In Quill Corp v. North Dakota, a state sales tax was imposed on out-of-state firms doing mail-order business with North Dakota residents. This law was found:
a. unconstitutional violation of the necessary and proper clause
b. unconstitutional violation of the commerce clause
c. constitutional because it involves interstate commerce
d. unconstitutional violation of the First Amendment rights of the mail-order businesses e. constitutional because it involves all mail-order firms
b
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In a letter or credit, the _______ will be the drawer of the drafts that will be drawn under a letter of credit
A) correspondent bank. B) issuer. C) beneficiary. D) advising bank.
Gayner Corporation is an oil well service company that measures its output by the number of wells serviced. The company has provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results of operations for November. Fixed Element per MonthVariable Element per Well ServicedActual Total for NovemberRevenue $4,300$148,400Employee salaries and wages$48,900 $1,000$84,000Servicing materials $600$20,200Other expenses$30,300 $29,600When the company prepared its planning budget at the beginning of November, it assumed that 30 wells would have been serviced. However, 34 wells were actually serviced during November.The spending variance for "Servicing materials" for November would have been closest to:
A. $2,200 F B. $200 U C. $2,200 U D. $200 F
During the course of an audit, a CPA's substantive analytical procedure provides an expected interest expense that is significantly higher than the amount recorded in the entity's accounting records. This observation would most likely lead the auditor to suspect that
A. The entity failed to record all debt. B. Discount on Bonds is misstated. C. Interest income is overstated. D. The entity failed to record all interest expense.
Information on four investment proposals is given below:ProposalInvestmentNet Present Value1$8,000$3,2002$12,000$3,6003$10,000$2,5004$4,000$2,000Rank the proposals in terms of preference from highest to lowest according to the project profitability index:
A. 2, 3, 1, 4 B. 3, 2, 1, 4 C. 2, 1, 3, 4 D. 4, 1, 2, 3