An insurable interest in property must exist when a policy is purchased.
Answer the following statement true (T) or false (F)
False
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Perch Corporation has made paint and paint brushes for the past ten years. Perch Corporation is owned equally by Arnold, an individual, and Acorn Corporation. Perch Corporation has $100,000 of accumulated and current E&P. Both Arnold and Acorn Corporation have a basis in their stock of $10,000. Perch Corporation discontinues the paint brush operation and distributes assets worth $10,000 each to Arnold and Acorn Corporation in redemption of 20% of their stock. Due to the distribution, Arnold and Acorn Corporation must report:
A.
| Arnold | Acorn Corporation |
| $10,000 dividend | $8,000 capital gain |
B.
| Arnold | Acorn Corporation |
| $8,000 capital gain | $8,000 capital gain |
C.
| Arnold | Acorn Corporation |
| $8,000 capital gain | $10,000 dividend |
D.
| Arnold | Acorn Corporation |
| $10,000 dividend | $10,000 dividend |
Mckelvey Inc., a U.S. - based cosmetics manufacturer, promotes its products using the same price value, composition, and advertisements irrespective of the target market location. In this case, the company is utilizing ________
A) contract manufacturing B) export marketing C) intermediary selling D) export selling
Bacon Financial Advisors provides accounting and finance assistance to customers in the retail business. Bacon has four professionals on staff and an office with six clerical staff. Total compensation, including benefits, for the professional staff runs about $573,000 per year, and normal billable hours are 8000 hours per year. The professional staff keep detailed time sheets organized by client number. The total office and administrative costs for the year are $753,000. What is the direct labor rate for the professional staff? (Round your answer to the nearest cent.)
A) $94.13 per hour B) $22.50 per hour C) $71.63 per hour D) $165.75 per hour
Bacon Signs will have cash receipt of $80,000 in December and cash disbursements in December of $70,000. If its beginning cash is $4,000 and its desired reserve is $15,000, what will Bacon Signs' cash situation be at the end of December?
What will be an ideal response?