Identifying and Analyzing Financial Statement Effects of Stock Transactions Lipe Company reports the following transactions relating to its stock accounts. Feb. 20 Issued 10,000 shares of $1 par value common stock at $25 cash per share.
Feb. 21 Issued 15,000 shares of $100 par value, 8% preferred stock at $275 cash per share.
Jun. 30 Purchased 2,000 shares of its own common stock at $15 cash per share.
Sep. 25 Sold 1,000 shares of the treasury stock at $21 cash per share.

Required:
a. Using the financial statement effects template, illustrate the effects of these transactions.
b. Prepare the journal entries for these transactions.
c. Post the journal entries from b to the related T-accounts.

Which of the following statements is correct? a major disadvantage of a partnership relative to a corporation is the fact that federal income taxes must be paid by the partners rather than by the firm itself. in a typical partnership, liability for other partners’ misdeeds is limited to the amount of a particular partner’s investment in the business.true in a limited partnership, the limited partners have voting control, while the general partner has operating control over the business, and the limited partners are individually responsible, on a pro rata basis, for the firm’s debts in the event of bankruptcy. partnerships have more difficulty attracting large amounts of capital than corporations because of such factors as unlimited liability, the need to reorganize when a partner dies, and the illiquidity of partnership interests.