Benedict serves in the U.S. Congress. In the current year, a lobbyist paid for Benedict to take a one-week vacation to Bermuda. Benedict did not incur any expense for the trip. What income tax issues should Benedict consider?
What will be an ideal response?
Does Benedict have income due to the receipt of the all-expense paid trip? Could the trip be considered a gift?
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If a company has $152,000 of revenues, declares and pays $55,000 in dividends, and has net income of $89,000, how much were expenses for the year?
a. $ 8,000 b. $ 63,000 c. $144,000 d. Unable to determine the amount due to incomplete information.
Direct labor is a
A) non-production cost. B) period cost. C) nonmanufacturing cost. D) product cost.
A company's mission statement typically addresses which question?
A. What business model should we employ to achieve our objectives and our vision? B. What approach should we take to achieve sustainable competitive advantage? C. Where are we going and what should our strategy be? D. Who we are and what do we do? E. What objectives and level of performance do we want to achieve?
A material breach by the seller will discharge the buyer from his obligations under a contract
a. True b. False Indicate whether the statement is true or false