Anything that an agent obtains by virtue of the employment or agency relationship is his or hers to keep

Louise, Inc has a cash balance of $20,000 on April 1

The company is now preparing the cash budget for the second quarter. Budgeted cash collections and payments are as follows: Apr May Jun Cash collections $22,000 $22,000 $24,000 Cash payments: Purchases of direct materials 4,600 5,000 6,800 Operating expenses 6,000 4,600 6,000 There are no budgeted capital expenditures or financing transactions during the quarter. Based on the above data, calculate the projected cash balance at the end of May. A) $22,000 B) $53,400 C) $48,400 D) $43,800

The giving of annual individual gifts up to the allowable amount is especially important for

A) those without a will. B) people in high income tax brackets. C) people whose estate value exceeds the tax-free limit. D) those with smaller estates.