Jun 16th, 2015
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Grade Details1.Question :The income statement for Brit, Inc. Indicates that tax expense was $20,000. The balance sheet indicates that taxes payable for the same year increased by $ 5,000. What amount did Brit, Inc. actually pay in taxes during this year?Student Answer:$ 15,000$ 20,000$ 25,000Cannot be determined without the cash balancePoints Received:1 of 1Comments:2.Question :A financial manager is considering two projects, A and B. A is expected to add $ 2 million to profits this year while B is expected to add $ 1 million to profits this year. Which of the following statements is most correct?Student Answer:The manager should select project A because it maximizes profit.The manager should select the project that maximizes long-term profits, not just one year of profits.The manager should select project A or he is irrational.The manager should select the project that causes the stock price to increase the most, which could be A or B.Points Received:1 of 1Comments:3.Question :Which of the following statements about depreciation is true?Student Answer:Depreciation is a noncash expense, but it is important because it affects a corporation's tax liability.Depreciation must be calculated the same way for financial reporting and tax purposes.The choice of depreciation method had no impact on a firm's value because the same amount of depreciation is taken over the life of a

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