In 2018, Uriah received the following interest payments:
Interest of $300 on an overpayment of 2017 Federal income taxes
Interest of $400 from his bank certificate of deposit.
Interest of $1,000 on municipal bonds
Interest of $1,500 on US savings bonds (Series HH)
What amount, if any, should Uriah report as taxable interest income on his 2018 individual income tax return?
A. $0
B. $700
C. $2,200
D. $3,200
E. None of the above
Answer: C
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Royal Company purchased a dump truck at the beginning of 2012 at a cost of $60,000 . The truck had an estimated life of 6 years and an estimated residual value of $24,000 . On January 1, 2014, the company made major repairs of $20,000 to the truck that extended the life 1 year. Thus, starting with 2014, the truck has a remaining life of 5 years and a new salvage value of $8,000 . Royal uses the
straight-line depreciation method. When calculating depreciation for 2014, Royal should a. add the $20,000 to the book value at December 31, 2013 and then allocate the revised basis over the remaining adjusted useful life of 5 years. b. report the effect of the change in life as an expense on the income statement in 2013. c. ignore the change in life on the original cost of $60,000 and depreciate the additional $20,000 cost separately over its useful life. d. expense the $20,000 and depreciate the original cost of $60,000 over its revised estimated total live of 7 years.
The chi-square test is performed by:
A) comparing a metric variable with a categorical variable B) comparing one frequency table with one cross-tabulation table C) comparing the difference among categories of more than three variables D) comparing observed frequencies with expected frequencies E) comparing the pie chart with the stacked bar chart
Culture as defined in the text is ______.
A. common actions of a group of people who care about each other B. learned beliefs, values, symbols, and norms that are common to a group of people C. learned beliefs and norms that are common to more than one group of people D. common tendency of one group to place their group in higher regard than other groups
Goble, the seller, obtains authority from Meigs, the buyer, to debit Meigs's account after Goble ships the goods. Article 4A covers this transaction
a. True b. False Indicate whether the statement is true or false