There is no Social Security tax on income beyond a certain level
Indicate whether the statement is true or false.
Answer: TRUE
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Departmental reports are included in official financial statements submitted to the federal government
Indicate whether the statement is true or false
What is the purpose(s) of the stock release document?
Eastline Corporation had 15,000 shares of $10 par value common stock outstanding when the board of directors declared a stock dividend of 6000 shares. At the time of the stock dividend, the market value per share was $22. The entry to record this dividend is:
A. Debit Retained Earnings $132,000; credit Common Stock Dividend Distributable $132,000. B. Debit Retained Earnings $60,000; credit Common Stock Dividend Distributable $60,000. C. Debit Retained Earnings $132,000; credit Common Stock Dividend Distributable $60,000; credit Paid-In Capital in Excess of Par Value, Common Stock $72,000. D. Debit Common Stock Dividend Distributable $132,000; credit Retained Earnings $132,000. E. No entry is needed.
The degree of operating leverage has which of the following characteristics?
A. The closer the firm is operating to the breakeven quantity, the smaller the DOL. B. A change in quantity demanded will produce the same percentage change in EBIT as an identical change in price per unit of output, other things held constant. C. The DOL is not a fixed number for a given firm, but will depend upon the time zero values of the economic variable Q (Quantity), P (Price), and V (Volume). D. The DOL relates the change in net income to the change in operating income. E. If the firm has no debt, the DOL will equal 1.