You and spouse are filing a joint return. Your current deductions have reduced your taxable income to $88,990, bringing you into the 25 percent tax bracket. The first dollars you earned will be taxed at the ________ tax bracket
A) 10 percent
B) 15 percent
C) 25 percent
D) 33 percent
Answer: A
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The cost of merchandise sold during the year was $45,000 . Merchandise inventories were $13,500 and $10,500 atthe beginning and end of the year, respectively. Accounts payable were $7,000 and $5,000 at the beginning andend of the year, respectively. Using the direct method of reporting cash flows from operating activities, cashpayments for merchandise total
a. $46,000 b. $44,000 c. $50,000 d. $40,000
Mary was selling her house. The purchase asked if it had termites and Mary replied in horror, "absolutely not". However, it did have termites
But clever insects that they are, they kept well inside the wood so Mary never saw them and didn't have any idea that they were there. There was no mention of this statement in the contract for sale of the house. Mary's statement is considered in law to be A) an innocent misrepresentation B) a negligent misrepresentation C) a false warranty D) of no consequence because it was not included in the written contract E) of no consequence because she believed that there were no termites and was honestly mistaken
Which of the following statements is CORRECT?
A. If you have a series of cash flows, each of which is positive, you can solve for I, where the solution value of I causes the PV of the cash flows will be more than the cash flow at Time 0. B. If you have a series of cash flows, and CF0 is negative but each of the following CFs is positive, you can solve for I, but only if the sum of the undiscounted cash flows exceeds the cost. C. To solve for I, one must identify the value of I that causes the PV of the positive CFs to equal the absolute value of the FV of the negative CFs. It is impossible to find the value of I without a computer or financial calculator. D. If you solve for I and get a negative number, then you must have made a mistake. E. If CF0 is positive and all the other CFs are negative, then you can still solve for I.
Gorhan Construction, Brighton Bros., and Tirenn Construction agreed that on three upcoming projects, Gorhan would bid lowest on one, Brighton would submit the lowest bid on the second project, and Tirenn would submit the lowest bid on the third project. In this way, they would each be assured of work for the upcoming season. This behavior A)is legal and acceptable practice in the construction
industry to spread work more evenly. B)is a per se violation of the Sherman Act. C)is a rule of reason violation of the Sherman Act. D)violates ethical, but not legal, standards.