Mrs. Ford, who has a 37% marginal tax rate, is the sole shareholder and CEO of Fast Inc. She also holds a $1 million interest-bearing note issued by Fast. The corporation's current-year financial records show the following: Sales revenue $ 1,879,000 Mrs. Ford's salary (160,000 ) Other operating expenses (414,000 ) Interest paid on Mrs. Ford's note (60,000 ) Dividend distributed to Mrs. Ford's (100,000 ) Compute Fast's taxable income. Multiple Choice $1,145,000 $1,245,000 $1,305,000 $1,465,000

Wilson company paid $5,000 for a 4-month insurance premium in advance on november 1, with coverage beginning on that date. the balance in the prepaid insurance account before adjustment at the end of the year is $5,000, and no adjustments had been made previously. the adjusting entry required on december 31 is: (a) debit cash. $5,000: credit prepaid insurance. $5,000. (b) debit prepaid insurance. $2,500: credit insurance expense. $2500. (c) debit prepaid insurance. $1250: credit insurance expense. $1250. (d) debit insurance expense. $1250: credit prepaid insurance. $1250. (e) debit insurance expense. $2500: credit prepaid insurance. $2500.

Which feature is a characteristic of a corporation?

Why is investing in a mutual fund less risky than investing in a particular company’s stock?