The income of a corporation is taxed twice, first as corporate income and then as personal income to shareholders who receive cash dividends.Group startsTrue or False

Which of the following describes corporate income taxes?Multiple choice question.The after-tax profits that are distributed to shareholdersTaxes levied on corporations' net earnings and flow to the governmentMonies saved by corporations to be invested later in new plants and equipmentA conflict of interest between a principal and an agent

When a company collects sales taxes, it debits Cash, and credits both Sales Revenue and Sales Tax Payable.Group startsTrue or False

The main differences between profit reported by a proprietorship and a corporation are income tax expense and salaries paid to owners.Group startsTrue or False

Which of the following statements is  NOT correct?A.One cannot tax both  the company and the shareholder for the same profit.B.Companies had paid 30% tax before distributing their dividends.C.The tax already paid by the company will offset the shareholder taxes that are due.D.The shareholder needs to include the dividend after tax into his or her taxable income.

When comparing the typical sole proprietorship and corporation, the form of business having higher assets and earnings is the corporation.Group startsTrue or False