Which of the following statements is true?
A. The AMT rate is 25% of AMT income after exemption.
B. All corporations are subject to AMT.
C. The Tax Cuts and Jobs Act of 2017 repealed the corporate alternative minimum tax (AMT) beginning in 2018.
D. Small corporations with average annual gross receipts of less than $10 million are not subject to AMT.
Answer: C
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Which of the following depreciation methods is the most logical for a machine that produces discrete (i.e., separate) units?
A) Double-declining-balance B) Straight-line C) Group D) Production
An adjusting entry will not take the format of which one of the following entries?
a. A debit to an expense account and a credit to an asset account b. A debit to an expense account and a credit to a revenue account c. A debit to an asset account and a credit to a revenue account d. A debit to a liability account and a credit to a revenue account e. An adjusting entry could take the format of any choice a through d.
Informal networks are
A. the same as formal networks. B. the skeleton of the body of an organization. C. the established policies of an organization. D. the real power base in an organization. E. None of these are correct.
Indicate how each event affects the elements of financial statements. Use the following letters to record your answer in the box shown below each element. You do not need to enter amounts.(Note that "No Effect" means that the event does not effect that element of the financial statements or that the event causes an increase in that element is offset by a decrease in that same element.)Increase = IDecrease = DNo Effect = NAPerez Co. paid $220,000 cash for salaries expense.AssetsLiabilitiesEquityRevenuesExpensesNet IncomeStmt of Cash Flows???????
What will be an ideal response?