Which statement, if any, is false?
a. An S corporation is subject to the corporate AMT.
b. A high level of investment in assets (e.g., equipment or structures) is a reason a company may be subject to the AMT.
c. Many of the adjustments that apply to individuals also apply to corporations.
d. The AMT is a separate tax system from the corporate income tax.
e. None of the above.
a
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If the trial balance does not balance and the difference between debits and credits is evenly divisible by 9, there is a good chance that
A) a transaction has not been recorded. B) a transaction has been journalized to the wrong account. C) a transposition or a slide has occurred. D) only one side of the transaction has been recorded.
Which of the following ratios does NOT measure liquidity?
a. Net cash flow to current liabilities b. Working capital to total assets c. Current ratio d. Quick ratio
Determining the cash flows from operating activities generally requires analyzing each item on the income statement as well as the current asset and current liability accounts
Indicate whether the statement is true or false
Milly owns a car rental business that nets over $2 million. How is Milly contributing to the CERCLA trust fund?