Cassie files a voluntary petition in bankruptcy for relief through a liquidation. Among her debts that will not be discharged are included claims?
A) by creditors who were not notified of the bankruptcy
B) for money to be paid for goods not delivered.
C) for contributions to employee benefit plans.
D) for long overdue credit-card debt.
A
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Stone Industries uses flexible budgets. At normal capacity of 16,000 units, budgeted manufacturing overhead is: $48,000 variable and $270,000 fixed. If Stone had actual overhead costs of $321,000 for 18,000 units produced, what is the difference between actual and budgeted costs?
a) $3,000 favorable b) $3,000 unfavorable c) $9,000 unfavorable d) $12,000 favorable
Which of the following is a true statement?
A. Meals are never deductible as a business expense. B. An employer can only deduct half of any meals provided to employees. C. The cost of business meals must be reasonable. D. A taxpayer can only deduct a meal for a client if business is discussed during the meal. E. None of these is true.