ABC Company is preparing a worksheet. ABC’s Adjusted Trial Balance accounts are as follows: Required: As an Accounting student, explain to ABC how the company should extend the following adjusted trial balance accounts to the financial statement columns (Income Statement and balance Sheet) of the worksheet. Service revenue$ 10,000, Notes payable $ 2,000, Capital $ 20,000, Accounts receivable $ 5,000, Accumulated depreciation $ 2,000, Utilities expenses $ 1,000, Drawings $ 500, Net loss $ 2,000, Equipment $ 5,000, Copyrights $ 3,000.

What are the main advantages and disadvantages of organizing a firm as a c corporation? the advantages are: (select all the choices that apply.) a. there is no limit on the number of owners a c corporation may have, thus allowing the corporation to raise substantial amounts of capital. b. the life of the business can continue beyond the death of any of the owners. c. the corporation can use the assets of the owners to pay for corporate liabilities. this attracts smaller investors to the corporation. d. the liability of the owners is limited to the amount of their investment in the firm. the disadvantages are: (select all the choices that apply.) a. income to a c corporation is subject to double taxation, once at the corporate level and again when received by the owners in the form of a dividend. b. the life of the business usually ends with the death of any of the owners. c. the c corporation is more complicated and more expensive to set up than other business entities. d. corporate liabilities can be passed on to the share

What is the relationship between credit and debt?

At the beginning of 2014, winston corporation issued 10% bonds with a face value of $2,000,000. these bonds mature in five years, and interest is paid semiannually on june 30 and december 31. the bonds were sold for $1,852,800 to yield 12%. winston uses a calendar-year reporting period. using the effective-interest method of amortization, what amount of interest expense should be reported for 2014? (round your answer to the nearest dollar.)