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2
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The balance sheet, the income statement, the statement of retained earnings, and the statement of cash flows.
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3
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Flows differ from reported accounting profits.
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4
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Shows the change in retained earnings between the balance sheet dates.
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5
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Received by a corporation is taxed as ordinary income however, 70 percent of the dividends received by one corporation from another are excluded from taxable income.
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6
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Paid out as dividends is subject to double taxation: the income is first taxed at the corporate level, and then shareholders must pay personal taxes on their dividends.
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7
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The higher one's income, the larger the percentage paid in taxes, up to a point.
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8
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The way in which actual net cash, as opposed to accounting net income, flows into or out of a firm during some specified period.
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9
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Reports the results of operations over a period of time, and it shows earnings per share as its 'bottom line.'
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10
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Shows its assets on the left-side and the liabilities and equity, or claims against assets, on the right-side.
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12
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Reports the impact of its operating, investing, and financing activities on cash flows over an accounting period.
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14
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Small businesses which have the limited-liability benefits of the corporate form of organization yet obtain the benefits of being taxed only once at the individual level like a partnership or a proprietorship.
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1
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Can be carried back to each of the preceding three years and carried forward for the next 15 years to offset taxable income in those years.
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11
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Any asset depends on the stream of after-tax cash flows it produces.
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13
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Such as stocks, bonds, and real estate are defined as capital assets.
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