1. An advantage of the corporate form of business entity is a. double taxation.
ID: 2525948 • Letter: 1
Question
1. An advantage of the corporate form of business entity is a.double taxation. b.that corporations are subject to more governmental regulations. c.unlimited liability for stockholders. d.the ease of transfer of ownership. 2. Which of the following statements concerning taxation is accurate? a.Corporations pay federal income taxes but not state income taxes. b.Only the stockholders must pay taxes on corporate income. c.Corporations pay federal and state income taxes. d.Corporations pay income taxes but their stockholders do not. One of the main disadvantages of the corporate form is a.professional management. b.the charter. c.double taxation. d.that a corporation must issue stock. The entry to record the issuance of common stock at a price above par includes a credit to a.Organizational Expenses. b.Cash. c.Preferred Stock. d.Paid-In Capital in Excess of Par—Common Stock. The number of shares of stock that a corporation can issue as stated in its charter is referred to as a.outstanding. b.arrears. c.issued. d.authorized. The number of shares remaining in the hands of shareholders after some stock has been reacquired is referred to as the shares a.outstanding. b.in arrears. c.issued. d.authorized. The journal entry to issue 1,000,000 shares of $5 par common stock for $9 per share on July 2 would be a. July 2 Cash 9,000,000 Common Stock 5,000,000 Paid-In Capital in Excess of Par 4,000,000 b. July 2 Cash 5,000,000 Paid-In Capital in Excess of Par—C/S 4,000,000 Common Stock 9,000,000 c. July 2 Cash 5,000,000 Common Stock 5,000,000 d. July 2 Cash 9,000,000 Common Stock 9,000,000 When a cash dividend is declared, which of the following accounts is credited? a.Common Stock b.Cash Dividends Payable c.Paid-In Capital d.Cash Dividends Cash dividends are paid on __________ stock. a.outstanding b.authorized c.issued d.treasury All of the following are conditions for a cash dividend except a.sufficient cash. b.sufficient retained earnings. c.formal action by the board of directors. d.All of these choices are correct. 1. An advantage of the corporate form of business entity is a.double taxation. b.that corporations are subject to more governmental regulations. c.unlimited liability for stockholders. d.the ease of transfer of ownership. 2. Which of the following statements concerning taxation is accurate? a.Corporations pay federal income taxes but not state income taxes. b.Only the stockholders must pay taxes on corporate income. c.Corporations pay federal and state income taxes. d.Corporations pay income taxes but their stockholders do not. One of the main disadvantages of the corporate form is a.professional management. b.the charter. c.double taxation. d.that a corporation must issue stock. The entry to record the issuance of common stock at a price above par includes a credit to a.Organizational Expenses. b.Cash. c.Preferred Stock. d.Paid-In Capital in Excess of Par—Common Stock. The number of shares of stock that a corporation can issue as stated in its charter is referred to as a.outstanding. b.arrears. c.issued. d.authorized. The number of shares remaining in the hands of shareholders after some stock has been reacquired is referred to as the shares a.outstanding. b.in arrears. c.issued. d.authorized. The journal entry to issue 1,000,000 shares of $5 par common stock for $9 per share on July 2 would be a. July 2 Cash 9,000,000 Common Stock 5,000,000 Paid-In Capital in Excess of Par 4,000,000 b. July 2 Cash 5,000,000 Paid-In Capital in Excess of Par—C/S 4,000,000 Common Stock 9,000,000 c. July 2 Cash 5,000,000 Common Stock 5,000,000 d. July 2 Cash 9,000,000 Common Stock 9,000,000 When a cash dividend is declared, which of the following accounts is credited? a.Common Stock b.Cash Dividends Payable c.Paid-In Capital d.Cash Dividends Cash dividends are paid on __________ stock. a.outstanding b.authorized c.issued d.treasury All of the following are conditions for a cash dividend except a.sufficient cash. b.sufficient retained earnings. c.formal action by the board of directors. d.All of these choices are correct. a.double taxation. b.that corporations are subject to more governmental regulations. c.unlimited liability for stockholders. d.the ease of transfer of ownership. 