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bogdanovich [222]
2 years ago
9

Suppose that Hickory Manufacturing, Inc., a corporation headquartered in North Carolina, believes that it is entitled to a $24,7

00 federal tax refund, and that the Internal Revenue Service (IRS) has wrongfully refused to issue the refund. If Hickory Manufacturing elects to sue the United States (the IRS is a federal administrative agency) to recover the refund, it must pursue the matter:__________
a. in federal court, since the United States is a party to the litigation.
b. in North Carolina state court, since the company is headquartered in North Carolina.
c. through binding arbitration, non-binding arbitration, or mediation, since the United States has governmental immunity in the court system (although it does allow claims against the federal government to be pursued via alternate dispute resolution).
d. in United States Tax Court, since the dispute involves a tax matter.
Business
1 answer:
iragen [17]2 years ago
6 0

Answer: in a federal court, since the United States is a party to the litigation.

Explanation:

Based on the scenario in the question, in case Hickory Manufacturing elects to sue the United States in order to get back the $24700 federal tax refund which wasn't given to the company, it must be done in a federal court because the the IRS is a federal administrative agency and hence, the matter can't be pursued in the North Carolina state court.

Therefore, the correct option is A "in a federal court, since the United States is a party to the litigation".

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Consider a production possibilities frontier (PPF) with good X on the horizontal axis and good Y on the vertical axis. The PPF i
Ahat [919]

Answer:

C

Explanation:

The Production possibilities frontiers is a curve that shows the various combination of two goods a company can produce when all its resources are fully utilised.  

As more quantities of a product is produced, the fewer resources it has available to produce another good. As a result, less of the other product would be produced. So, the opportunity cost of producing a good increase as more and more of that good is produced.

If the PPF is a straight line, it means there is a constant opportunity cost no matter the point one is on the curve

8 0
3 years ago
Which of the following are established by ASC 280 as "enterprisewide disclosure" standards to provide more information about the
rusak2 [61]

Answer:

A. Both II and III

Explanation:

As the major customers information and the geographic areas information would be created by the ASC 280 as disclosure of enterprise wide standard that provide the information more related to the company risk. Also it is needed to the public entities to disclose the information with respect to the operating segments i.e. reportable in the finished financial statements set

Therefore the correct option is A.

8 0
2 years ago
The following information was taken from the income statement and balance sheet of The Perryman Company for the years 2018 and 2
puteri [66]

Answer:

a. Net profit margin for 2019 = 35.93%

b. Asset turnover for 2019 = 0.29 times

c. Return on assets = 10.24%

Explanation:

Note: This question is not complete. The complete question is thereore provided before answering the question as follows:

The following information was taken from the income statement and balance sheet of The Perryman Company for the years 2018 and 2019:

                                                 2019                2018

Sales revenues                     $590,000       $574,000

Net income                               212,000          184,000

Total assets                            2,142,000      1,998,000

Total stockholders’ equity        712,000        690,000

Compute the following ratios for 2019:

Net profit margin

Asset turnover

Return on assets

The answers are now explained as follows:

a. Net profit margin for 2019

This can be calculated as follows:

Net profit margin for 2019 = Net income in 2019 / Sales revenues in 2019 = $212,000 / $590,000 = 0.3593, or 35.93%

b. Asset turnover for 2019

This can be calculated as follows:

Asset turnover for 2019 = Sales revenues / Average total assets = Sales revenues in 2019 / ((Total assets in 2019 + Total assets in 2018) / 2) = $590,000 / (($2,142,000 + $1,998,000) / 2) = 0.29 times

c. Return on assets for 2019

This can be calculated as follows:

Return on assets = Net income / Average total assets = Net income in 2019 / ((Total assets in 2019 + Total assets in 2018) / 2) = $212,000 / (($2,142,000 + $1,998,000) / 2) = 0.1024, or 10.24%

4 0
3 years ago
Astor Manufacturing stores hazardous and volatile chemicals in its warehouse. The warehouse has state-of-the-art equipment to ma
Wittaler [7]

Answer:

C. strictly liable for Will's injuries

Explanation:

In law, Strict liability is a situation when defendant is required to be responsible to a certain situation, but can't be considered as guilty to any violation.

There are two points that need to be highlighted from the case above:

1.  Astor Manufacturing process has fulfilled all of its safety regulation for storing the dangerous product.

2. The dangerous product owned by Astor Manufacturing caused William's injury.

The regulations for hazard management is created by the government, and the leak is not caused by their negligence. It's caused by unexpected natural disaster.  This is why we can't say that Astor is guilty to any violation.

But still, the chemical that they created injured William. The court will most likely force Astor to be responsible for all the medical expenses incurred by william.

6 0
3 years ago
Barbara made a contract to sell a house to Bolton. The agreement stated that it was contingent upon the buyer being able to secu
Levart [38]

Answer and Explanation:

A due on sale clause is simply a stipulation in the mortagage agreement that the

"borrower if he wants to sell the property to some other person, first of all he (borrower) shall repay the entire outstanding mortagage amount and then only it is possible to sell the property which is secured under Mortagage agreement.

Hence in essence, the borrower must repay before selling it to some other person which will result in paying the sale proceeds of house to the lender first and the Borrower again has to take loan sometimes from the same lender.

Hence it is imperative that the mortagage obligation cannot be transferred to any other person. That is any subsequent buyer cannot ASSUME the mortagage. Therefore due on sale

Clause prevents assuming of mortagages.

6 0
3 years ago
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