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Sauron [17]
2 years ago
13

Create, Inc., a domestic corporation, owns 100% of Vinyl, Ltd., a foreign corporation and Digital, Inc., a domestic corporation.

Create also owns 12% of Record, Inc., a domestic corporation. Create receives no distributions from any of these corporations. Which of these entities' net income is included in Create's income statement for current-year financial reporting purposes?
a.Create, Vinyl, and Digital.
b.Create, Digital, and Record.
c.Create, Vinyl, Digital, and Record.
d.Create, Vinyl, and Record.
Business
1 answer:
Bumek [7]2 years ago
6 0

Answer:

c.Create, Vinyl, Digital, and Record

Explanation:

The answer is

c.Create, Vinyl, Digital, and Record

Since Create Inc. which is a domestic corporation, owns 100% shares in two enterprises. One is Vinyl Ltd. which is a foreign corporation and the other is Digital Inc. which is a domestic corporation. And Create Inc. also happens to own 12% shares in a domestic corporation named Record Inc.

Now since Create Inc. owns shares in all the three corporations, all these corporations's net income will be included in the Create's income statement current-year financial report.

Thus the answer is

c.Create, Vinyl, Digital, and Record

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1 year ago
Suppose GDP in an economy is $3,542 billion. Personal Consumption Expenditures (C) are $2,343 billion, Government Spending (G) i
aleksandrvk [35]

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Explanation:

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6 0
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Type your answer in the box. Jay's Furniture makes several types of furniture including couches and loveseats. Last year total c
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6 0
1 year ago
Donald owns a two-family home. He rents out the first floor and resides on the second floor. The following expenses attributable
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Rennie Norquist is a recent law school graduate. She is employed at Dillard Dobbs Dooley & Duncan, LLP, a 200 lawyer firm. R
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According to the Fair Labor Standards Act (FLSA) certain employees are exempt from overtime regulations:

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