Roger was self-employed and failed to pay his taxes and owed Revenue Canada $85,000 in taxes. He declared bankruptcy in 2004 and never had to repay the tax debt
In 2015 Roger again declared bankruptcy and this time he owed Revenue Canada $120,000 in unpaid taxes. As a result Roger
A) must again be discharged from his tax debt
B) can never be discharged from this tax debt
C) may have the court refuse to discharge this tax debt until he pays some of it
D) will face jail time for this tax debt
E) both B and D
C
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When the conventional retail inventory method is used, markdowns are commonly ignored in the computation of the cost to retail ratio because
a. there may be no markdowns in a given year. b. this tends to give a better approximation of the lower of cost or market. c. markups are also ignored. d. this tends to result in the showing of a normal profit margin in a period when no markdown goods have been sold.
A law firm provides legal services for clients who do not pay immediately. As a result of this transaction, assets and revenues increase
Indicate whether the statement is true or false