If you have a time deposit at your local credit union it is most likely that you have what type of account?
a. checking account
b. savings account
c. money market account
d. T-bills
e. credit card
b. savings account
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Income beneficiary Molly wants to receive all of the municipal bond interest income of the Brenner Trust. A special allocation of this sort must be supported by a nontax ____________________.
Fill in the blank(s) with the appropriate word(s).
Lakeland Corporation reported the following pretax (and taxable) information for 2016: Income from continuing operations $550,000 Loss on disposal of Segment B 45,000 Prior period adjustment-Depreciation was understated in 2015 15,000 Gain from operations of discontinued Segment B 35,000 Income tax rate 35% ? Required: a.Prepare the lower portion of Lakeland's 2016 income statement, beginning with pretax income for continuing operations. (Omit the heading.)b.Prepare Lakeland's 2016 statement of retained earnings, assuming that retained earnings at January 1, 2016, was $750,000 and the company paid $45,000 of dividends in 2016. (Omit the heading.)
What will be an ideal response?
A company issued 10-year, 9% bonds, with a par value of $500,000 when the market rate was 9.5%. The issuer received $484,087 in cash proceeds. Prepare the issuer's journal entry to record the bond issuance.
What will be an ideal response?
Companies report prior period adjustments, net of any income tax effects in the:
A. Balance sheet. B. Statement of retained earnings. C. Income statement. D. No disclosure is required. E. Statement of cash flows.