The alternative minimum tax applies to individuals only if it exceeds the taxpayer's regular income tax liability.
Answer the following statement true (T) or false (F)
True
The AMT serves as a tax floor so it will only be paid if it exceeds the regular tax.
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Oceanside Marine Company manufactures special metallic materials and decorative fittings for luxury yachts that require highly skilled labor. Oceanside uses standard costs to prepare its flexible budget. For the first quarter of the year, direct materials and direct labor standards for one of their popular products were as follows:
Direct materials: 2 pound per unit; $12 per pound Direct labor: 2 hours per unit; $16 per hour Oceanside produced 3000 units during the quarter. At the end of the quarter, an examination of the direct materials records showed that the company used 6500 pounds of direct materials and actual total materials costs were $99,600. What is the direct materials cost variance? (Round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar.) A) $9960 Unfavorable B) $9960 Favorable C) $21,580 Unfavorable D) $21,580 Favorable
Costs that result from defective units, product returns, and complaints are referred to as ____________________ costs
Fill in the blank(s) with correct word
Whether buyer-seller relationships in an industry represent a strong or weak source of competitive pressure is a function of
A. how many buyers purchase all of their requirements from a single seller versus how many purchase from several sellers. B. whether industry members are spending more or less on advertising. C. the extent to which buyers can exercise enough bargaining power to influence the conditions of sale in their favor and whether strategic partnerships between certain industry members can adversely affect other industry members. D. the speed with which general economic conditions and interest rates are changing. E. the number of buyers versus the number of sellers.
Productivity can be improved by:
A) increasing inputs while holding outputs steady. B) decreasing outputs while holding inputs steady. C) increasing inputs and outputs in the same proportion. D) decreasing inputs while holding outputs steady. E) none of the above.