Question Details

Taxable entity resulting in additional taxes 



1
Identify (by letter) each of the following characteristics as being an advantage, a disadvantage, or
not applicable to the corporate form of business organization.
A = Advantage
D = Disadvantage
N = Not Applicable
Characteristics
_____ 1. Separate legal entity
_____ 2. Taxable entity resulting in additional taxes 
_____ 3. Continuous life
_____ 4. Unlimited liability of owners
_____ 5. Government regulation
_____ 6. Separation of ownership and management
_____ 7. Ability to acquire capital
_____ 8. Ease of transfer of ownership



2
On July 6, XOT Corporation issued 2,300 shares of its $1.50 par common stock. The market
price of the stock on that date was $17 per share. Journalize the issuance of the stock.




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