Critical thinking and judgment skills are not necessary for accountants because technology has made the activities routine

Isaac Co. sells merchandise on credit to Sonar Co. in the amount of $9,600. The invoice is dated on April 15 with terms of 1/15, n/45. If Sonar Co. chooses not to take the discount, by when should the payment be made?

A. April 30 B. May 15 C. April 25 D. May 30

Which of the following distributions from a Roth IRA would be qualified and, therefore, NOT taxable, assuming the account was established at least 5 years ago?

A) A distribution made before age 55½ B) A distribution of $10,000 used to buy a first house C) A distribution made before age 59½, provided the recipient is retired D) A distribution used to purchase a vacation home