The Stratford Estate incurs a $25,000 casualty loss in disposing of the decedent's real property. The deduction is claimed against the Federal estate tax unless by election it is claimed on the estate’s income tax return.
Answer the following statement true (T) or false (F)
True
Rationale: The deduction can be assigned to either return but not both with the deduction going by default to the Form 706.
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Answer the following statements true (T) or false (F)
1. One advantage of decentralized organizations is that procedures are uniform and thus easier to control. 2. The functional structure is the most typical type for small firms. 3. An organization with different groupings of people based on its products, customers, or geographic regions has a functional structure. 4. Ford Motor Co. has what is known as a divisional structure because it has different divisions for passenger car dealers, large trucking customers, and farm products customers.
A company sold $12,000 worth of bicycles with an extended warranty. The company's experience is that warranty expense averages 2% of sales. The company should:
A. Consider the warranty expense a remote liability since the rate is only 2%. B. Consider the warranty expense a contingent liability. C. Recognize warranty liability when the company purchases the bicycles. D. Recognize warranty expense at the time the warranty work is performed. E. Recognize warranty expense and liability in the year of the sale.
Which of the following is not true regarding the presentation of cash on the balance sheet?
a. A company may invest its highly liquid cash in order to earn interest; these investments are called cash equivalents. b. Most companies present only a single cash amount on the balance sheet by combining all their bank and cash fund accounts. c. Cash is the most liquid asset, and it is therefore listed first under the property, plant, and equipment section of the balance sheet. d. Cash is the most liquid asset, and it is therefore listed first under the current assets section of the balance sheet.
Christy, a marketing executive who was born in 1962, advocated that her company focus on a print campaign for its new line of lipsticks rather than spending money on online ads. This point of view may be attributed to the fact that she is a member of which generational cohort?
A. Baby Boomer B. Gen Y C. Gen Z D. Millennials E. Gen X