The personal holding company tax is a penalty tax imposed in addition to the regular income tax.
Answer the following statement true (T) or false (F)
True
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Tiffin Company had retained earnings of $50,000 at the end of last year. For the current year, income was $20,000 and dividends $15,000 . What is the balance in retained earnings at the end of the current year?
a. $85,000 b. $45,000 c. $55,000 d. $60,000 e. none of the answers are correct
Peck Tech. purchased a patent at the beginning of 2011 for $400,000. The patent's legal life was 20 years, but economic benefits were expected for 10 years. Also, during 2011, Peck's incurred research and development costs of $200,000. The book value of the patents at December 31, 2011, is:
A) $400,000 B) $360,000 C) $350,000 D) $560,000
Customers seldom rely on the price-quality associations.
Answer the following statement true (T) or false (F)
Which of the following is a characteristic that is needed for decentralization to work well in an organization?
A. Responsibility. B. Good communication. C. Clear lines of authority. D. All of these answers are correct.