Brief, inc., had a receivable from a foreign customer that is payable in the customer's local currency. on december 31, 2017, brief correctly included this receivable for 292,500 local currency units (lcu) in its balance sheet at $280,000. when brief collected the receivable on february 15, 2018, the u. s. dollar equivalent was $291,400. in brief's 2018 consolidated income statement, how much should it report as a foreign exchange gain?

In 2015, lori assigned a paid-up whole life insurance policy to an irrevocable life insurance trust (ilit) for the benefit of her three children. the ilit contained a crummey provision for the benefit of each child. at the time of the transfer, the whole life insurance policy was valued at $200,000, and since lori had not made any other taxable gifts during her lifetime, she did not owe any gift tax. lori died in 2016, and the face value of the whole life insurance policy of $2,000,000 was paid to the ilit. regarding this transfer, how much is included in lori’s gross estate at her death?

Utilization will always be lower than efficiency because: a. effective capacity is greater than design capacityb. expected output is less than actual output. c. effective capacity equals design capacity. d. effective capacity is less than design capacity. e. expected output is less than rated capacity.

Which one of the following is not a typical current liability? a. interest payable b. current maturities of long-term debt c. salaries payable d. mortgages payable