An exception report conveys information about deviations from the normal op-erations of a business
Indicate whether the statement is true or false
TRUE
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On January 1 . 2012 . Costas Co purchased a new machine for $1,250,000 . The new machine has an estimated useful life of five years and the salvage value was estimated to be $250,000 . Costas uses the sum-of-the-years'-digits method of depreciation. The amount of depreciation expense for 2014 is
a. $200,000. b. $250,000. c. $300,000 d. $416,667
If a defendant's act caused a plaintiff's injuries, there is causation in fact
Indicate whether the statement is true or false
Compared to corporations, what is the primary disadvantage of partnerships as a form of business organization?
A. The tax rates applied to partnerships are higher than the tax rates applied to corporations. B. Any dividends paid to the owners of a partnership business are taxed twice, once at the partnership level and once at the personal, or individual level. C. Partnerships generally are more complex to form (start up) than corporations. D. Partnerships have unlimited lives whereas corporations do not. E. The owners of a partnership, that is, the partners, have unlimited liability when it comes to business obligations whereas the owners of a corporation have limited liability.
Which of the following statements comparing traditional and Roth IRAs is false?
A. For a 57-year old individual, the maximum allowable contribution to either type of IRA is $7,000. B. Contributions to traditional IRAs may be deductible; contributions to Roth IRAs are nondeductible. C. Individuals may have to pay a premature withdrawal penalty from either type of IRA. D. Individuals who have reached age 70½ must begin liquidating either type of IRA.