Lucky Louie's base salary is $90,000 per year and he earns an additional $75,000 in annual bonus. Luckily, Lucky only has to pay FICA on
A) his base salary.
B) his base salary plus bonus up to the annual legal withholding limit for FICA.
C) all of his earnings.
D) $130,000.
Answer: B
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From its inception through the year of 2016, Quicksales, Inc was profitable and made strong dividend payments each year
In the year 2017, Quicksales had major losses and paid no dividends. In 2018, the company started making large profits again, and they were able to pay dividends to all shareholders-both common and preferred. There are 2,000 shares of cumulative, 10% preferred stock outstanding. The preferred stock has a par value of $100. What is the total amount of dividends that should be paid to the preferred stockholders in December, 2018? A) $60,000 B) $90 C) $20,000 D) $40,000
Modigliani and Miller's first article led to the conclusion that capital structure is "irrelevant" because it has no effect on a firm's value. However, that article was criticized because it assumed that no taxes existed. MM then revised their original article to include corporate taxes, and this model led to the conclusion that a firm's value would be maximized if it used (almost) 100% debt.
Answer the following statement true (T) or false (F)
Four hundred registered voters were randomly selected and asked whether gun laws should be changed. Three hundred said "yes," and 100 said "no." The point estimate of the proportion in the population who will respond "no" is _____
a. 75 b. .25 c. .75 d. .50
Neef Corporation has provided the following data for its two most recent years of operation: Selling price per unit$84Manufacturing costs: Variable manufacturing cost per unit produced: Direct materials$12Direct labor$5Variable manufacturing overhead$4Fixed manufacturing overhead per year$432,000 Selling and administrative expenses: Variable selling and administrative expense per unit sold$5Fixed selling and administrative expense per year$61,000 Year 1 Year 2Units in beginning inventory0 3,000Units produced during the year12,000 9,000Units sold during the year9,000 10,000Units in ending inventory3,000 2,000The net operating income (loss) under absorption costing in Year 1 is closest to:
A. $243,000 B. $29,000 C. $137,000 D. $198,000