Which ethical principle is grounded on the idea that every individual has protections and entitlements that need to be respected by others?
A. The intuition ethic
B. The organization ethic
C. The rights ethic
D. The disclosure rule
Answer: C. The rights ethic
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If a company receives cash from a customer before performing services for the customer, then
A. assets increase and liabilities decrease. B. assets increase and stockholders' equity increases. C. assets decrease and liabilities increase. D. assets increase and liabilities increase.
John and Mary were divorced in 2015. The divorce decree provides that John pay alimony of $10,000 per year, to be reduced by 20% in 5 years on their child's 18th birthday. During 2016, John paid $7,000 directly to Mary and $3,000 to Spring College for Mary's tuition. What amount of these payments should be reported as income in Mary's 2016 income tax return?
a. $8,600 b. $8,000 c. $5,600 d. $10,000