Based on its income for the month, Bates Company estimates that it will owe $23,000 of federal income taxes for the month of May. What is the effect of the adjustment on the financial statements?
A) Increase stockholders' equity
B) Increase income taxes expense
C) Increase retained earnings
D) Decrease income taxes payable
B
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Phyllis' Philly Steaks, a national fast-food chain, has experienced a number of problems in the past few years, and management is considering the adoption of a balanced scorecard as part of a turnaround effort.Required: A. Briefly explain the concept of a balanced scorecard. What general factors are included in a typical balanced scorecard?B. Independent of your answer in requirement "A," assume that Phyllis' is very concerned about customer satisfaction. List four different (and specific) customer-satisfaction measures that may be appropriate for the firm (and for other fast-food providers).C. Independent of requirement "A," assume that Phyllis' wants to return to former levels of profitability. List several financial measures that would allow management to assess success or failure
with respect to the following goals: (1) pay creditors on a timely basis, (2) keep shareholders happy, and (3) improve profitability over time at stores that have been open at least one year. What will be an ideal response?
Which tax classifications can potentially apply to LLCs?
A. S corporation. B. Partnership and sole proprietorship. C. C corporation. D. Partnership. E. All of these choices are correct.
Power of attorney:
a. is a document that applies only to attorneys in certain capacities b. exists whenever an attorney has the right to execute transactions for a client c. exists whenever a person has the right to execute a transaction for another d. is a document that applies only to attorneys in certain capacities and exists whenever an attorney has the right to execute transactions for a client e. none of the other choices
One way to lower the need for outside insurance is to self-insure.
Answer the following statement true (T) or false (F)