If a contract to do something in certain intervals over a period of less than one year is not in writing, it is not enforceable.
Answer the following statement true (T) or false (F)
False
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If the Fed does not change its monetary policy in an economy that is producing an output lower than the full-employment level of output, the short-run aggregate supply curve will eventually shift ____, and the price level will ____.
A. left; increase B. left; decline C. right; decline D. right; increase
Smith Company reported $350,000 in book income before income tax during 2018, its first year of operation. The tax depreciation exceeded its book depreciation by $30,000. The tax rate for 2018 and all future years was 40%. What amount of deferred tax liability should Smith report in its December 31, 2018, balance sheet?
A. $ 10,000 B. $ 9,000 C. $ 8,000 D. $ 12,000
A country's net foreign investment is equal to the amount
A. the domestic country invests in other countries, minus what other countries invest in the domestic country. B. other countries invest in the domestic country, minus what the domestic country invests in other countries. C. of the current-account balance plus the capital-account balance. D. of portfolio investment made by the domestic country in other countries, minus the amount of portfolio investment other countries make in the domestic country.
Which of the following statements is incorrect with respect to parent-subsidiary corporations?
A. With a consolidated return, net losses of one company can offset net income from another company. B. A parent-subsidiary group must file a consolidated tax return. C. If a consolidated tax return is filed, losses on intercompany sales cannot be immediately recognized. D. A parent-subsidiary group is one where a common parent corporation owns, directly or indirectly, at least 80% of one or more other corporations.