Which of the following is a typical duty of a trustee?
A. Modify the language of the trust instrument so as to lower the entity's Federal income tax.
B. Make decisions as to how to invest the trust corpus portfolio.
C. Allocate items between income and corpus using Subchapter J rules.
D. All of these.
Answer: B
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Answer the following statement true (T) or false (F)
In accrual accounting, accrued revenues are recorded as liabilities.
Answer the following statement true (T) or false (F)
Based on the following trial balance for Barry's Automotive Shop, prepare an income statement, statement of retained earnings, and a balance sheet. There were no additional stock issuances during the year. Barry's Automotive ShopTrial BalanceDecember 31Cash$ 12,500?Accounts receivable1,500?Supplies500?Repair shop equipment27,000?Service truck33,000?Accounts payable?$2,600Common Stock?30,000Retained Earnings?8,525Dividends36,000?Service revenue?125,000Supplies expense3,425?Rent expense18,000?Utilities expense5,000?Gas expense7,200?Wages expense22,000? Totals$166,125$166,125
What will be an ideal response?
Which of the following industrial structures presents the fewest market opportunities?
A) subsistence economies B) raw material exporting economies C) industrializing economies D) emerging economies E) industrial economies