A corporation is selling an existing asset for $21,000. The asset, when purchased, cost $10,000, was being depreciated under MACRS using a five-year recovery period, and has been depreciated for four full years
If the assumed tax rate is 40 percent on ordinary income and capital gains, the tax effect of this transaction is ________.
A) $0 tax liability
B) $7,560 tax liability
C) $4,400 tax liability
D) $7,720 tax liability
D
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During the acquaintance phase of leadership making, the exchanges are ______.
A. low quality B. medium quality C. moderately high quality D. high quality
Much fanfare was made about Anthony’s latest bonus in the office. He has always been a high performer. However, this year he received an extra-large bonus. His coworker Hannah got a little tired of hearing about Anthony’s bonus and decided that next year she would win some of the bonus money. Which advantage of individual incentives does this illustrate?
A. Easy to evaluate individual employees B. Ability to match rewards to employee desires C. Promotes the link between performance and results D. May motivate less productive employees to work harder E. None of the above
Phillips Co. reported total credit sales of $245,400 for Year 2. Its accounts receivable totaled $39,900 and $58,400 at the beginning and end of the year, respectively. What was the cash collected from customers during Year 2?
A. $285,300 B. $263,900 C. $245,400 D. $226,900
A standard is a sales price, cost, or quantity that is expected under normal conditions
Indicate whether the statement is true or false