Juanita owns 60% of the stock in a c corporation that had a profit of $200,000 in the current year. carlos owns a 60% interest in a partnership that had a profit of $200,000 during the year. the corporation distributed $45,000 to juanita, and the partnership distributed $45,000 to carlos. with respect to this information, which of the following statements is incorrect?
(a) juanita must report $120,000 of income from the corporation.
(b) the corporation must pay corporate tax on $200,000 of income.
(c) carlos must report $120,000 of income from the partnership.
(d)the partnership is not subject to a federal entity-level income tax.
(e)none of the above.

Which of the following statements is not correct? 1) trade allows for specialization. 2) trade has the potential to benefit all nations. 3) trade allows nations to consume outside of their production possibilities curves. 4) absolute advantage is the driving force of specialization.

Fanning books buys books and magazines directly from publishers and distributes them to grocery stores. the wholesaler expects to purchase the following inventory: april may june required purchases (on account) $ 111,000 $ 131,000 $ 143,000 fanning books accountant prepared the following schedule of cash payments for inventory purchases. fanning books suppliers require that 85 percent of purchases on account be paid in the month of purchase; the remaining 15 percent are paid in the month following the month of purchase. required complete the schedule of cash payments for inventory purchases by filling in the missing amounts. determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter.

Match each item to check for while reconciling a bank account with the document to which it relates. (there's not just one answer) 1. balancing account statement 2. balancing check register a. nsf fees b. deposits in transit c. interest earned d. bank errors