Individuals are generally allowed to deduct the greater of the standard deduction or itemized deductions.
Answer the following statement true (T) or false (F)
True
Individuals may deduct the greater of the standard deduction or itemized deductions in arriving at taxable income.
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When a multinational corporation (MNE) sends employees from its home country, these employees are referred to as ______.
a. host country nationals b. third-country nationals c. international managers d. expatriates
Suppose the exchange rate between U.S. dollars and Swiss francs is SF 1.41 = $1.00, and the exchange rate between the U.S. dollar and the euro is $1.00 = 1.64 euros. What is the cross-rate of Swiss francs to euros?
A. 0.43 B. 0.86 C. 1.41 D. 1.64 E. 2.27
Shareholders have the right to manage the corporate business
Indicate whether the statement is true or false
Warren Enterprises had the following events during Year 1:The business issued $40,000 of common stock to its stockholders.The business purchased land for $24,000 cash.Services were provided to customers for $32,000 cash.Services were provided to customers for $10,000 on account.The company borrowed $32,000 from the bank.Operating expenses of $24,000 were incurred and paid in cash.Salary expense of $1,600 was accrued.A dividend of $8,000 was paid to the stockholders of Warren Enterprises.Assuming the company began operations during Year 1, the amount of retained earnings as of December 31, Year 1 would be:
A. $8,400 B. $10,000 C. $16,400 D. $42,000