Double Taxation means:
A. A corporation must pay double the amount of tax that an unincorporated business pays.
B. A corporation pays taxes to the federal government and to the state government.
C. The corporation pays tax on its income and the stockholders pay tax on their dividends.
D. The corporation pays tax on its income and the officers of the corporation pay tax on their salaries.
C
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Get in Shape, a healthy living magazine, collected $528,000 in subscription revenue on May 31. Each subscriber will receive an issue of the magazine in each of the next 12 months, beginning with the June issue
The company uses the accrual method of accounting. What is the balance in the Unearned Revenue account as of December 31? A) $220,000 B) $308,000 C) $528,000 D) $396,000
If possession transfers to the buyer before the close of escrow, the buyer is to be treated as a tenant.
a. true b. false