Which of the following actions cannot be used to eliminate a potential accumulated earnings tax liability situation involving a corporation owned by a mother and a father?
A. Make a deficiency distribution within 90 days of the date on which the IRS determines that an accumulated earnings tax liability is owed.
B. Make a cash distribution within 2 1/2 months after the end of the tax year.
C. Liquidate the corporation.
D. Create plans to invest retained earnings in a plant expansion.
Answer: A
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Feathertouch Company sold merchandize worth $800 on credit, terms n/15 and on the next day the customer returned merchandize worth $50, which cost $30 for Feathertouch company. What is the required journal entry to record the merchandize returns under the perpetual inventory system?
a. Accounts Receivables 50 Sales Returns and Allowances 50 Cost of Goods Sold 30 Merchandize Inventory 30 b. Sales Returns and Allowances 50 Accounts Receivables 50 Merchandize Inventory 30 Cost of Goods Sold 30 c. Accounts Receivables 50 Merchandize Inventory 50 Cost of Goods Sold 30 Sales 30 d. Merchandize Inventory 50 Sales 50 Sales 30 Cost of Goods Sold 30
Which of the following statements is false?
a. While the use of standard costing is acceptable for job-order costing systems, actual cost records should still be maintained. b. It is normally more time-consuming for a company to use standard costs in a job-order costing system. c. Standards can be used in a job-order costing system, if the company usually produces items that are similar in nature. d. Standard costs may be used for material, labor, or both material and labor in a job-order costing environment.
How many justices sit on the U.S. Supreme Court?
A) 5 B) 7 C) 9 D) 11
Public policy means the law that comes from the:
a. state legislature. b. executive branch of the government. c. courts that decide what would have a negative impact on society. d. Constitution.