2. Which of the following statements concerning taxation is accurate? a.Corporations pay federal income taxes but not state income taxes. b.Only the stockholders must pay taxes on corporate income. c.Corporations pay federal and state income taxes. d.Corporations pay income taxes but their stockholders do not. One of the main disadvantages of the corporate form is a.professional management. b.the charter. c.double taxation. d.that a corporation must issue stock. The entry to record the issuance of common stock at a price above par includes a credit to a.Organizational Expenses. b.Cash. c.Preferred Stock. d.Paid-In Capital in Excess of Par—Common Stock. The number of shares of stock that a corporation can issue as stated in its charter is referred to as a.outstanding. b.arrears. c.issued. d.authorized. The number of shares remaining in the hands of shareholders after some stock has been reacquired is referred to as the shares a.outstanding. b.in arrears. c.issued. d.authorized. The journal entry to issue 1,000,000 shares of $5 par common stock for $9 per share on July 2 would be a. July 2 Cash 9,000,000 Common Stock 5,000,000 Paid-In Capital in Excess of Par 4,000,000 b. July 2 Cash 5,000,000 Paid-In Capital in Excess of Par—C/S 4,000,000 Common Stock 9,000,000 c. July 2 Cash 5,000,000 Common Stock 5,000,000 d. July 2 Cash 9,000,000 Common Stock 9,000,000 When a cash dividend is declared, which of the following accounts is credited? a.Common Stock b.Cash Dividends Payable c.Paid-In Capital d.Cash Dividends Cash dividends are paid on __________ stock. a.outstanding b.authorized c.issued d.treasury All of the following are conditions for a cash dividend except a.sufficient cash. b.sufficient retained earnings. c.formal action by the board of directors. d.All of these choices are correct. a.Corporations pay federal income taxes but not state income taxes. b.Only the stockholders must pay taxes on corporate income. c.Corporations pay federal and state income taxes. d.Corporations pay income taxes but their stockholders do not. One of the main disadvantages of the corporate form is a.professional management. b.the charter. c.double taxation. d.that a corporation must issue stock. The entry to record the issuance of common stock at a price above par includes a credit to a.Organizational Expenses. b.Cash. c.Preferred Stock. d.Paid-In Capital in Excess of Par—Common Stock. The number of shares of stock that a corporation can issue as stated in its charter is referred to as a.outstanding. b.arrears. c.issued. d.authorized. The number of shares remaining in the hands of shareholders after some stock has been reacquired is referred to as the shares a.outstanding. b.in arrears. c.issued. d.authorized. The journal entry to issue 1,000,000 shares of $5 par common stock for $9 per share on July 2 would be a. July 2 Cash 9,000,000 Common Stock 5,000,000 Paid-In Capital in Excess of Par 4,000,000 b. July 2 Cash 5,000,000 Paid-In Capital in Excess of Par—C/S 4,000,000 Common Stock 9,000,000 c. July 2 Cash 5,000,000 Common Stock 5,000,000 d. July 2 Cash 9,000,000 Common Stock 9,000,000 When a cash dividend is declared, which of the following accounts is credited? a.Common Stock b.Cash Dividends Payable c.Paid-In Capital d.Cash Dividends Cash dividends are paid on __________ stock. a.outstanding b.authorized c.issued d.treasury All of the following are conditions for a cash dividend except a.sufficient cash. b.sufficient retained earnings. c.formal action by the board of directors. d.All of these choices are correct. One of the main disadvantages of the corporate form is a.professional management. b.the charter. c.double taxation. d.that a corporation must issue stock. The entry to record the issuance of common stock at a price above par includes a credit to a.Organizational Expenses. b.Cash. c.Preferred Stock. d.Paid-In Capital in Excess of Par—Common Stock. The number of shares of stock that a corporation can issue as stated in its charter