Author Question: The balance sheet of Ranger Inc shows its liabilities and owners' equity as 150,000 and 75,000, ... (Read 98 times)

bobbie · **on:** Jul 14, 2018

The balance sheet of Ranger Inc shows its liabilities and owners' equity as 150,000 and 75,000, respectively. In this case, Ranger's _____.
A) total assets are 225,000
B) total income is 75,000
C) net income for the current year is 225,000
D) net cash flow for the current year is 75,000

Question 2

Which of the following is a requirement for an S-corporation?
A) The S-corporation must be incorporated in Delaware.
B) The S-corporation can have no more than 100 stockholders.
C) Only common and preferred stock can be sold to investors.
D) At least 30 percent of the investors must be nonresident aliens.
E) Only individuals can be stockholders.