In a functional organization workers can learn readily from others in their discipline and keep their skills sharp
Indicate whether the statement is true or false
T
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The ____________________ is expressed in months or days from the date of issue to the date of maturity
Fill in the blank(s) with correct word
Exhibit 11-05Wilson is preparing his tax returns using the MACRS convention. The following information relates to the purchase of an asset on January 1, Year 1.
MACRS Depreciation as a Percentage of the Cost of the AssetYear of Life3 5 7 10 1 33.33% 20.00% 14.29% 10.00% 2 44.45% 32.00% 24.29% 18.00% 3 14.81% 19.20% 17.49% 14.40% 4 7.41% 11.52% 12.49% 11.52% 5 11.52% 8.93% 9.22% 6 5.76% 8.92% 7.37% 7 8.93% 6.55% 8 4.46% 6.55% 9 6.56% 10 6.55% 11 3.28% ? Cost$ 105,000 Estimated Economic Life7 Estimated residual value$ 15,000 Depreciation for Financial Statementsstraight-line MACRS life5 MACRS Method200%-declining-balance ? ? Refer to Exhibit 11-05, what amount of depreciation would be recorded on the income tax returns for year 5? A. $6,048 B. $15,000 C. $12,096 D. $0
Piechocki Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During May, the company budgeted for 5,900 units, but its actual level of activity was 5,940 units. The company has provided the following data concerning the formulas used in its budgeting and its actual results for May:Data used in budgeting: Fixed element per monthVariable element per unitRevenue - $32.60 Direct labor$0 $3.90Direct materials 0 12.10Manufacturing overhead 33,400 1.80Selling and administrative expenses 28,300 0.40Total expenses$61,700 $18.20?Actual results for May: Revenue$200,564Direct labor$22,786Direct materials$73,824Manufacturing overhead$43,922Selling and administrative
expenses$31,896?The activity variance for direct labor in May would be closest to: A. $156 U B. $224 U C. $224 F D. $156 F
According to the IRS, a limited liability company must exist:
a. in perpetuity b. only for ten years c. only for twenty years d. for no longer than fifty years e. none of these