Shaffer's Ltd. leases a clothing store from Haimish Holdings Ltd. By the terms of the lease the landlord is to make repairs. The roof leaks but Haimish refuses to fix it. Which of the following can Shaffer's do?
A) withhold the rent until the landlord fixes the roof
B) have the roof fixed and deduct the cost from the next rent, but it must pay the balance
C) bring a court action to have the landlord do the repairs
D) immediately terminate the lease
E) none of the above
C
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The Samuel Company uses the straight-line method to depreciate its equipment. On May 1, 2015, the company purchased some equipment for $224,000. The equipment is estimated to have a useful life of ten years and a salvage value of $20,000. On December 31, 2015, how much depreciation expense should Samuel record for the equipment in the adjusting entry?
A) $20,400 B) $18,500 C) $13,600 D) $8,500
The dividend policy that strikes a balance between current dividends and the firm's future growth is called the ______ policy.
A. optimal dividend B. dividend irrelevance C. compromise dividend D. dividend signaling E. dividend preference
Answer the following statement(s) true (T) or false (F)
1. Corporations account for most of the sales in the U.S. economy but less than 20 percent of the number of businesses in operation. 2. An S corporation allows shareholders to be treated as individuals for tax purposes. 3. A corporation that is doing business in a state other than the one in which it is incorporated is called an alien corporation. 4. A written partnership agreement should only include the names of the partners and the duties of each partner. 5. The duty of care requires that the board of directors act on behalf of the organization and avoid conflicts of interests.
The general fund of the Town of Dean levied property taxes of $3,000,000 for the fiscal year beginning on January 1, 20X8. It was estimated that 1% of the levy would be uncollectible. During the period January 1, 20X8, through December 31, 20X8, $2,960,000 of the property tax levy was collected. At December 31, 20X8, Dean estimated that $10,000 of property taxes levied in 20X8 would be collected during the first 60 days of 20X9. What amount of property tax revenue should be reported by the general fund for the year ended December 31, 20X8?
A. $2,990,000 B. $2,970,000 C. $3,000,000 D. $2,960,000