For the year ended December 31, 2016, the Bowling Green Company reported income of $350,000 before provision for income tax. In arriving at taxable income for income tax purposes, the following differences were identified: Bad debt expense (but not written off) $ 8,000 Depreciation deducted for tax purposes in excess of depreciation for accounting purposes 50,000 Income for installment sales
reportable for income tax purposes in excess of income reported for financial reporting purposes 30,000 ? Assuming a corporate income tax rate of 30%, Huntsville's current income tax liability as of December 31, 2016, is
A) $ 83,400.
B) $101,400.
C) $113,400.
D) $129,000.
B
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Taking a physical count of inventory
A) is not necessary when a periodic inventory system is used B) is a detective control C) has no internal control relevance D) is not necessary when a perpetual inventory system is used
Mark was refused employment at a Christian bookstore because he was not a "born-again Christian." If Mark brings a Title VII action against the bookstore, the bookstore's best defense would be
a. it did not discriminate against a protected category. b. Title VII doesn't apply to private businesses. c. being a "born-again Christian" is a bona fide occupational qualification. d. it could not reasonably accommodate Mark.
If a company is financing more assets with debt than with equity, the ________
A) debt to equity ratio will be more than 1 B) debt to equity ratio will be between 0 to 1 C) debt to equity ratio will be equal to 1 D) debt to equity ratio will be negative
In order to obtain a patent under U.S. Patent Law, an inventor must have an invention that is I. Not obvious II. Unique III. Useful IV. Not a modification of any prior patents
a. I only b. I and II c. I, II and III d. I, II, III and IV