Which of the following is a characteristic of limited liability companies (LLCs)?
A. They are made to pay an annual franchise tax in many states.
B. They are subject to double taxation.
C. They do not allow foreign investors to serve as owners.
D. They are required to produce a larger amount of paperwork than corporations.
Answer: A
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Progressive Insurance uses Flo to represent its product. Which of the following message execution styles was used by Progressive Insurance?
A) mood or image B) fantasy C) personality symbol D) technical expertise E) musical
Pepe, Incorporated acquired 60% of Devin Company on January 1, 2017. On that date Devin sold equipment to Pepe for $45,000. The equipment had a cost of $120,000 and accumulated depreciation of $66,000 with a remaining life of 9 years. Devin reported net income of $300,000 and $325,000 for 2017 and 2018, respectively. Pepe uses the equity method to account for its investment in Devin.What is the consolidated gain or loss on equipment for 2017?
A. $21,000 loss. B. $21,000 gain. C. $0. D. $9,000 gain. E. $9,000 loss.
Which of the following survey methods has the lowest return rate and does not allow for much flexibility?
A. Mail B. Face To Face C. Telephone D. Internet
A $21 credit to Sales was posted as a $210 credit. By what amount is the Sales account in error?
A. $189 overstated. B. $210 understated. C. $210 overstated. D. $21 understated. E. $189 understated.