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Exercise 11-1A Characteristics of sole proprietorships, partnerships, and corporations LO 11-1 Required The three primary types of business organization are proprietorship, partnership, and corporation. Each type has characteristics that distinguish it from the other types. In the left column of the following table, choose the name of the type of business organization that is most likely to possess the characteristic that is described in the right column of the table. The first item is shown as an example. Business Type Proprietorship Characteristic Owned and operated by a single individual Subject to double taxation Has a retained earnings account on its balance sheet One owner may be held personally liable for actions taken on behalf of the business by different owner Profits benefit a single individual Frequently uses legal agreements to define profit distribution for two or more owners Most highly regulated form of business The business dissolves with the death of its only owner Offers the least capacity to raise capital Provides the best opportunity to benefit a few people Has only one capital account on its balance sheet Provides for easy transfer of ownership Offers the highest level of control over operating decisions Has multiple capital accounts but no retained earnings account on its balance sheet Provides the greatest capacity to raise capital Least regulated form of business Usually operated by a professional management team that is separated from the owners Has two or more owners who are not stockholders Exercise 11-4A Capital stock authorized, issued, and outstanding LO 11-2 Enscoe Enterprises, Inc. (EEI) has 300,000 shares authorized, 240,000 shares issued, and 50,000 shares of treasury stock. At this point, EEI has $2,030,000 of assets. $130,000 liabilities, $580,000 of common stock, and $1,320,000 of retained earnings. Further, assume that the market value of EEl's common stock is $12 per share. Required a. Determine the number of shares of stock that is outstanding. b. Determine the book value per share. c. Provide a rational explanation for the difference between the book value per share and the market value per share of EEls' common stock. Complete this question by entering your answers in the tabs below. Required A Required B Required Determine the number of shares of stock that is outstanding. Shares outstanding shares Required A Required B > Exercise 11-4A Capital stock authorized, issued, and outstanding LO 11-2 Enscoe Enterprises, Inc. (EEI) has 300,000 shares authorized, 240,000 shares issued, and 50,000 shares of treasury stock. At this point, EEl has $2,030,000 of assets. $130,000 liabilities, $580,000 of common stock, and $1,320,000 of retained earnings. Further, assume that the market value of EEl's common stock is $12 per share. Required a. Determine the number of shares of stock that is outstanding. b. Determine the book value per share. c. Provide a rational explanation for the difference between the book value per share and the market value per share of EEls' common stock. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the book value per share. Book value per share