Andrea has prepared the following list of statements about corporations. Identify whether each statement is true or false.
1. A corporation is an entity separate and distinct from its owners.
A. True B. False
2. As a legal entity, a corporation has most of the rights and privileges of a person.
A. True B. False
3. Most of the largest U. S. corporations are privately held corporations.
A. True B. False
4. Corporations may buy, own, and sell property; borrow money; enter into legally binding contracts; and sue and be sued.
A. True B. False
5. The net income of a corporation is not taxed as a separate entity.
A. True B. False
6. Creditors have a legal claim on the personal assets of the owners of a corporation if the corporation does not pay its debts.
A. True B. False
7. The transfer of stock from one owner to another requires the approval of either the corporation or other st
sockholders.
A. True B. False
8. The board of directors of a corporation legally owns the corporation.
A. True B. False
9. The chief accounting officer of a corporation is the controller.
A. True B. False
10. Corporations are subject to fewer state and federal regulations than partnerships or proprietorships.
A. True B. False

Trinity coatings company uses the indirect method to prepare its statement of cash flows. refer to the following information for 2018: the beginning balance in the cash account was $ 3 comma 000. net cash provided by operating activities: $ 42 comma 000 net cash used for investing activities: $(26 comma 500) net cash provided by financing activities: $ 1 comma 700 the statement of cash flows will show

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Journalize the following transactions that occurred in september 2015 for aquamarines. no explanations are needed. identify each accounts payable and accounts receivable with the vendor or customer name. sep. 3 purchased merchandise inventory on account from shallin wholesalers, $5,000. terms 1/15, n/eom, fob shipping point. 4 paid freight bill of $80 on september 3 purchase. 4 purchased merchandise inventory for cash of $1,700. 6 returned $500 of inventory from september 3 purchase. 8 sold merchandise inventory to hermosa company, $6,000, on account. terms 2/15, n/35. cost of goods, $2,640. 9 purchased merchandise inventory on account from thomas wholesalers, $8,000. terms 2/10, n/30, fob destination. 10 made payment to shallin wholesalers for goods purchased on september 3, less return and discount. 12 received payment from hermosa company, less discount. 13 after negotiations, received a $200 allowance from thomas wholesalers. 15 sold merchandise inventory to jordan company, $2,500, on account. terms 1/10, n/eom. cost of goods, $1,050. 22 made payment, less allowance, to thomas wholesalers for goods purchased on september 9. 23 jordan company returned $400 of the merchandise sold on september 15. cost of goods, $160. 25 sold merchandise inventory to smithsons for $1,100 on account that cost $400. terms of 2/10, n/30 were offered, fob shipping point. as a courtesy to smithsons, $75 of freight was added to the invoice for which cash was paid by aquamarines. 26 after negotiations, granted a $100 allowance to smithsons for merchandise purchased on september 25. 29 received payment from smithsons, less allowance and discount. 30 received payment from jordan company, less return.