Under which of the following circumstances is it permissible for a company to make default in the repayment of monies due on bonds that it has issued?
A) When the company is unprofitable
B) When the directors have been unable to declare a divided
C) When an annual general meeting has not been held within the timeframe required by law.
D) All of the above
E) None of the above
E
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Papillon Co. has determined the following per unit amounts:
Direct materials $30 Fixed selling and administrative $60 Direct labor 36 Variable overhead 24 Desired ROI 33 Variable selling and administrative 15 Fixed overhead 45 The target selling price using the absorption-cost approach is a) $162. b) $371. c) $351. d) $243.
In Year 1, Farb, a cash-basis individual taxpayer, received an $8,000 invoice for personal property taxes. Believing the amount to be overstated by $5,000, Farb paid the invoiced amount under protest and immediately started legal action to recover the overstatement. In November Year 2, the matter was resolved in Farb's favor, and he received a $5,000 refund. Farb itemizes deductions on his tax returns. Which of the following statements is true regarding the deductibility of the property taxes?
a. Farb should deduct $8,000 in his Year 1 income tax return and report the $5,000 refund as income in his Year 2 income tax return. b. Farb should deduct $3,000 in his Year 2 income tax return. c. Farb should deduct $3,000 in his Year 1 income tax return. d. Farb should not deduct any amount in his Year 1 income tax return when originally filed, and he should file an amended Year 1 income tax return in Year 2.