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Tax Questions

1. Why notes before accounts payable?
2. What is the drawing account?
3. What is preferred stock?
4. What is the retained earnings acct, and why does this acct play an important roll in equity on the financial?
5. What is common stock and what role does this have on raising capital?
6. What are some tax implications for corporations?
7. So if an individual's business goes bankrupt, then "limited liability" would mean that the creditor's can't go after his personnel assets? Right?
8. Secured bonds have specific assets of the issuer pledged as collateral for the bonds.
Unsecured bonds are issued against the general credit of the borrower.
9. What are some specific assets that are "pledged"?
10. Explain "perpetual life" (continuous life)?
11. What are secured bonds? Unsecured bonds?
12. How is a current liability listed on the balance sheet? in order of......
13. The most liquid is cash then A/R, followed by inventory.....follow?

Solution Summary

The following posting answers various accounting and taxation problems. The response addresses the queries posted in 838 Words, APA References.