Tax returns from individual and C corporate taxpayers are due on the 15th day of the third month following the close of the tax year.
Answer the following statement true (T) or false (F)
False
Individual returns and C corporation returns are both due on the 15th day of the fourth month following the close of the tax year.
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The accountant of Zeus Legal Services failed to make an adjusting entry for supplies that had been used for the year. Assume the supplies were initially recorded as an asset. Which of the following statements is true?
A) The total liabilities will be overstated. B) The equity will be understated. C) The total assets will be overstated. D) The total assets will be understated.
Even if a firm obtains all of its common equity financing from retained earnings, its marginal cost of capital (MCC) schedule could still increase if very large amounts of new capital are raised.
Answer the following statement true (T) or false (F)
The beginning of the sales presentation may be the most important part of the selling process, because this is where the salesperson establishes
A. where the customer is in the buying process. B. which of the alternative products to demonstrate. C. how much time has been allocated for the presentation. D. whether to quote a full price or discount price. E. which type of follow-up will be needed.
The degree of care imposed on a special bailee is
a. great care. b. slight care. c. reasonable care. d. extraordinary care.