Briefly discuss the limitations on a corporation electing Subchapter "S" status
For a corporation to elect Subchapter "S" status it must have:
? only one class of stock issued.
? 100 or fewer shareholders.
? no partnership or corporate shareholders.
? no nonresident alien shareholders.
? unanimous agreement of all shareholders that the company should be an S corporation.
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Generally, a bilateral contract that lacks mutuality is unenforceable due to lack of consideration.
Answer the following statement true (T) or false (F)
Calculate Cost of Goods Sold for the following two companies: ?LEWIS INC.MERCER CO.Merchandise$250,000?Finished Goods?$550,000Cost of Goods Purchased460,000?Cost of Goods Manufactured?688,000Ending Inventory:??Merchandise128,000?Finished Goods?350,000
What will be an ideal response?
In the context of small businesses, ________ comes from lenders who will be repaid at a specified interest rate within a specified time span.
A. profit capital B. working capital C. equity financing D. debt financing
A mildly upward-sloping yield curve suggests that the market is predicting constant short-term interest rates
Indicate whether the statement is true or false