is referred to as a.outstanding. b.arrears. c.issued. d.authorized. The number of shares remaining in the hands of shareholders after some stock has been reacquired is referred to as the shares a.outstanding. b.in arrears. c.issued. d.authorized. The journal entry to issue 1,000,000 shares of $5 par common stock for $9 per share on July 2 would be a. July 2 Cash 9,000,000 Common Stock 5,000,000 Paid-In Capital in Excess of Par 4,000,000 b. July 2 Cash 5,000,000 Paid-In Capital in Excess of Par—C/S 4,000,000 Common Stock 9,000,000 c. July 2 Cash 5,000,000 Common Stock 5,000,000 d. July 2 Cash 9,000,000 Common Stock 9,000,000 When a cash dividend is declared, which of the following accounts is credited? a.Common Stock b.Cash Dividends Payable c.Paid-In Capital d.Cash Dividends Cash dividends are paid on __________ stock. a.outstanding b.authorized c.issued d.treasury All of the following are conditions for a cash dividend except a.sufficient cash. b.sufficient retained earnings. c.formal action by the board of directors. d.All of these choices are correct. a.professional management. b.the charter. c.double taxation. d.that a corporation must issue stock. The entry to record the issuance of common stock at a price above par includes a credit to a.Organizational Expenses. b.Cash. c.Preferred Stock. d.Paid-In Capital in Excess of Par—Common Stock. The number of shares of stock that a corporation can issue as stated in its charter is referred to as a.outstanding. b.arrears. c.issued. d.authorized. The number of shares remaining in the hands of shareholders after some stock has been reacquired is referred to as the shares a.outstanding. b.in arrears. c.issued. d.authorized. The journal entry to issue 1,000,000 shares of $5 par common stock for $9 per share on July 2 would be a. July 2 Cash 9,000,000 Common Stock 5,000,000 Paid-In Capital in Excess of Par 4,000,000 b. July 2 Cash 5,000,000 Paid-In Capital in Excess of Par—C/S 4,000,000 Common Stock 9,000,000 c. July 2 Cash 5,000,000 Common Stock 5,000,000 d. July 2 Cash 9,000,000 Common Stock 9,000,000 When a cash dividend is declared, which of the following accounts is credited? a.Common Stock b.Cash Dividends Payable c.Paid-In Capital d.Cash Dividends Cash dividends are paid on __________ stock. a.outstanding b.authorized c.issued d.treasury All of the following are conditions for a cash dividend except a.sufficient cash. b.sufficient retained earnings. c.formal action by the board of directors. d.All of these choices are correct. a.Organizational Expenses. b.Cash. c.Preferred Stock. d.Paid-In Capital in Excess of Par—Common Stock. The number of shares of stock that a corporation can issue as stated in its charter is referred to as a.outstanding. b.arrears. c.issued. d.authorized. The number of shares of stock that a corporation can issue as stated in its charter is referred to as a.outstanding. b.arrears. c.issued. d.authorized. a.outstanding. b.arrears. c.issued. d.authorized. The number of shares remaining in the hands of shareholders after some stock has been reacquired is referred to as the shares a.outstanding. b.in arrears. c.issued. d.authorized. The journal entry to issue 1,000,000 shares of $5 par common stock for $9 per share on July 2 would be a. July 2 Cash 9,000,000 Common Stock 5,000,000 Paid-In Capital in Excess of Par 4,000,000 b. July 2 Cash 5,000,000 Paid-In Capital in Excess of Par—C/S 4,000,000 Common Stock 9,000,000 c. July 2 Cash 5,000,000 Common Stock 5,000,000 d. July 2 Cash 9,000,000 Common Stock 9,000,000 When a cash dividend is declared, which of the following accounts is credited? a.Common Stock b.Cash Dividends Payable c.Paid-In Capital d.Cash Dividends Cash dividends are paid on __________ stock. a.outstanding b.authorized c.issued d.treasury All of the following are conditions for a cash dividend except a.sufficient cash. b.sufficient retained earnings. c.formal action by the board of directors. d.All of these choices are correct. The number of shares remaining in the hands of shareholders after some stock has been reacquired is referred to as the shares a.outstanding. b.in arrears. c.issued. d.authorized. The journal