Brockmeyer, Inc purchased some equipment on January 1, 2016, for $300,000 that had a five-year useful life and no salvage value. Brockmeyer used double-declining-balance depreciation for both financial reporting and income tax purposes. On January 1, 2018, Brockmeyer changed to the straight-line depreciation method for this equipment and can justify the change. Brockmeyer will continue to use
double-declining balance depreciation for income tax reporting. Brockmeyer's income tax rate is 30%. Assuming Brockmeyer's 2018 income before depreciation and tax is $800,000, what is the amount of Brockmeyer's net income for 2018?
A) $534,800
B) $570,800
C) $764,000
D) $800,000
A
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All of the following statements about risk retention are true EXCEPT
A) It may be used intentionally if commercial insurance is unavailable. B) It may be used passively because of ignorance. C) Its use is most appropriate for low-frequency, high-severity types of risks. D) Its use results in cost savings if losses are less than the cost of insurance.
The New York Stock Exchange (NYSE) is
A) an automated electronic trading platform. B) a hybrid market, allowing for face-to-face trading on the floor of the stock exchange in addition to automated, electronic trading. C) an auction market with face-to-face trading on the floor of the stock exchange in addition to automated, electronic trading. D) primarily a futures market.
Tocqueville was a proponent of socialism
Indicate whether the statement is true or false
Harvest" does not mean that
a. family members agree about the business. b. all the profits have been reaped. c. the firm continues to exist. d. the challenges and responsibilities of the entrepreneur are over.