The income statement for Simpson, Inc. indicates that tax expense was $30,000. The balance sheet
indicates that taxes payable for the same year increased by $5,000. What amount did Simpson, Inc.
actually pay in taxes during this year?
A) $20,000
B) $25,000
C) $15,000
D) Cannot be determined without the cash balance
B
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Inventory costs include all costs directly or indirectly associated with bringing an item to its existing condition or location for sale
Indicate whether the statement is true or false
The example used in the textbook of John Breen’s website Free Rice, was used to illustrate which concept?
a. Every rose has a thorn b. Strengths can be weaknesses and vice versa c. Every innovation starts with an idea d. Critical thinking is the heart of innovation
The _________ level focuses on developing the ability and vision to perform complex, multidisciplinary activities and the skills needed to further the IT security profession and to keep pace with threat and technology changes
A. security basics and literacy B. roles and responsibilities relative to IT systems C. education and experience D. security awareness
For each of the following taxpayers, indicate the applicable filing status and the number of children who qualify for the child credit.
a. Jeffrey is a widower, age 71, who receives a pension of $10,000, nontaxable social security benefits of $12,000, and interest of $2,000. He has no dependents. b. Selma is a single, full-time college student, age 20, who earned $6,800 working part-time. She has $1,700 of interest income and received $1,000 support from her parents. c. Olivia is married, but her husband left her three years ago and she has not seen or heard from him since. She supports herself and her six-year-old daughter. She paid all the household expenses. Her income consists of salary of $18,500 and interest of $800. d. Ruben is a single, full-time college student, age 20, who earned $6,800 working part-time. He has $250 of interest income and received $10,000 support from his parents. e. Cathy is divorced and received $12,000 alimony from her former husband and earned $35,000 working as an administrative assistant. She also received $2,500 of child support for her daughter who lives with her. Cathy filed the appropriate IRS form and gave up the dependency exemption to her former husband.