54. c 74. c 94. a 114. b 134. a 154. c 174. b
55. c 75. b 95. a 115. a 135. c 155. b 175. b
56. c 76. a 96. a 116. b 136. d 156. d 176. a
57. d 77. b 97. b 117. c 137. c 157. c 177. b
58. a 78. d 98. c 118. c 138. a 158. b 178. c
59. c 79. b 99. d 119. b 139. b 159. a 179. c
60. b 80. c 100. c 120. b 140. c 160. d 180. a
BRIEF EXERCISES
Be. 187
Indicate in the space by letter whether each statement below applies to a sole proprietorship (S), partnership (P), or corporation (C). More than one answer may be appropriate.
____ a. Simple to establish.
____ b. Shared control.
____ c. Easy to transfer ownership.
____ d. No personal liability.
____ e. Tax advantage.
____ f. Easier to raise funds.
Ans: N/A, LO: 1, Bloom: C, Difficulty: Medium, Min: 5, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FC: Reporting, AICPA PC: None, IMA: Business Economics
Solution 187
a. S & P d. C
b. P & C e. S & P
c. C f. C
Be. 188
Indicate in the space provided by each item whether it would appear on the statement of cash flows as a(n): (O) operating activity, (I) investing activity, or (F) financing activity.
____ a. Cash receipts from customers.