On january 1, year 1, olinto created a $650,000 trust that provided his mother with a lifetime income interest starting on january 1, year 1, with the remainder interest to go to his son. olinto expressly retained the power to revoke both the income interest and the remainder interest at any time. who is taxed on the trust's year 1 income?

a. olinto's mother

b. olinto's son

c. olinto

d. the trust

The following accounts appeared in recent financial statements of delta air lines. identify each account as either a balance sheet account or an income statement account. for each balance sheet account, identify it as an asset, a liability, or stockholders' equity. for each income statement account, identify it as a revenue or an expense. item financial statement type of account accounts payable balance sheet advanced payments for equipment balance sheet air traffic liability balance sheet aircraft fuel (expense) income statement aircraft maintenance (expense) income statement aircraft rent (expense) income statement cargo revenue income statement cash balance sheet contract carrier arrangements (expense) income statement flight equipment balance sheet frequent flyer (obligations) balance sheet fuel inventory balance sheet landing fees (expense) income statement parts and supplies inventories balance sheet passenger commissions (expense) income statement passenger revenue income statement prepaid expenses income statement taxes payable balance sheet

Rats that received electric shocks were unlikely to develop ulcers if the

Which of the following is an element of inventory holding costs? a. material handling costs b. investment costs c. housing costs d. pilferage, scrap, and obsolescence e. all of the above are elements of inventory holding costs.