The tax benefit from depreciation expense is the depreciation amount divided by the tax rate
Indicate whether the statement is true or false
F
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On November 1, 2018, Uno, Inc. declared a dividend of $4.50 per share. Uno, Inc. has 23,000 shares of common stock outstanding and no preferred stock. Which of the following is the journal entry needed to record the declaration of the dividend?
A) Debit Dividends Payable—Common $103,500, and credit Retained Earnings $103,500. B) Debit Cash Dividends $103,500, and credit Cash $103,500. C) Debit Cash Dividends $103,500, and credit Dividends Payable—Common $103,500. D) Debit Cash $103,500, and credit Dividends Payable—Common $103,500.
The Modified Accelerated Cost Recovery System (MACRS) is a depreciation method which is
a. is used for tax purposes b. must be used for financial statement purposes c. is required by the SEC d. expenses an asset over a single year because capital acquisitions must be expensed in the year purchased
After the defendant's attorney has finished calling witnesses, the plaintiff's attorney can call witnesses and put forth evidence to disprove the defendant's case. This is called a ________
A) rebuttal B) rejoinder C) closing argument D) deliberation
Growers Mart buys one hundred cases of berries from Hilltop Farms. The parties agree that the berries will be transported "F.O.B. Hilltop Farms" via Refrigerated Trucking Company. Refrigerated's truck and the berries are lost in a fire following an accident. The loss of the berries is suffered by A) Growers Mart
B) Hilltop Farms. C) Refrigerated Trucking. D) all of the parties as owners in common in equal measure.