Scholarships are excluded from gross income for degree candidates even if the scholarship pays for required fees and books in addition to tuition.
Answer the following statement true (T) or false (F)
True
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The general ledger account for Accounts Receivable shows a debit balance of $25,000 . Allowance for Uncollectible Accounts has a credit balance of $1,500 . Net sales for the year were $250,000 . In the past, 3 percent of sales have proved uncollectible, and an aging of accounts receivable resulted in an estimate of $10,000 of uncollectible accounts receivable. Using the accounts receivable aging
method, the Allowance for Uncollectible Accounts balance (after adjustment) would be a. $11,500. b. $10,000. c. $8,500. d. $10,750.
Engineering design is an activity vital to the success of any motor vehicle manufacturer. Identify the level at which engineering design would be classified in the cost hierarchy used with ABC for a maker of built-to-order city and county emergency vehicles (orders are usually placed for 10 to 12 identical vehicles)
A) Unit-level activity B) Batch-level activity C) Product-level activity D) Facility-level activity
The state of Transas has set a maximum interest rate of 12 percent on loans. Matt borrows $10,000 from Tony to pay off a gambling debt. Both are residents of Transas
They sign a contract, which states that Matt would have to pay $1,500 as interest in one year to pay off the loan. Later, Matt gets to know about the state usury limit and sues Tony. What is the nature of the contract between Matt and Tony? A) It is illegal as it violates gambling statutes. B) It is legal as both parties were competent when the contract was signed. C) The contract is void as it violates usury laws. D) The contract is void as it is a contract to commit a crime.
Household Products Corporation wants to make an offering of securities to the public. The offering is not exempt from registration under the Securities Act of 1933. Before the firm sells its securities, it must provide investors with
A. a forward-looking financial forecast. B. an investment contract. C. a prospectus. D. a statement that the securities for sale are worth the price.