Slipper Corporation has book income of $500,000. Book income includes a $50,000 gain on the sale of equipment. The equipment originally cost $110,000 and was sold for $75,000. Accumulated book depreciation was $85,000; accumulated MACRS depreciation was $90,000. Based only on these items, compute Slipper's taxable income.
A. $555,000
B. $445,000
C. $495,000
D. $505,000
Answer: D
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Answer the following statements true (T) or false (F)
1.Rather than argue over whose point of view or behavior is right, it is more productive to understand the factors that create differences in our interpretations and then work to adapt to and bridge those differences. 2.When you empathize, you also engage in perspective taking--you develop a personal sense of what the person is going through. 3.Through emotional contagion, we become physically ill because of the same feelings as another person has. 4.An ingredient in empathizing is genuine concern for the other person’s well-being. 5.Perspective taking is when you develop a personal sense of what the person is going through and is associated with empathy.
From the above information, calculate Closet Link's total variable costs.
Closet Links Clothing Company provided the following manufacturing costs for the month of June.
A) $313,200
B) $71,000
C) $242,200
D) $223,000
Which of the following is/are not true?
a. U.S. GAAP and IFRS do not permit the employer to prepare consolidated financial statements with the retirement trust. b. The employer must report the net funded status of each defined benefit retirement plan (that is, the fair value of retirement trust assets minus the retirement trust obligation) as either an asset or a liability on its balance sheet. c. The employer must report the net funded status of each defined benefit retirement plan and credit (for an overfunded plan) or debit (for an underfunded plan) is to net income. d. Notes to the financial statements provide information about investments made by the retirement trust and how trust assets and liabilities changed during a period. e. all of the above
Which of the following is true about the Sarbanes?Oxley Act of 2002?
a. The law states that the company's external financial statement auditor is required to audit ICFR and assess whether those controls are effective in preventing and detecting financial misstatements. b. The law has increased the level of scrutiny of public companies' financial statements. c. The law requires companies to establish procedures to allow employees to lodge complaints about accounting and auditing matters directly with the board of directors. d. The law requires stockholders' to assess whether internal controls over financial reporting (ICFR) are effective.