June Corporation has the following income and expense items during the current year:Net loss from operations ($ 140,000)Dividends received 25% owned corporations240,000 The allowed dividends-received deduction is
A. $240,000.
B. $156,000.
C. $0.
D. $65,000.
Answer: B
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The correction of an error in the financial statements of a prior period should be reflected, net of applicable income taxes, in the current
A) income statement after income from continuing operations and before extraordinary items. B) income statement after income from continuing operations and after extraordinary items. C) retained earnings statement after net income but before dividends. D) retained earning statement as an adjustment of the opening balance.
A time of declining economic activity when businesses decrease production, unemployment rises, and many consumers have less money to spend is referred to as
A. deflation. B. inflation. C. a depression. D. a recession. E. prosperity.
Which of the following would be an example of “stewardship” as described by the 1994 interfaith declaration?
a. a coworker admitting to an unethical interaction with a customer b. a CEO approving purchase of a technology that would help reduce pollution c. a manager implementing sanctions against a department that violated the company’s code of ethics d. a customer reporting a corporate seller to the Better Business Bureau
Bob saw himself as a citizen of the world rather than just a local resident. A term for this perspective is ______.
A. egocentrism B. altruism C. ethnocentrism D. cosmopolitanism