified.
Answer the following statement true (T) or false (F)
The perfect apartment or rented home is the one that fits your budget, permits you to save toward your goals, and what?
A) Is smell free B) Below market value C) Has a great landlord D) Suits your lifestyle E) Near your job
The following information is available for Kent Company Year 2. Net income, Year 2$280,000 Inventory, 1/1/Year 2 300,000 Inventory, 12/31/Year 2 260,000 Cost of goods sold, Year 2 1,500,000 Accounts payable, 1/1/Year 2 180,000 Accounts payable, 12/31/Year 2 230,000 Required:1) What amount of cash was paid for the purchase of merchandise?2) How will the above items be shown on the statement of cash flows using the indirect method?3) How will the amount computed in 1) be shown on the statement of cash flows using the direct method?
What will be an ideal response?