Which of the following is NOT true of an LLC?
a. profits and losses are reported on individual tax returns
b. there is double taxation—on the corporation and on personal income
c. LLCs have continuous existence
d. there is potential tax sheltering from losses while personal assets are protected.
b. there is double taxation—on the corporation and on personal income
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The following transactions occurred during July: 1. Received $900 cash for services provided to a customer during July. 2. Issued common stock for $2,200 cash. 3. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 4. Provided services to a customer on credit, $375. 5. Borrowed $6,000 from the bank by signing a promissory note. 6. Received $1,250 cash from a customer for services to be performed next year. What was the amount of revenue for July?
A. $900. B. $3,275. C. $1,275. D. $11,100. E. $2,525.
Depreciation and amortization affect both net income reported in the financial statements and taxable income on tax returns. Which of the following is /are true?
a. Taxing authorities in most jurisdictions specify allowable depreciation methods for tax reporting. b. When permitted to do so by the taxing authority, firms often use different depreciation methods for financial and tax reporting. c. The difference between depreciation expense in the financial statements and the depreciation deduction on the tax return leads to an issue in accounting for income taxes. d. all of the above e. none of the above
[The following information applies to the questions displayed below.] Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Units produced this year 25,000unitsUnits sold this year 15,000unitsDirect materials$9per unitDirect labor$11per unitVariable overhead$3per unitFixed overhead$137,500in totalGiven Advanced Company's data, compute cost per unit of finished goods under variable costing.
A. $25.00 B. $21.88 C. $23.00 D. $28.50 E. $20.00
Title VII has been successfully used to challenge English-only workplace rules
a. True b. False Indicate whether the statement is true or false