Cheers inc. operates as a partnership. now the partners have decided to convert the business into a regular corporation.
which of the following statements is correct?
a. assuming cheers is profitable, less of its income will be subject to federal income taxes.
b. cheers will now be subject to fewer regulations.
c. cheers’ shareholders (the ex-partners) will now be exposed to less liability.

Abbington company has a manufacturing facility in brooklyn that manufactures robotic equipment for the auto industry. for year 1, abbingtonabbington collected the following information from its main production line: actual quantity purchased-200 units, actual quantity used-110 units, units standard quantity-100 units, actual price paid-$8 per unit, standard price-$10 per unit. atlantic isolates price variances at the time of purchase. what is the materials price variance for year 1? 1. $400 favorable. 2. $400 unfavorable. 3. $220 favorable. 4. $220 unfavorable.