S%20%26amp%3B%20X%20Co.%20is%20a%20retail%20store%20owned%20by%20Paul%20Tuner.%2

Question

S%20%26amp%3B%20X%20Co.%20is%20a%20retail%20store%20owned%20by%20Paul%20Tuner.%20During%20the%20month%20of%20November%2C%20the%20equity%20accounts%20were%20affected%20by%20the%20following%20events%3A%0A%0ANov.9%20Turner%20invested%20an%20additional%20%2415%2C000%20in%20the%20business.%0A%0ANov.15%20Tuner%20withdrew%20%241%2C500%20for%20his%20salary%20for%20the%20first%20two%20weeks%20of%20the%20month.%0A%0ANov.30%20Turner%20withdrew%20%241%2C500%20for%20his%20salary%20for%20the%20second%20two%20weeks%20of%20the%20month.%0A%0ANov.30%20S%26amp%3BX%20distributed%20%241%2C000%20or%20earnings%20to%20Turner.%0A%0AINSTRUCTIONS%3A%0Ac.%20Explain%20the%20causes%20of%20the%20differences%20in%20the%20net%20income%20between%20S%20%26amp%3B%20X%20as%20a%20sole%20proprietorship%20and%20S%26amp%3BX%20as%20a%20corporation.%0A%0Ad.%20Describe%20the%20effects%20of%20the%20business%20operations%20on%20Turners%20individual%20income%20tax%20return%2C%20assuming%20that%20the%20business%20is%20organized%20as%201)a%20sole%20proprietorship%20and%202)%20a%20corporation.

Explanation / Answer

Who ever answered this first only answered part a & b they totally ignored the fact that you asked for help with questions c & d.

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