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
10) Additional paid-in-capital
|1)||Georgette Green begins a pet care business by investing $5,000. At the end of the year, she will include the business income or less on her personal income tax return.||Proprietorship|
|2)||Additional paid-in-capital for the Trailblazer Company is $8 per share||Corporation|
|3)||Bronson Company presents a statement of Retained Earnings in it's financial statements at year end.||Corporation|
|4)||Jean Johnson home health care business does not have liability separate from herself.||Proprietorship|
|5)||Grand Canyon Company's retained earnings balance is 5 million.||Corporation|
|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.||Partnership|
|7)||Michael Johnson and Joaquin Nunoz each invested $10,000 in their computer consulting business, and received shares of the company's stock in exchange for their investments. (Side note: Will you...|
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