Nate is a partner in a partnership that received $5,000 of interest income this year. Nate's share of the interest is $1,000, and he should report this income on his individual return as:
A. business income
B. income from a partnership
C. dividend income because the partnership intends to organize next year as a limited liability company
D. interest income
E. None of the choices are correct
Answer: D
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In general, radical innovations occur quickly and incremental innovations take a long time to develop.
Answer the following statement true (T) or false (F)
Under U.S. GAAP, the statement of cash flows classifies cash expenditures for interest on debt as a(n) _____ activity and classifies cash expenditures for dividends to shareholders as a(n) _____ activity
a. operating; operating b. operating: investing c. operating; financing d. financing; operating e. financing; financing
Identify at least four ways to manage stress.
What will be an ideal response?
Megan and Nicole do business as One World Realty. In acting on the firm's behalf in a deal with Property Acquisition Company, Megan fails to account for the profit. To her firm, Megan is
a. liable for breach of the duty of care. b. liable for breach of the duty of economic sense. c. liable for breach of the duty of loyalty. d. not liable.