Which of the following budgets for a service business should be prepared last?
a. Revenue budget
b. Other direct expenses budget
c. Professional labor budget
d. Overhead budget
b
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Which of the following costs are the benefits that are forfeited or lost when one alternative is chosen over another?
A) Incremental cost B) Sunk cost C) Opportunity cost D) Direct cost
Publicly held corporations are corporations run by the government
Indicate whether the statement is true or false
Choose the correct number form or capitalization choice in parentheses. I was (20, twenty) minutes early for my (3, three) o'clock appointment with the recruiter
The Serenity Corporation distributes $200,000 in cash to its shareholders during 2019. Accumulated earnings and profits are $80,000 as of January 1, 2019. Current earnings and profits for 2019 are $84,000. Jonas, the sole shareholder of Serenity Corporation, has a basis of $48,000 in his stock. What is the tax effect of the distribution for Jonas?
A. Jonas will recognize ordinary income of $164,000 and a capital gain of $36,000. B. Jonas will recognize ordinary income of $84,000, capital gain of $80,000, and a tax-free recovery of capital of $36,000. C. Jonas will recognize ordinary income of $164,000 and a tax-free return of capital of $36,000. D. Jonas will recognize ordinary income of $164,000 and a capital loss of $12,000. E. Jonas will recognize ordinary income of $200,000 and a capital loss of $12,000.