Only the income that remains after deductions and exemptions are subtracted from adjusted gross income is taxable
Indicate whether the statement is true or false.
Answer: TRUE
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At year-end, a trial balance showed total credits exceeding total debits by $5700. This difference could have been caused by:
A. The balance of $57,000 in Accounts Payable being entered in the trial balance as $5700. B. An error in the general journal where a $5700 increase in Accounts Payable was recorded as a decrease in Accounts Payable. C. A net income of $5700. D. The balance of $6400 in the Office Equipment account being entered on the trial balance as a debit of $700. E. An error in the general journal where a $5700 increase in Accounts Receivable was recorded as an increase in Cash.
Which of the following is/are not true?
a. Firms may periodically distribute net assets generated by earnings to shareholders as a dividend. b. Firms reduce net assets and retained earnings for the dividend distribution. c. Retained earnings on the balance sheet provides a measure of the cumulative net assets generated by earnings in excess of dividends declared. d. The sale of property, plant, and equipment represents the primary source of funds for most successful businesses. e. none of the above.
Make or buy options often arise when a manufacturer has excess productive capacity in the form of unused equipment, space, and labor
Indicate whether the statement is true or false
In the sentence The employees with the most seniority are Rachel and Joe, the verb are is ____
A) transitive B) intransitive C) linking D) helping