Tony and liz montey both work for xyz corporation where tony earns $32,000 and liz earns $31,000. however, xyz corporation does not have a retirement plan for their employees. tony and liz have three-year old twin daughters named trisha and tasha. the following is information related to their taxes for the current tax year:
gross income $63,000
tony's traditional ira contribution $1,000
liz's traditional ira contribution $2,000
total itemized deductions $16,200
child credit per child $1,000
personal exemptions $3,950 each
standard deduction $12,400
marginal tax rate 15 percent
narrend
refer to figure 4-1. approximately how much will tony and liz save in taxes as a result of their ira contributions?
a. $3,000
b. $150
c. $1,000
d. $450

Panera bread is a chain of cafes serving sandwiches, soups, and freshly baked breads. the company began in 1981 with stores primarily located along the east coast of the united states. since then, the firm has expanded to over 1,300 locations throughout the united states and canada. the firm has strong earnings and has been designated by business week as a "significant growth company." panera bread executives are considering the idea of expanding globally by opening cafes in asia through a franchising strategy. which of the following, if true, supports the argument that panera bread should expand into asia through franchising? a: the panera bread menu changes rapidly, and each cafe's artisan bread bakers receive regular training on new recipes. b: panera bread executives want fast access to the asian market without a significant investment of capital. c: panera bread executives want to test the asian market with a short-term commitment that allows them to make quick profits. d: the panera bread mission is to make excellent bread available to customers around the world.

Accounts receivable arising from sales to customers amounted to $40,000 and $55,000 at the beginning and end of the year, respectively. income reported on the income statement for the year was $180,000. exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is

Torino company has 1,300 shares of $50 par value, 6.0% cumulative and nonparticipating preferred stock and 13,000 shares of $10 par value common stock outstanding. the company paid total cash dividends of $3,500 in its first year of operation. the cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is: