All of the following statements are true except
A. the net income of C corporation is subject to double taxation because it is taxed at the entity level and dividends paid from the C corporation to individual shareholders is also taxed.
B. the net income earned by a sole proprietorship is reported on the owner's individual income tax return.
C. the net income of an S corporation is subject to double taxation because it is taxed at the entity level and dividends paid from the S corporation to individual shareholders are also taxed.
D. LLCs are generally taxed as partnerships.
Answer: C
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Depreciation Expense has a debit balance in the Trial Balance section of the worksheet of $2,200 and a debit of $200 in the adjustments section of the worksheet, the balance of Depreciation Expense in the Adjusted Trial Balance section of the worksheet is a
A. $2,000 debit. B. $200 debit. C. $2,400 credit. D. $2,400 debit.
Followers of the sociological school of jurisprudence can also be referred to as:
A) Federalists. B) Consitutionalists. C) Realists. D) Crits.
Budgeting software is often designed as a component of the company's Enterprise Resource Planning (ERP) system
Indicate whether the statement is true or false
Jennifer has offered to sell her laptop computer for $750 to Jack. She tells Jack that the computer is only six months old but, in fact, it is three years old, and Jennifer wants to unload the lemon. Jack agrees to buy the computer based on Jennifer's representations. This contract is A) a void agreement because of the fraud involved
B) a voidable contract, one that Jack can void. C) a voidable contract, because it is unilateral. D) a void contract because of the UCC.