Sally divorced her husband three years ago and has not remarried. Since the divorce she has maintained her home in which she and her now sixteen-year-old daughter reside. The daughter is a qualified child. Sally signed the daughter's dependent status over to her ex-spouse by filing the appropriate IRS form. What is Sally's filing status for the current year?
A. married filing separately
B. head of household
C. surviving spouse
D. single
Answer: B
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During its first year of operations, 2016, the Cocoa Company reported both a pretax financial and a taxable loss of $300,000. The income tax rate is 30% for the current and future years. Due to a sufficient backlog of sales orders, Cocoa did not establish a valuation allowance to reduce the $90,000 deferred tax asset. However, early in 2017, one major customer, representing 60% of the 2017
year-end sales backlog, went bankrupt. Cocoa now believes that it is more likely than not that 75% of the deferred tax asset will not be realized. The entry to record the valuation allowance would be A) Income Tax Expense 67,500Deferred Tax Asset 67,500 B) Income Tax Benefit from OperatingLoss Carryforward 67,500Deferred Tax Asset 67,500 C) Income Tax Expense 67,500Allowance to Reduce DeferredTax Asset to Realizable Value 67,500 D) Allowance to Reduce Deferred TaxAsset to Realizable Value 67,500Income Tax Expense 67,500
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Indicate whether the statement is true or false
What specific qualifications would a legal assistant have to possess in order to meet the Court’s test?
What will be an ideal response?
In calculating cost per equivalent unit under the weighted-average method, prior period costs are combined with current period costs.
Answer the following statement true (T) or false (F)