A.O.L. Exam 2023 with 100% correct answers

Which of the following is NOT a trait of a corporation? a. Can be sued for all of the owner's assets b. Can be owned by multiple people c. Often subject to double taxation d. Limits liability correct answersa. Can be sued for all of the owner's assets Brown's Business is concerned that another company is trying to take it over, what can it do prevent this from happening? a. Repurchase some of its own shares of stock. b. Sell all outstanding shares of stock. c. Authorize additional shares of stock to be issued. d. Create an IPO. correct answersa. Repurchase some of its own shares of stock. Which of these statements about retained earnings is true? a. Retained earnings are private and are not released to shareholders. b. Retained earnings is not a good measure for shareholders to go by to see how much they'd be entitled to. c. Retained earnings shows shareholders how much money the company has. d. Retained earnings is not important to shareholders. correct answersc. Retained earnings shows shareholders how much money the company has. Income tax is paid based on the taxable income. In some cases, the taxable income is not known until after the tax liability is due. What type of liability is this? a. Estimated b. Current c. Predated d. Nonexempt correct answersa. Estimated