Exercise 9-22 incorrect answer. your answer is incorrect. try again. the records of ellen’s boutique report the following data for the month of april. sales revenue $99,000 purchases (at cost) $48,000 sales returns 2,000 purchases (at sales price) 88,000 markups 10,000 purchase returns (at cost) 2,000 markup cancellations 1,500 purchase returns (at sales price) 3,000 markdowns 9,300 beginning inventory (at cost) 30,000 markdown cancellations 2,800 beginning inventory (at sales price) 46,500 freight on purchases 2,400 compute the ending inventory by the conventional retail inventory method. (round ratios for computational purposes to 0 decimal places, e. g. 78% and final answer to 0 decimal places, e. g. 28,987.)

Which of the following statements is correct? large corporations are taxed more favorably than sole proprietorships. corporate stockholders are exposed to unlimited liability. due to limited liability, unlimited lives, and ease of ownership transfer, the vast majority of u.s. businesses (in terms of number of businesses) are organized as corporations. most businesses (by number and total dollar sales) are organized as partnerships or proprietorships because it is easier to set up and operate in one of these forms rather than as a corporation. however, if the business gets very large, it becomes advantageous to convert to a corporation, mainly because corporations have important tax advantages over proprietorships and partnerships. most business (measured by dollar sales) is conducted by corporations in spite of large corporations’ often less favorable tax treatment, due to legal considerations related to ownership transfers and limited liability.