Trump Company Other revenues $110,000 General and administrative expenses $250,000 Dividends $120,000 Gross profit $750,000 Selling expenses $220,000 Income tax expense $117,000 Refer to the information provided for Trump Company. What is Trump Company's income from operations?
A) $160,000
B) $280,000
C) $220,000
D) $120,000
B
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Name the four maxims that are associated with conversations to make them most satisfying and briefly explain what each maxim contributes.
What will be an ideal response?
U.S. GAAP and IFRS provide criteria for distinguishing operating leases from capital leases. Which of the following is not true?
a. The criteria attempt to identify the entity, whether lessor or lessee, that enjoys the benefits and incurs the risk of the leased asset. b. When the lessor enjoys the benefits and bears the risk, the lease is an operating lease. c. When the lessee enjoys the benefits and bears the risk, the lease is a capital lease. d. IFRS provides more specific criteria for identifying the entity enjoying the rewards and incurring the risk. e. Firms cannot currently apply the fair value option to capital leases.
Discuss the effect, if any, each of the following should have on the recognition of future events: a. The probabilistic nature of future events b. Management intent c. Conservatism d. Future economic conditions e. Future legal requirements
What will be an ideal response?
Inland Eastex Inc. manufactures paper that is used for printing covers for different types and sizes of magazines. The percentage of magazine sales determines how much paper Inland Eastexwill produce each year. This is an example of _____ demand
a. joint b. inelastic c. derived d. elastic