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mundo company is a calendar year, accrual basis taxpayer. in june 2020, mundo received a $72,000 cash payment from a tenant who leases space in a commercial office building that mundo owns. the payment was rent for the 24-month period beginning on july 1, 2020. as a result of the payment, mundo should report:

Respuesta :

Mundo company should report that in June Mundo received $72,000 cash.

What is a Joint-stock company?

  • A corporation is a business entity in which shareholders can buy and sell shares in the company.
  • Each shareholder owns a portion of the company's shares. This is evidenced by his stock.
  • Shareholders can transfer their shares to others without affecting the continued existence of the company.
  • A public company is an investor-owned company, where each investor owns an interest based on the number of shares purchased.
  • A joint stock company is a form of organization in which investors or shareholders pool funds in a legal entity with a common purpose.
  • This type of company is usually suitable for large companies with huge capital requirements and more than the capacity of one person.

Thus, a joint-stock company is an organization that has :

  1. a separate legal entity,
  2. common seal
  3. Limited liability
  4. Perpretucal succession
  5. Transfer of shares

To know more about Joint-stock Company refer to:

https://brainly.com/question/27208979

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