Frances McNale is an employee who drives a 2017 Ford C-Max with a fair-market value of $29,500. The lease value is $7,750, according to Publication 15-b. If the car was available for 150 days during the year, what is the prorated annual lease percentage, using the lease-value rule? (Do not round intermediate calculations, only round final answer to two decimal points.)
A) 35.63%
B) 39.82%
C) 41.10%
D) 42.39%
C) 41.10%
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Use this information to answer the following question. Northbrook Corporation is preparing a statement of cash flows. The following transactions occurred during the year: 1 . Sold machinery for $9,000 cash. 2 . Purchased a building for $80,000 cash. 3 . Issued $70,000 worth of stock to acquire an airplane. 4 . Converted long-term bonds by issuing $100,000 worth of stock. 5 . Declared and paid a
$10,000 cash dividend. Transaction 3 would be found on the statement of cash flows in the a. cash flows from operating activities section. b. cash flows from financing activities section. c. noncash investing and financing transactions section. d. cash flows from investing activities section.
When trying to build relationships with customers, salespeople must be particularly well-trained because they are usually the only employees whose actions influence customers directly.
Answer the following statement true (T) or false (F)
Olav owns Precision Painting, a sole proprietorship. Olav's liability is? A) limited by state statute and varies from state to state
B) limited to the extent of capital expenditures. C) limited to the extent of his or her original investment. D) unlimited.
In a statement of cash flows prepared by the indirect method, an increase in accounts receivable should be
A. deducted from net income in the operating activities section. B. added to net income in the operating activities section. C. reported as an inflow in the investing activities section. D. reported as an inflow in the financing activities section.