Under the Affordable Care Act of 2010, if an individual does not have medical insurance coverage in 2016, they will
A) still not have to pay 100% of their medical expenses if they cannot afford them.
B) be subject to a tax penalty of up to 2.5% of income or $695 per adult.
C) only have to pay 75% of billed medical expenses.
D) be subject to a $250 fine.
Answer: B
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If the amount of a bond premium on an issued 11%, 4-year, $100,000 bond is $12,928, the semiannual straight-lineamortization of the premium is $1,416
a. True b. False Indicate whether the statement is true or false
Which of the following accounts is not closed to Income Summary at the end of the accounting period?
a. Rent Expense b. Service Revenue c. Unearned Revenue d. Supplies Expense
Which of the following errors normally would not be automatically corrected over two accounting periods?
A) failure to record prepaid revenue B) failure to record accrued payroll liabilities C) failure to record depreciation expense D) failure to count inventory in transit at year-end
If a company understates its inventory, what are the effects on cost of goods sold and net income for the current year?
A) Cost of goods sold will be understated and net income will be overstated. B) Cost of goods sold will be overstated and net income will be understated. C) Both cost of goods sold and net income will be understated. D) Both cost of goods sold and net income will be overstated.