Exercise 8-8 budgeted income statement [lo8-9] gig harbor boating is the wholesale distributor of a small recreational catamaran sailboat. management has prepared the following summary data to use in its annual budgeting process: budgeted unit sales 540 selling price per unit $ 1,990 cost per unit $ 1,585 variable selling and administrative expense (per unit) $ 70 fixed selling and administrative expense (per year) $ 140,000 interest expense for the year $ 15,000 required: prepare the company’s budgeted income statement for the year. garrison 16e rechecks 2018-09-26

Which of the following statements is correct? large corporations are taxed more favorably than sole proprietorships. corporate stockholders are exposed to unlimited liability. due to limited liability, unlimited lives, and ease of ownership transfer, the vast majority of u.s. businesses (in terms of number of businesses) are organized as corporations. most businesses (by number and total dollar sales) are organized as partnerships or proprietorships because it is easier to set up and operate in one of these forms rather than as a corporation. however, if the business gets very large, it becomes advantageous to convert to a corporation, mainly because corporations have important tax advantages over proprietorships and partnerships. most business (measured by dollar sales) is conducted by corporations in spite of large corporations’ often less favorable tax treatment, due to legal considerations related to ownership transfers and limited liability.

Almost 80% of business owners are clueless about the competition, resulting in a) lost market share and customers. b) needless lawsuits. c) uninspired products. d) lack of perseverance

Your own record of all your transactions. a. check register b. account statement