Which of the following interest expenses incurred by Trent is treated as personal interest expense and, therefore, not deductible as an itemized deduction?
A. Interest on a home mortgage acquired in 2013.
B. Interest expense on personal credit cards.
C. Interest expense incurred by a partnership in which Trent is a limited partner.
D. Bonds purchased with accrued interest.
Answer: B
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Nancy Henderson is a salesperson for a manufacturer of small kitchen appliances. She does not directly solicit orders. Her primary duties involve promotional activities and introducing new products to her employer's indirect customers. She spends much of her time demonstrating appliances at various retail stores. Nancy would be classified as a(n):
A. service salesperson. B. sales engineer. C. account representative. D. retail salesperson. E. detail salesperson.
A ________ crisis is a slowly developing internal crisis within an organization
A) monumental B) sudden C) brewing D) potential E) smoldering
The "takings clause" prevents the government from taking private property for any reason
a. True b. False Indicate whether the statement is true or false
On January 1, Year 2 Boothe Company paid $12,000 cash to extend the useful life of a machine. Which of the following general journal entries would be required to recognize this expenditure?
A.
| Depreciation expense | 12,000 | |
| Cash | 12,000 |
B.
| Machine | 12,000 | |
| Cash | 12,000 |
C.
| Accumulated depreciation | 12,000 | |
| Cash | 12,000 |
D.
| Retained earnings | 12,000 | |
| Cash | 12,000 |