Which of the following are included in Title 26 of the U.S. Code?
I.Bankruptcy legislationII.Employment tax legislationIII.Estate and gift tax legislationIV.Alcohol, tobacco, and certain other excise taxes?
A. Only statement II is correct.
B. Statements II and III are correct.
C. Statements II, III, and IV are correct.
D. Statements I, II, III, and IV are correct.
E. None of the given are included in Title 26.
Answer: C
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A responsibility center in which a manager is responsible only for sales is a(n)
A) cost center. B) revenue center. C) profit center. D) investment center. E) center not presented here.
[The following information applies to the questions displayed below.]Wall Nuts, Inc. produces paneling that requires two processes, A and B, to complete. Oak is the best-selling of all the many types of paneling produced. Information related to the 40,000 units of oak paneling produced annually is shown in the following table:Direct materials$380,000 Direct labor Department A (6,000 DLH × $25 per DLH)$150,000 Department B (35,125 DLH × $16 per DLH)$562,000 Machine Hours Department A 24,000MHDepartment B 32,000MH Wall Nuts' total expected overhead costs and related overhead data are shown below. Department ADepartment BDirect labor hours 67,000DLH 170,000DLHMachine hours 100,000MH 80,000MHManufacturing overhead costs$450,000 $600,000 Use the data for Wall Nuts,
Inc. to compute departmental overhead rates based on machine hours in Department A and machine hours in Department B. A. $7.50 per MH in Dept. A; $7.50 per MH in Dept. B. B. $4.50 per MH in Dept. A; $4.50 per MH in Dept. B. C. $2.70 per MH in Dept. A; $6.00 per MH in Dept. B. D. $4.50 per MH in Dept. A; $7.50 per MH in Dept. B. E. $0.60 per MH in Dept. A; $0.80 per MH in Dept. B.
A trust is an arrangement whereby the right to property is held by one party for the benefit of another
Indicate whether the statement is true or false.
On December 31, Year 1, Houston Company's total current assets were $560,000 and its total current liabilities were $420,000. On January 1, Year 2, Houston issued a long-term note to a bank for $30,000 cash.Required:(a) Compute Houston's working capital before and after issuing the note payable.(b) Compute Houston's current ratio before and after issuing the note payable. Round your answer to two decimal places.
What will be an ideal response?