What is a Subchapter S corporation?
What will be an ideal response?
This type of corporation has a limit of 100 stockholders. It offers most of the limited-liability protection of the C corporation, but Subchapter S corporate income is only taxed once, as the personal income of the owners.
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Using the following information, what is the amount of cost of goods sold? Purchases $32,000 Purchases discounts $960 Merchandise inventory September 1 5,700 Merchandise inventory September 30 6,370 Sales returns and allowances 910 Sales 63,000 Purchases returns and allowances 1,200 Freight In 1,040
a. $26,900 b. $20,530 c. $28,130 d. $30,210
Losses due to computer crimes are estimated to be:
A) minimal, as the federal government has passed comprehensive legislation prohibiting computer crime. B) in the millions of dollars. C) in the tens of billions of dollars. D) decreasing, as legislation and enforcement have been increasing.