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Does the U.S. Congress have the authority to adopt legislation overruling state policies in an area in which the federal government has the power to act, such as interstate commerce?
a. No. The Equal Protection Clause holds that state laws are equal to federal laws. In this case, the state law takes precedence because it was in place first.
b. No. State police power supersedes federal authority.
c. Yes. The National Supremacy Clause declares that the U.S. Constitution and laws made under it are the supreme law of the land.
d. No. States are sovereign governments and the federal government cannot overrule their actions.
Illustrate at what interest rates would the firm want to refinance? If the dividend yield drops to 8 percent, how long will it take before the present value of the interest savings exceeds the cost of refinancing?
Carmen Corporation acquired a 30 percent interest in Rudy, Inc for $336,000. On that date, Rudy's balance sheet disclosed net assets of $576,000.
Help Beverly by identifying key organizations involved in accounting rule-making - beverly asks for guidance regarding authoritative support.
For each of the following situations, identify the correct factor to use from Table 1 or Table 2 in Appendix C. Also, compute the appropriate present value.
Accounting fundamentals involves completion of accounting cycle and Barber-Williams, Inc. sells, installs, and services a variety of industrial equipment from several manufacturers.
Midgley Corporation makes a product whose direct labor standards are 0.6 hours per unit and $38 per hour. In April the company produced 7,850 units using 4,210 direct labor-hours. The actual direct labor cost was $88,410.
Firm B produces gadgets. The price of gadgets is $2 each. Firm B has total fixed costs of $300,000 and variable costs of $1.40 per gadget. The corporate tax rate is 40%. What is the breakeven number of gadgets B must sell to make a zero after tax ..
On January 1, 2004, UMUC Company purchased equipment at a cost of $50,000. What should be the charge for depreciation of this equipment for the year ended December 31, 2011?
Assume earnings subject to state and federal unemployment compensation taxes are $5,250 at the federal rate of 0.8% and state rate of 5.4%. What are the journal entry to record the payroll tax expense for the period.
The dean of the School of Fine Arts is trying to decide whether to purchase a copy machine to place in the lobby of the building. The machine would add to student convenience, but the dean feels compelled to earn an 10 percent return on the investmen..
Suppose Stock A offers an expected return of 8.2%, a Beta of .38, a Variance of .036, and a Standard Deviation of 18.9%. Stock B has an expected return of 22.4%, a Beta of 1.67, a Variance of .016, and a standard Deviation of 12.7%. What would you co..
Blue should have taken $910 and $7,272 cost recovery in 2009 and 2010. On January 1, 2011, the asset was sold for $180,000. Calculate gain or loss on the sale of the asset in 2011.
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