The Jobs and Growth Tax Relief Reconciliation Act of 2003 significantly changed the tax treatment of corporate dividends for most taxpayers by dropping the tax rate to the rate applicable on capital gains, which is a maximum rate of 15%
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TRUE
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The following Income Statement and Operating Cash Flow information pertain to Receivership Inc.'s operations for the year ended December 31, 2018.Income statement for the year ended December 31, 2018Revenues 1,328 Cost of goods sold 587 Rent expenses 152 Wages expenses 136 Insurance expenses 53 Other SG&A (includes depreciation expenses) 198 Interest expenses 30 Gain on sale of asset (5) 1,151 Income before tax 177 Tax 62 Net income 115 Cash flow provided by operating activities(indirect method), for the year ended December 31, 2018Net income 115 Depreciation 32 Gain on sale of
asset (5) 142 Increases/decreases in Accounts receivable 26 Inventories (35) Prepaid rent 13 Accounts payable 28 Wages payable (20) Tax payable 5 Interest payable (2) Advances from customers (3) Other accrued SG&A 5 17 Net cash provided by operating activities 159 Required: Prepare the net cash flow from operating activities section of the cash flow statement using the direct method. What will be an ideal response?
Which one of the following accounts most likely would appear on the income statement of a merchandise company, but not on the income statement of a service company?
a. Income Tax Expense b. Cost of Goods Sold c. Selling Expenses d. Administrative Expenses
The bond issue price is determined by calculating the
a. present value of the stream of interest payments and the future value of the maturity amount. b. future value of the stream of interest payments and the future value of the maturity amount. c. future value of the stream of interest payments and the present value of the maturity amount. d. present value of the stream of interest payments and the present value of the maturity amount.
A customer-performance scorecard tracks the satisfaction of various constituencies who have a critical interest in and impact on the company's performance: employees, suppliers, banks, distributors, retailers and stockholders
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