According to supply-side economic theory, a decrease in tax rates for high-income individuals could actually cause an increase in tax revenue.
Answer the following statement true (T) or false (F)
True
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Which automaker currently has a joint venture with Hindustan Motors (India)?
A) Volkswagen B) Ford C) GM D) Renault E) Mazda
Native Mike's Consultants had the following balance sheet amounts at the beginning of the year: Total assets $400,000 Total owner's equity 150,000 During the year, total assets increased by $100,000 and total liabilities increased by $40,000 . The company also paid $30,000 in dividends. No other transactions occurred except revenues and expenses. How much is net income for the year?
a. $30,000 b. $60,000 c. $70,000 d. $90,000
Which of the following observations is NOT true with respect to analytical symptoms?
a. Analytical symptoms relate to what the size of the deferred charges are on the balance sheet relative to prior periods. b. With analytical symptoms, you are comparing trends and changes. c. To discover an inadequate disclosure fraud, a person must look for analytical symptoms. d. Proactive searching for analytical symptoms means that we are searching for accounts that are unusual in some way.
Marco Insurance acquired shares of Penny Systems' common stock on December 28, 2013, for $400,000 and classified them as trading securities. The fair value of these securities on December 31, 2013, was $402,000 . Marco Insurance sold these shares on January 3, 2014, for $405,000. (Refer to the Marco Insurance) The journal entries to measure trading securities at fair value and recognize
unrealized holding gain in net income on December 31, 2013. a. Cash.....................................................2,000 Marketable Securities..................................... 2,000 b. Other Comprehensive Income.................2,000 Marketable Securities..................................... 2,000 c. Marketable Securities..............................2,000 Other Comprehensive Income........................ 2,000 d. Marketable Securities..............................2,000 Unrealized Holding Gain on Trading Securities........................................ 2,000 e. Marketable Securities..............................2,000 Realized Holding Gain on Trading Securities......................................... 2,000