After taking inflation into account, the median income in the U.S. has been flat over the last decade.
Answer the following statement true (T) or false (F)
True
After taking inflation into account, the median income in the United States has been flat over the last decade and is about 2.5 percent less than its peak in 1999.
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Which of the following variable interests entitles a holder to residual profits, losses, and dividends?
A. Lease residual value guarantees B. Common stock C. Asset purchase options D. Subordinated debt instruments E. Participation rights
Jessup Company was founded in Year 1. It acquired $45,000 cash by issuing stock to investors and an additional $15,000 cash by borrowing from creditors. During Year 1 it received $25,000 cash revenues and paid $32,000 in cash expenses. The company then went out of business.Required: a) Explain the term, "business liquidation."b) What amount of cash should Jessup Company have had on hand immediately before going out of business?c) What amount of cash will Jessup's creditors receive?d) What amount of cash will Jessup's stockholders receive?
What will be an ideal response?
As your individual business assets increase, the complexity of determining how to invest and
protect these assets also increases. Indicate whether the statement is true or false
Katy owns a second home. During the year, she used the home for 20 personal-use days and 50 rental days. Katy allocates expenses associated with the home between rental use and personal use. Katy did not incur any expenses to obtain tenants. Which of the following statements is correct regarding the tax treatment of Katy's income and expenses from the home?
A. Assuming Katy's rental receipts exceed the interest expense and property taxes allocated to the rental use, Katy's deductible expenses for the year may not exceed the amount of her rental receipts (she may not report a loss from the rental property). B. Katy includes the rental receipts in gross income and deducts the expenses allocated to the rental use of the home for AGI. C. Katy deducts from AGI interest expense and property taxes associated with the home not allocated to the rental use of the home. D. All of these choices are correct.