descriptions

Question 1 [5 points] Descriptions of several different business organizations are given below. Determine what type of organization the situation described refers to (sole proprietorship, partnership or corporation). Click the space to the left of the description to select the type of business organization. Organization Type Description a) (Select One) Treadwoll files a tax return and pays tax on its profits. (Select One) Treadwell has 20 owners. All owners have limited liability and none of the owners are responsible for paying the taxes of the company (Select One) Carlos Young and Mary Graham, the owners of Music Masters, each report their respective share of the company's profits on their personal income tax returns (Select One) Eastman Store has 20 owners One owner has unlimited liability and the remaining owners have limited liability (Select One) Sundown Co does not have a separate legal existence apart from the one person who owns it b) C) d) Account Accounts payable Accounts receivable Commissions earned Consulting revenue earned Dividends Furniture Insurance expense Interest earned Interest expense Interest payable Notes receivable. Property taxes payable Share capital Short-term notes payable Store supplies expense Supplies Balance Complete the income statement using the format provided. 33,500 76,500 73,500 75,000 22,000 Southgate Inc Income Statement March 31, 2014 124,000 37,500 Revenues 14,000 X4 20,500 Total revenues 30,500 Expenses 66,000 X 41,000 Total expenses. 74,000 112,000 59,500 47,500