Which of the following is NOT a characteristic that distinguishes corporations from proprietorships and partnerships?
A) Corporations have mutual agency.
B) Corporations have continuous lives regardless of changes in ownership.
C) Corporate earnings are subject to double taxation.
D) Corporations are separate legal entities apart from the owners.
Correct Answer:
Verified
Q7: The declaration of a cash dividend:
A)increases liabilities
Q8: The following information is available for Louisville
Q9: A company should recognize a gain on
Q10: A retirement of common stock:
A)produces a gain
Q11: Jazzy Corporation's stockholders' equity section of the
Q13: Cole Company issued 10,000 shares of common
Q14: The entry to record the distribution of
Q15: The amount of owners' equity attributable to
Q16: If 3,000 shares of $5 par common
Q17: The price the corporation agrees to pay
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents