CHAPTER 13: CORPORATIONS: ORGANIZATION, STOCK TRANSACTIONS,
AND DIVIDENDS
1. Twenty percent of all businesses in the United States are corporations, and they account for 80% of the total
business dollars generated.
a. True
b. False
5. Double taxation is a disadvantage of a corporation because the corporation has to pay income taxes at twice the
rate applied to partnerships.
a. True
b. False
, Chapter 13: Corporations: Organization, Stock Transactions, and Dividends
10. Retained Earnings represents past net income less past dividends, therefore any balance in this account would
be listed on the income statement.
a. True
b. False
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