entry to issue 1,000,000 shares of $5 par common stock for $9 per share on July 2 would be a. July 2 Cash 9,000,000 Common Stock 5,000,000 Paid-In Capital in Excess of Par 4,000,000 b. July 2 Cash 5,000,000 Paid-In Capital in Excess of Par—C/S 4,000,000 Common Stock 9,000,000 c. July 2 Cash 5,000,000 Common Stock 5,000,000 d. July 2 Cash 9,000,000 Common Stock 9,000,000 When a cash dividend is declared, which of the following accounts is credited? a.Common Stock b.Cash Dividends Payable c.Paid-In Capital d.Cash Dividends Cash dividends are paid on __________ stock. a.outstanding b.authorized c.issued d.treasury All of the following are conditions for a cash dividend except a.sufficient cash. b.sufficient retained earnings. c.formal action by the board of directors. d.All of these choices are correct. a.outstanding. b.in arrears. c.issued. d.authorized. The journal entry to issue 1,000,000 shares of $5 par common stock for $9 per share on July 2 would be a. July 2 Cash 9,000,000 Common Stock 5,000,000 Paid-In Capital in Excess of Par 4,000,000 b. July 2 Cash 5,000,000 Paid-In Capital in Excess of Par—C/S 4,000,000 Common Stock 9,000,000 c. July 2 Cash 5,000,000 Common Stock 5,000,000 d. July 2 Cash 9,000,000 Common Stock 9,000,000 The journal entry to issue 1,000,000 shares of $5 par common stock for $9 per share on July 2 would be a. July 2 Cash 9,000,000 Common Stock 5,000,000 Paid-In Capital in Excess of Par 4,000,000 b. July 2 Cash 5,000,000 Paid-In Capital in Excess of Par—C/S 4,000,000 Common Stock 9,000,000 c. July 2 Cash 5,000,000 Common Stock 5,000,000 d. July 2 Cash 9,000,000 Common Stock 9,000,000 a. July 2 Cash 9,000,000 Common Stock 5,000,000 Paid-In Capital in Excess of Par 4,000,000 b. July 2 Cash 5,000,000 Paid-In Capital in Excess of Par—C/S 4,000,000 Common Stock 9,000,000 c. July 2 Cash 5,000,000 Common Stock 5,000,000 d. July 2 Cash 9,000,000 Common Stock 9,000,000 When a cash dividend is declared, which of the following accounts is credited? a.Common Stock b.Cash Dividends Payable c.Paid-In Capital d.Cash Dividends Cash dividends are paid on __________ stock. a.outstanding b.authorized c.issued d.treasury All of the following are conditions for a cash dividend except a.sufficient cash. b.sufficient retained earnings. c.formal action by the board of directors. d.All of these choices are correct. When a cash dividend is declared, which of the following accounts is credited? a.Common Stock b.Cash Dividends Payable c.Paid-In Capital d.Cash Dividends Cash dividends are paid on __________ stock. a.outstanding b.authorized c.issued d.treasury All of the following are conditions for a cash dividend except a.sufficient cash. b.sufficient retained earnings. c.formal action by the board of directors. d.All of these choices are correct. a.Common Stock b.Cash Dividends Payable c.Paid-In Capital d.Cash Dividends Cash dividends are paid on __________ stock. a.outstanding b.authorized c.issued a.outstanding b.authorized c.issued d.treasury All of the following are conditions for a cash dividend except a.sufficient cash. b.sufficient retained earnings. c.formal action by the board of directors. d.All of these choices are correct. a.sufficient cash. b.sufficient retained earnings. c.formal action by the board of directors. d.All of these choices are correct. July 2 Cash 9,000,000 Common Stock 5,000,000 Paid-In Capital in Excess of Par 4,000,000Explanation / Answer
Dear student, only one question is allowed at a time. I am answering the first question
1)
Double taxation is not an advantage but a disadvantage of corporate form of entity
Governmental regulations is not an advantage of corporate form of entity as this leads to time consuming formalities and rules which has to be followed by a corporate entity
Unlimited liability – Stock holders of a corporate form of organization have limited liability and not an unlimited liability. So, this point is not correct
A corporate form of ownership allows ease of transfer of ownership through transfer of shares. So, this option is correct
So, as per above discussion, option d is the correct option
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