Which, if any, of the following is a deduction for AGI?
a. Contributions to a traditional Individual Retirement Account.
b. Child support payments.
c. Funeral expenses.
d. Loss on the sale of a personal residence.
e. Medical expenses.
a
RATIONALE: IRA contributions (choice a.) are deductions for AGI. Child support payments (choice b.), funeral expenses (choice c.), and personal capital losses (choice d.) are nondeductible items. Medical expenses are deductions from AGI.
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Ted Catering received $840 cash in advance from a customer for catering services to be provided in three months. Determine the general journal entry that Ted Catering will make to record the cash receipt. Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts.
A.
| Cash | 840? | |
| Accounts Receivable | 840? |
B.
| Accounts Receivable | 840? | |
| Catering Revenue | 840? |
C.
| Unearned Catering Revenue | 840? | |
| Catering Revenue | 840? |
D.
| Cash | 840? | |
| Catering Revenue | 840? |
E.
| Cash | 840? | |
| Unearned Catering Revenue | 840? |
Which of the following is the best nonverbal behavior to display during an interview?
A) Sit erect, leaning forward slightly to show interest and confidence. B) Change positions often and gesture as frequently as possible to convey high energy. C) Lean forward, resting your arms on the desk or table before you, to indicate control. D) Relax back into your chair, slouching slightly, to demonstrate self-assurance.
Expansion or development financing is easier to obtain than early-stage financing.
Answer the following statement true (T) or false (F)
________ are common forms of non-cash expenses for a firm
A) Depreciation and amortization B) Depreciation and interest C) Depreciation and dividends D) All of the above