I. Multiple Choices1. Which of the following statements is CORRECT?a. One of the disadvantages of a sole proprietorship is that the proprietor is exposed to unlimitedliability.b. It is generally easier to transfer ones ownership interest in a partnership than in a corporation.c. One of the advantages of the corporate form of organization is that it […]
1. Which of the following funds typically record budgets?2. What is the correct debit or credit for the following scenario: A contract was issued for the major part of workto be done by a private contractor in the amount of $1,200,000 for a new County court house?3. When taxes and/or special assessments are levied specifically […]
Please answer the following questions giving all details.1. The bar chart, pie chart, and the Pareto diagram for the estimated green power sales byrenewable energy source in 2008 are given below. Based on this information, what conclusionscan you reach about the sources of green power?Bar ChartWindUnreportedecruoSSolarLandfill mass and biomassHydroGeothermal0102030405060Pie Chart Geothermal3%Hydro11%Landfill massand biomass28%Wind55%Solar0%Unreported3%Pareto DiagramdtopernUmrhtoeGlasmlifdnaLsamoibordyHraloS100%90%80%70%60%50%40%30%20%10%0%Wdni60%50%40%30%20%10%0%SourceSource: National […]
Question 1 Parent and Subsidiary Corporations have filed calendar-year consolidated tax returns for several years. Parent Corporation uses the cash method of accounting while Subsidiary Corporation uses the accrual method of accounting. If Parent lends Subsidiary money, Answer the interest expense is deductible when accrued. the interest expense and interest income may be reported in […]
1. [LO 1] Nicole and Braxton are each 50 percent shareholders of NB Corporation. Nicole is also an employee of the corporation. NB is a calendar-year taxpayer and uses the accrual method of accounting. The corporation pays its employees monthly on the first day of the month after the salary is earned by the employees. […]
Part 1 â InvestmentsBelow is information regarding the investment portfolio of Rothman Corp. Use the straight-line method to amortize any bond discount or premium.On January 1, 2013, Rothman Company purchased the bonds of Griffen Corp at 97. The 8% bonds had a face value of $800,000 and mature in five years. Rothman had intended to […]
Question 1 of 251.0 PointsA scatterplot allows one to see:A.whether there is any relationship between two variables B.what type of relationship there is between two variables C.Both (a) and (b) are correct D.Neither (a) nor (b) is correct Reset SelectionQuestion 2 of 251.0 PointsIn a recent study, the following data were obtained in response to […]
On January 1, 2006, the Branson Company (EIN 22-2222222) and Porto Engineering,Inc. (EIN 33-3333333), formed Branto, LLC (an equally owned joint venture). During its first four years, the LLC worked with the U.S. Department of Homeland Security and the National Transportation Safety Board to design and develop a specific device for airport passenger screening. Porto […]
Part A âMULTIPLE CHOICE and TRUE/FALSE (1 mark each x 15 questions = 15 marks).Choose the one alternative that best completes the statement or answers thequestion.1. The globalization of business activity has resulted in which of the following?a. Increased corruption and unethical behavior.b. The FASB and IASB working jointly on a project to converge accounting […]
Please read the following carefully. For each question on the final exam, unless the question expressly provides to the contrary, you should assume that:1. all events occurred in âthe current taxable year;â2. all persons are United States citizens;3. there is no tax avoidance purpose for any transaction, and that with respect to any mortgage on […]
