Calculate the total value of owner's equity of a business if it realizes a net profit of $240 million at a return of 30%
A) $8 billion
B) $800 million
C) $720 million
D) $7.2 billion
E) $2.4 billion
B
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What will be an ideal response?
Micro Inc. holds meetings when key employees or long-time employees retire. It publicly recognizes and appreciates the retirees' contributions to the company and gives them a grand farewell. These meetings held by Micro Inc. best exemplify ________ meetings.
A. symbolic B. information dissemination C. decision-making D. information-sharing
Lena owns a restaurant which was damaged by a tornado. The following assets were partially destroyed:?Basis Reduction in FMVInsurance PaymentBuilding$150,000$200,000$100,000Equipment$30,000$20,000$10,000Lena has AGI of $50,000. What is the amount of Lena's deductible casualty loss?
A. $60,000 B. $54,900 C. $70,000 D. $180,000
For audits of financial statements made in accordance with generally accepted auditing standards, the use of analytical procedures is required to some extent ________.
A) as a substantive test but not in the final review stage B) as a substantive test and in the final review stage C) in the final review stage but not as a substantive test D) neither in the final review stage nor as a substantive test