A source of tax-free income is
A) interest on municipal bonds.
B) inheritances.
C) foreign income incurred by U.S. citizens living and working abroad.
D) All of the above are sources of tax-free income.
Answer: D
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161. On July 1 of the current calendar year, Olive Co. paid $7,500 cash for management services to be performed over a two-year period beginning July 1. Olive follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. The adjusting entry on December 31 of the current year for Olive would include:
A. A credit to a liability and a debit to a prepaid expense for $1,875. B. A debit to a prepaid expense and a credit to Cash for $5,625. C. A debit to a prepaid expense and a credit to an expense for $1,875. D. A debit to an expense and a credit to a prepaid expense for $1,875. E. A debit to an expense and a credit to a prepaid expense for $5,625.
In developing countries, demand typically exceeds supply, and there is little concern about customer satisfaction, especially when the level of competition is low
Indicate whether the statement is true or false
For public relations professionals, journalists are ________
A) no longer the most important source for helping their messages be heard B) the primary source for research. C) still their primary "customers" D) online but prefer receiving correspondence via "snail mail"
Elmore pays First National Bank $1,000 plus a service fee to draw a check on itself made payable to Go Delivery Service. This is A) a cashier's check
B) an overdraft. C) a stale check. D) a stop-payment order.