Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Natheline Dor 1-8. Identification of form of business. 1-7. Identification of form of business For each of the following, insert a capital letter to identify

image text in transcribed
Natheline Dor 1-8. Identification of form of business. 1-7. Identification of form of business For each of the following, insert a capital letter to identify which form of business the item represents. Use the letter A for proprietorship, B for partnership, or C for corporation. At the end of the 1. Georgette Green begins a pet care business by investing $5,000. year, she will include the business income or loss on her personal income tax return. 2. Additional paid-in capital for the Trailblazer Company is $8 per share. 3. Bronson Compaunyresents a statement of reasind carnings in is financial statements at year-end. 4. Jean Johnson's home health care business does not have liability separate from herself. 5, Grand Canyon Company's retained earnings balance is S5 million. 6. Jim Moore and his daughter, Jerra Moore, agree that 60% of their company's net profit 7. Michael Johnson and Joaquin Nunoz each invested $10,000 in their computer will go to Jim and 40% ofthe net profit will go to Jem. consulting business, and received shares of the company's stock in exchange for their investments. 8. Tamara Bryant's veterinary clinic has separate liability. She is the only owner. 9. Alan and David Washington own an automobile repair garage. Alan's capital balance is $8,000 and David's capital balance is $7,000. 10. Crown Candy Company presents a statement of owner's capital in its annual financial statements

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Value Based Management For Accounts Receivable

Authors: Kimberly Don Ketron

1505911184, 978-1505911183

More Books

Students also viewed these Accounting questions