A calendar year taxpayer files his 2016 Federal income tax return on March 4, 2017 . The return reflects an overpayment of $6,000, and the taxpayer requests a refund of this amount. The refund is paid on May 16, 2017 . The refund need not include interest
a. True
b. False
Indicate whether the statement is true or false
True
RATIONALE: Because 45 days have not gone by since the due date of the return, interest need not be paid on the refund.
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Refer to Figure 11.1. At the equilibrium exchange rate of ____ per franc, ____ francs will be purchased at a total dollar cost of ____.
a. $.50, 5 million, $2.5 million
b. $.50, 5 million, $1.5 million
c. $.70, 3 million, $2.1 million
d. $.70, 7 million, $4.9 million
A firm is doing a marketing cost analysis involving two products, three target markets, and $6 million in advertising costs. The firm should
A. allocate these costs to general overhead. B. allocate $3 million of the advertising costs to each product. C. allocate $2 million of the advertising costs to each target market. D. determine the purpose of the advertising and allocate costs to products and target markets accordingly. E. allocate these costs to each product and target market on the basis of their percentage of total sales.
Tourism would show up on the
A) merchandise account. B) current account. C) capital account. D) A and C.
A ________ is a group of people with a common interest who interact on the Internet
Fill in the blank(s) with correct word