Tongass had pretax accounting income of $1,400 during 2014 . Tongass used accelerated depreciation for tax purposes ($1,000) and straight-line depreciation for financial reporting purposes ($200). During 2014, Tongass accrued warranty expenses of $900 and paid cash to honor warranties of $500 . Tongass's taxable income for 2014 would be
a. $200.
b. $1,000.
c. $1,800.
d. $2,600.
B
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Nanotechnology would be classified as a breakthrough technology.
Answer the following statement true (T) or false (F)
Kurt writes a check on his account at Liquidity Bank to Mandy, a fa¬mous singer. The person claiming to be Mandy is an imposter, however, named Nila. Nila indorses the check to Outsize Portions, a casino, restaurant, and nightclub, for which Liquidity Bank cashes it. Ultimately, the loss will most likely fall on
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