Which of the following generally is not grounds for discharge of a contract by operation of law?
A) Objective impossibility
B) Subsequent illegality
C) Running of the statute of limitations
D) Bankruptcy
C
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Losses from ________ exposure generally reduce taxable income in the year they are realized. ________ exposure losses are not cash losses and therefore, are not tax deductible
A) transaction; Operating B) accounting; Operating C) accounting; Transaction D) transaction; Translation
A performance management system should link employee activities with an organization's goals.
Answer the following statement true (T) or false (F)
ABC was formed as a calendar-year S corporation with Alan, Brenda, and Conner as equal shareholders. On May 1, 2019, ABC's S election was terminated after Conner sold his ABC shares (one-third of all shares) to his solely owned C corporation, Conner, Inc. ABC reported business income for 2019 as follows: (Assume that there are 365 days in the year.)PeriodIncomeJanuary 1 through April 30 (120 days)$200,000May 1 through December 31 (245 days)530,000January 1 through December 31$730,000 If ABC uses the daily method of allocating income between the S corporation short tax year (January 1-April 30) and the C corporation short tax year (May 1-December 31), how much income will it report on its S corporation short tax year return and its C corporation short tax year return for 2019?
What will be an ideal response?
Bach, Inc. purchased merchandise from Mozart Co. for cash. The journal entry for Bach, Inc. under a perpetual inventory system will be:
A) debit Inventory; credit Cash. B) debit Cash; credit Inventory. C) debit Inventory; credit Accounts Payable-Mozart Co. D) debit Inventory; credit Accounts Receivable-Mozart Co.