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What is a corporation? (a) Explain the different types

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What is a corporation? (a) Explain the different types of corporations in this answer. (b) Describe the major characteristics of a large publicly traded corporation.

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A corporation is an entity that is created under established state and federal laws which entitle it to the privileges and liability that is directly related to it and its representative members (Wilson, 2007). Corporations are generally set up as institutions that are trying to conduct some form of business for the purpose of monetary or other specific gains. A key feature in a corporation is called limited liability. In other words, if a corporation fails to succeed and this causes its stock holders to lose money or it causes employees to lose their jobs, neither party will be held responsible or liable for any of the remaining debts that the corporation may be held accountable for by their creditors (Nowlin, 2009).

Corporations are entity's, however they are regarded as having the same rights under the law as individual ...

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A corporation is an entity that is created under established state and federal laws which entitle it to the privileges and liability that is directly related to it and its representative members (Wilson, 2007). Corporations are generally set up as institutions that are trying to conduct some form of business for the purpose of monetary or other specific gains. A key feature in a corporation is called limited liability. In other words, if a corporation fails to succeed and this causes its stock holders to lose money or it causes employees to lose their jobs, neither party will be held responsible or liable for any of the remaining debts that the corporation may be held accountable for by their creditors (Nowlin, 2009).

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See long description for other questions.

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(b) Where in the financial statements does the employer report taxes withheld from employees' pay?

4. What are long-term liabilities? Give two examples. What is a bond?

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(b) Convertible and callable.

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(b) Issuance of $2 million, 6% bonds at face value.
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Income tax expense (30%) _________ __________
Net income $ _________ $ ________
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Earnings per share $_________ $_________

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Bonds payable, due 2011 900,000 Notes payable, due 2009 80,000
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Instructions
Answer the following questions.
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increase/decrease in Tootsie Roll's total current liabilities from the prior year?
(b) How much were the accounts payable at December 31, 2004?
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Why?

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