Stockmaster Corporation has provided the following contribution format income statement. Assume that the following information is within the relevant range. Sales (8,000 units)$320,000Variable expenses 192,000Contribution margin 128,000Fixed expenses 121,600Net operating income$6,400The margin of safety in dollars is closest to:
A. $128,000
B. $121,600
C. $6,400
D. $16,000
Answer: D
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Tyson is a 25 percent partner in the KT Partnership. On January 1, KT makes a proportionate distribution of $16,000 cash, inventory with a $16,000 fair value (inside basis $8,000), and land with a fair value of $8,000 (inside basis of $12,000) to Tyson. KT has no liabilities at the date of the distribution. Tyson's basis in his KT Partnership interest is $24,000. What is Tyson's basis in the distributed inventory and land?
A. $0 inventory, $8,000 land. B. $16,000 inventory, $8,000 land. C. $8,000 inventory, $0 land. D. $8,000 inventory, $12,000 land.
When there is an assignment of rights and delegation of duties under a contract, the assignor:
a. is released from all liability. b. remains liable for a minimal amount. c. remains liable for performance. d. becomes secondarily liable for performance.
Describe malice in the context of defamation and invasion of privacy
A combination plan often favored by chief executive officers who don't like to make payouts when the company loses money is a completely self-funding plan.
Answer the following statement true (T) or false (F)