A100%2BFall+1%2C+2011

D loans may no longer be made to top company

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Unformatted text preview: e company's internal controls. b Management must agree to the changes suggested by the external auditors. c The company's internal auditors must examine the books and records of each department before the external auditors arrive. d Loans may no longer be made to top company executives. e External auditors must sign the financial statements before they are published. 4 Which of the following is true of a "Subchapter S Corporation"? a The corporation is subject to double taxation. b The company is not really a corporation so it is not a separate entity from the stockholders and does not file a tax return. c The owners' personal assets are protected from customers and creditors. d Tax on the business income of the company is paid only by the business. e Owners of the equity of this business are called "debtors". Use the following information to answer question 5 for Rogers Company: If Taxable Income is: Over: $0 5 0,000 75,000 100,000 5 The Tax is: But not over: $ 50,000 75,000 100,000 335,000 This Plus Amount:...
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