Which of the following best describes a probate??
A) ?It is a witness based procedure used to terminate a will
B) ?It is the legal transfer of real estate to a legatee.
C) ?It is a court procedure that determines the validity of a will.
D) ?It is a procedure used by a legatee to speed up the execution of a will.
C
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Using the Direct Method For the following question(s), indicate how each transaction described would be classified on a statement of cash flows if the operating activities section is prepared under the direct method. When using the direct method, where is depreciation expense recorded on the statement of cash flows?
A) Operating activity B) Investing activity C) Financing activity D) Not reported on the statement of cash flows
As of December 31, 2013, Desert Junction Corporation had the following account balances: Cash: $100,000 Accounts Receivable: $27,000 Merchandise Inventory: $35,000 Property, Plant, & Equipment: $150,000 Accounts Payable: $42,000 Long-Term Notes Payable: $122,000 Common Stock: $110,000 Retained Earnings: $38,000 Net Sales totaled $350,000, Cost of Goods Sold was
$180,000, total Operating Expenses were $73,000 and Income Taxes Expense were $27,000 for that same year. On December 31, 2012, total assets were $336,000 and total liabilities were $154,000 . ??Desert Junction's return on assets for 2013 is: a. 1.042. b. 1.080. c. 0.244. d. 0.216.
A sole proprietorship offers less flexibility than does a partnership or a corporation
Indicate whether the statement is true or false
The marginal tax-rate structure of the income tax makes it possible to earn income that puts you in a higher bracket so that you wind up paying more additional taxes than the additional income you earned
Indicate whether the statement is true or false