Partners may agree that the most equitable method of allocating profits and losses is to base salaries on the services rendered by each partner
a. True
b. False
Indicate whether the statement is true or false
True
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A primary reason why nations conduct international trade is because
a. most goods and services are cheaper abroad. b. they can acquire the resources needed for domestic production. c. a global economy helps bring production and consumption together. d. certain goods and services can be obtained more economically through trade.
A landlord is expected to use reasonable care to ensure that his or her tenants are not harmed in common areas.
Answer the following statement true (T) or false (F)
Owen and Jessica own and operate an S corporation. Each is a 50% owner. The business reports the following results: Business revenue$225,000Business expenses 88,000Investment expenses 16,000How do Owen and Jessica report these items for tax purposes?
A. $137,000 income on Schedule E; $88,000 investment expense on Schedule A B. $68,500 income on Schedule E; $8,000 investment expense on Schedule A C. $68,500 income on Schedule E; $16,000 investment expense on Schedule D D. $225,000 income on Schedule E; $16,000 investment expense on Schedule A
Which is not an incremental fit index?
A) GFI B) NFI C) CFI D) RMSR E) A and D