"Consideration" refers to the voluntary consent of all of the parties to a contract.
Answer the following statement true (T) or false (F)
False
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At December 31, 2018, the Floyd Company reported a $29,600 deferred tax asset pertaining to a $80,000 temporary difference which will reverse equally during the next four years; Floyd also reported a $7,400 deferred tax liability pertaining to a $20,000 temporary difference which will reverse during 2019. After determining the deferred tax asset and liability on December 31, 2018, Floyd's management was informed that the income tax rate for years subsequent to 2018 had been changed to 35%. As a result of the tax rate change, Floyd's 2018 income tax expense will:
A. decrease $444. B. decrease $1,200. C. increase $444. D. increase $1,200.
Which of the following is true of a proposal structure?
A) ?Short proposals use a formal report format. B) ?Long proposals use a memo format. C) ?Proposals do not include preliminary report parts. D) ?Proposals include the price to be charged or the costs to be incurred.
Wickland Company installs a manufacturing machine in its production facility at the beginning of the year at a cost of $93,000. The machine's useful life is estimated to be 20 years, or 390,000 units of product, with a $7000 salvage value. During its second year, the machine produces 15,600 units of product. Determine the machines' second year depreciation under the straight-line method.
A. $4300. B. $4650. C. $5000. D. $3440. E. $3720.
Defendant Robert Martin gave his American Express credit card to McBride, a business associate, for use in a joint venture. McBride retuned the card to Martin and then disappeared. Martin claimed that he had orally authorized McBride to charge up to $500, but McBride charged about $5300 . Is Martin liable for $50 or $5300? Explain