A corporation has revenue of $350,000 and deductible business expenses of $240,000. What is the federal income tax, before credits?
A. $26,400
B. $23,100
C. $38,500
D. $22,000
Answer: B
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The most important (in terms of dollar value) type of foreign exchange transaction by U.S. banks is the
a. spot transaction. b. forward transaction. c. swap transaction. d. option transaction.
Accounts payable represent:
a. Amounts which are due to stockholders. b. Amounts which have been borrowed to finance operations. c. Amounts which are owed to the company by its customers resulting from credit sales. d. Amounts which are owed by the company to its suppliers for past purchases.
Which of the following is a true statement about the Clean Water Act?
A. It provides that a discharge permit has to be obtained from the Army Corps of Engineers in order to deposit or discharge "refuse" into a navigable waterway. B. It was the 1970 amendment to the Federal Water Pollution Control Act (FWPCA). C. It provides the federal government with the primary responsibility for preventing, reducing, and eliminating water pollution. D. It had a goal to have no discharges of pollutants into the nation's waters by 1985.
Which of the following is an appropriate presentation of treasury stock?
a. As a marketable security b. As a deduction at cost from total stockholders' equity c. As a deduction at cost from total contingent liabilities d. As a deduction at par from total stockholders' equity