Interest on bonds is tax deductible.
Answer the following statement true (T) or false (F)
True
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On January 1, 2014, the Accounts Receivable and the Allowance for Uncollectible Accounts for Darius Company carried balances of $20,000 and $550 respectively. During the year, the company reported $70,000 of credit sales. There were $400 of receivables written off as uncollectible in 2014 . Cash collections of receivables amounted to $74,700 . The company estimates that it will be unable to
collect 5% of the year-end accounts receivable balance. The net realizable value of receivables appearing on the 2014 balance sheet will amount to: a. $14,105 b. $14,155 c. $14,900 d. $15,450
Which of the following is NOT a rule for the interpretation of contracts?
A) The court will apply an objective test to the determination of the intention of the parties. B) The court may not consider dealings between the parties prior to entering into the contract. C) The court will read the words in a contract in the way that they are understood by people in business concerned. D) The court may use the dictionary definition of a word which appears in a contract. E) The court may rely on what the contract itself says that a word in it means.
An agreement between a manufacturer and a wholesaler is horizontal
a. True b. False Indicate whether the statement is true or false
The rationale behind why the Glass-Steagall Act mandated the ban on commercial banks from dealing in securities markets and selling insurance was that such activities:
A. encouraged the banks to engage in fraudulent activities. B. exhausted the business assets of investment banks and insurance companies. C. reduced the banks' funds to create loans for their customers. D. exposed banks and their depositors to higher levels of risk.