Personal income tax debts are not discharged by declaring personal bankruptcy
Indicate whether the statement is true or false
FALSE
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Which of the following accounts would not be reported in the Property, Plant, and Equipment section of a balance sheet?
a. Accumulated Depreciation—Buildings b. Buildings c. Depreciation Expense—Buildings d. Land
The six stages consumers normally pass through on their way to making a purchase are known as the ________ stages
A) personal-readiness B) buyer-readiness C) objective-readiness D) market-readiness E) supplier-readiness
Wright, Bell, and Edison are partners and share income in a 2:5:3 ratio. The partnership's capital balances are as follows: Wright, $33,000, Bell $27,000 and Edison $40,000. Edison decides to withdraw from the partnership, and the partners agree not to revalue the assets upon Edison's retirement. The journal entry to record Edison's June 1 withdrawal from the partnership if Edison sells his interest to Whitney for $45,000 after the other two partners approve Whitney as partner is:
A. Debit Edison, Capital $45,000; credit Whitney, Capital $45,000. B. Debit Edison, Capital $40,000; credit Cash $40,000. C. Debit Edison, Capital $40,000; credit Whitney, Capital $40,000. D. Debit Edison, Capital $40,000; debit Cash $5,000; credit Whitney, Capital $45,000. E. Debit Edison, Capital $40,000; debit Wright, Capital $2,500; debit Bell, Capital $2,500; credit Whitney, Capital $45,000.
Which of the following is NOT true?
a. Quartz rocks made good money in ancient times because of their excellent portability. b. Money must be accepted by the general population it is meant to serve. c. Money must be easily divisible so that buyers can receive “change” if the item they bought was not worth as much as the money they gave the merchant. d. Paper makes good money because of its portability. e. Coins make good money because of their durability.