Which of the following statements best describes a valuation allowance as it relates to accounting for income taxes? a. a valuation allowance is a contra account to deferred tax assets onlyb. a valuation allowance is a contra account to deferred tax liabilities onlyc. a valuation allowance is a contra account to deferred tax assets and liabilitiesd. a valuation allowance is a contra account to noncurrent deferred tax assets only

Which of the following is not an example of one of the four mail advantages of prices on a free market economy

Selected transactions of the carolina company are listed below. classify each transaction as either an operating activity, an investing activity, a financing activity, or a noncash activity. 1. common stock is sold for cash above par value. 2. bonds payable are issued for cash at a discount

Carey company is borrowing $225,000 for one year at 9.5 percent from second intrastate bank. the bank requires a 15 percent compensating balance. the principal refers to funds the firm can effectively utilize (amount borrowed − compensating balance). a. what is the effective rate of interest? (use a 360-day year. input your answer as a percent rounded to 2 decimal places.) b. what would the effective rate be if carey were required to make 12 equal monthly payments to retire the loan?