A corporation has 60,000 shares of $25 par value stock outstanding that has a current market value of $120. If the corporation issues a 5-for-1 stock split, the number of shares outstanding will be:
A) 60,000
B) 10,000
C) 300,000
D) 30,000
C
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On January 1, 2016, a corporation acquired a truck for $100,000
Residual value was estimated to be $20,000. The truck can be driven for 50,000 miles over the next three years. Actual usage of the truck was recorded as 8,640 miles for the first year. Give the journal entry to record depreciation for the first year calculated as per the units-of-production method. (Do not round your intermediate calculations.) What will be an ideal response
You wish to make a substantial down payment on a lake cottage and you currently have $18,325 invested at an annual rate of 4.75%. How much money will be in the account in 2.5 years if it continues to earn at its present rate?
A) $18,325 B) $19,464 C) $20,579 D) $20,605
When taxable income exceeds certain levels, the itemized deductions and exemptions
A) are reduced. B) are limited but may be carried over to future years. C) reach a maximum allowable amount. D) increase in proportion to increases in taxable income.
A punctuation mark used to indicate the omission of characters or possession is the
a. hyphen b. semicolon c. apostrophe d. none of the above