FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

bartleby

Concept explainers

Question

For each of the following please identify if the business is a Corporation, Proprietorship, or Partnership.
1) Georgette Green begins a pet care busines by invesgting $5,000. At the end of the year, she wil include the business income or lss on her personal income tax return.

2)Additional paid-in-capital for the Trailblazer Compay is $8 per share

3)Bronson Company presents a statement of Retained Earnings in it's financial statements at year end.

4) Jean Johnoson home health care business does not have liability separate from herself.

5) Grand Canyon Company's retained earnings balance is 5 million

6) Jim Moore and his daughter, Jenna Moore, agree that 60% of their company's net profit will go to Jim and 40% of the net profit will go to Jenna.

7) Michael Johnson and Joaquin Nunoz each invested $10,000 in their computer consulting business, and received shares of the company's stock in exhange for their investments. (Side note: Will you also explain how they received shares from a business that they invested in themselves? It's their company and if there is stock wouldn't it automatically belong to them?)
8) Tamara Bryant's veterinary clinic has separate liablity. 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 $7,000
10) Crown Candy Company presents statement of owner's capital in its annual financial statements.

Question 2: Please identify the following as either a Proprietorship, Parntership, or Corporation
1) Johnson, Capital
2) Common Stock
3) Statement of capital contain two capital accounts
4) Par value
5) Stockholder's Equity (Side note: How is SE different from RE?)
6) Partners' capital, December 31
7) Statement of capital containing one capital account
8)Retained Earnings
9)Jones, Drawings
10) Additional paid-in-capital

Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education