Two years ago, Gina loaned Tom $50,000. Tom signed a note the terms of which called for monthly payments of $2,000 plus 6% interest on the outstanding balance. Last year, when the balance owing on the loan was $18,000, Tom defaulted on the note. As of the end of last year, there appeared to be no reasonable prospect of Gina recovering the $18,000. As a consequence, Gina claimed the $18,000 as a nonbusiness bad debt. Last year, Gina had AGI of $50,000, which included $16,000 of net long-term capital gains. Gina did not itemize her deductions. During the current year, Tom paid Gina $13,000 in final settlement of the loan. How should Gina account for the payment in the current year?
A. File an amended tax return for last year.
B. Report no income for the current year.
C. Report $2,000 of income for the current year.
D. Report $5,000 of income for the current year.
E. None of these.
Answer: E
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In the 1920's many employers who followed the human resources school of thought believed that nonunion representation plans were:
A. unnecessary if management was exercising good human resources B. a threat to management's decision-making authority C. helpful in promoting mutual respect, cooperation and loyalty D. vital to protecting worker rights and interests
After a corporation declares a cash dividend, what takes place on the date of record?
A) Cash decreases. B) Liabilities decrease. C) Equity decreases. D) No entry is necessary.
Because SignalCorp is nonunion, its employees do not have the right to file unfair labor practice charges against the firm.
Answer the following statement true (T) or false (F)
Given the forecast and booked orders shown in the table, and a beginning inventory of 0, what is the available to promise inventory for period 3? There are no LOT quantity constraints
Period 1 2 3 4 Forecasted Demand 100 100 90 90 Booked Orders 103 87 54 21 Projected ending inventory Master production schedule Available to Promise A) 0 B) 12 C) 24 D) 36