The installment method can be used for which of the following sales with payments being made in the year following the year of sale?
a. A department store's credit card sales.
b. An individual's sale of common stock in a family owned business.
c. An individual's sale of General Electric common.
d. Depreciable equipment sold for less than its original cost.
e. All of the above.
b
RATIONALE: The inventory in answer a., the publicly-traded securities in answer c., and the § 1245 depreciation recapture in answer d. are not eligible for the installment method.
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Although there are not many ESOPs in the U.S. at the present time, those that exist usually have employee representation on corporate board of directors.
Answer the following statement true (T) or false (F)
Officers hire the directors and other executive employees.
Answer the following statement true (T) or false (F)
Heroux Corporation has two manufacturing departments--Forming and Customizing. The company used the following data at the beginning of the year to calculate predetermined overhead rates: FormingCustomizingTotalEstimated total machine-hours (MHs) 3,000 7,000 10,000Estimated total fixed manufacturing overhead cost$16,500$20,300$36,800Estimated variable manufacturing overhead cost per MH$1.70$2.50 During the most recent month, the company started and completed two jobs--Job A and Job H. There were no beginning inventories. Data concerning those two jobs follow: Job AJob HDirect materials$12,800$6,700Direct labor cost$24,300$7,800Forming machine-hours 2,000 1,000Customizing machine-hours 2,800 4,200Assume that the company uses departmental predetermined overhead rates with
machine-hours as the allocation base in both production departments. The manufacturing overhead applied to Job A is closest to: A. $15,120 B. $14,400 C. $29,520 D. $28,512
The quality and timing of your retirement depend mainly on the quality of your employer's retirement plan
Indicate whether the statement is true or false.