QS 13-1 Characteristics of corporations LO¹

Of the following statements, which are true for the corporation form of business?

1. Capital often is more easily accumulated than with other forms of organization.
2. It has a limited life.
3. Owners have unlimited liability for corporate debts.
4. It is a separate legal entity.
5. Ownership rights cannot be easily transferred.

QS 13-2 Corporate financial statements LO²

Ludwig Ltd. showed the following amounts for its year just ended October 31, 2014. Prepare a multi-step income statement assuming a tax rate of 25%.

QS 13-3 Components of the equity section of a corporate balance sheet LO²

From the following list of selected accounts for X-cell Inc., identify the equity accounts. Use CC for contributed capital, RE for retained earnings, and X if not an equity account.

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