Which type of interest received is taxable and must be reported on the tax return?
A. Tax-exempt interest.
B. Interest on a savings account.
C. Interest on municipal bonds.
D. Tax-exempt interest and interest on a savings account.
Answer: B
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On June 8, Alton Co issued an $80,000, 6%, 120-day note payable on an overdue account payable to Seller Co Assume that the fiscal year of Alton Co ends June 30. Which of the following relationships is true?
A) Alton is the creditor and credits Accounts Receivable B) Seller is the creditor and debits Accounts Receivable C) Seller is the borrower and credits Accounts Payable D) Alton is the borrower and debits Accounts Payable
The current ratio is a more strict measure of liquidity than the quick ratio
Indicate whether the statement is true or false
Mail and online surveys
A. are often limited by low response rates. B. are popular because they can be a convenient and economical approach. C. may be more successful than personal interviews for getting personal information. D. All these answers are correct.
Under what circumstances might the court reject a debtor's Chapter 13 plan?
a. The plan requires future earnings to pay off debts. b. The plan promises to pay all secured and priority claims. c. The plan anticipates paying the unsecured creditors less than what they would get under Chapter 7. d. The plan treats all unsecured classes equally.