If an audience member asks you a question that you don’t like you should not get ______.
Fill in the blank(s) with the appropriate word(s).
Ans: defensive
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For a manufacturer, the total cost of manufactured goods completed but still on hand is:
a. Merchandise Inventory. b. Finished Goods. c. Work in Process. d. Raw Materials.
Drilling equipment with a five-year useful life is used solely in conjunction with an oil well that has an eight-year life. The equipment should be depreciated over eight years
Indicate whether the statement is true or false
Which of the following is true of budgets?
A) Every budget must contain both revenues and expenses. B) Budgets reduce the comparability concept of accounting. C) The data in budgets are presented in dollars only; nonfinancial data should be excluded. D) Budgets are synonymous with managing an organization.
In 2019, LuxAir Inc. (LA) has book income of $160,000. Included in this figure is income generated from ownership in Jet Repair Corporation (JRC), of which LA owns 30 percent. JRC has $270,000 in earnings for the year and pays $32,000 in dividends to LA. Assuming accounting for the investment in JRC (income from JRC and the DRD) are its only book-tax differences, what is LA's tax liability for 2019?
What will be an ideal response?