Question

In: Accounting

For citizens domiciled in community property states, which of the following statements is correct? A. Any...

For citizens domiciled in community property states, which of the following statements is correct?

A. Any income earned during marriage is deemed to be one-half earned by each spouse.

B. Commingled property does not lose identity.

C. Community property is owned 100% by each spouse.

D. Property owned separately cannot be kept separate.

Solutions

Expert Solution

Answer : option (a)

Any income earned during marriage is deemed to be one half earned by each spouse.

In case of community property,property is divided strictly in half, with each spouse getting 50 percent of any assets found to be marital property.

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Which of the following statements is CORRECT? a.   A sunk cost is any cost that must be...
Which of the following statements is CORRECT? a.   A sunk cost is any cost that must be expended in order to complete a project and bring it into operation. b.   A sunk cost is a cost that was incurred and expensed in the past and cannot be recovered regardless of whether the project is accepted or rejected. c.   A sunk cost is any cost that was expended in the past but can be recovered if the firm decides not to go forward with...
Which of the following statements concerning models of product differentiation, if any, are correct? The more...
Which of the following statements concerning models of product differentiation, if any, are correct? The more new products draw their customers from those who currently are buying existing products in the same market, the more likely we have too much product variety from the point of view of efficiency. The more new products draw their customers from those who currently are not buying existing products in the market in question (new customers to the market), the more likely we have...
Which of the following statements is (are) correct?
10. which of the following statements is (are) correct?(x) When the government runs a budget deficit, investment is lower than it would be otherwise because interest rates are higher than they would be otherwise.(y) A reduction in the budget deficit would cause a shortage of loanable funds at the original interest rate, and as a result, interest rates would rise.(z) When the government runs a budget deficit, national saving is higher than it would be otherwise.A. (x), (y) and (z)B....
Which of the following statements is NOT CORRECT?
‏____ Which of the following statements is NOT CORRECT? a. When a corporation's shares are owned by a few individuals and are not traded on public markets, we say that the firm is "closely, or privately, held." b. "Going public" establishes a firm's true intrinsic value, and it also insures that a highly liquid market will always exist for the firm's shares. c. When stock in a closely held corporation is offered to the public for the first time, the...
Which of the following statements is (are) correct?
Which of the following statements is (are) correct?(x) If a pharmaceutical company discovers a new drug and successfully patents it, patent law gives the firm sole ownership of the right to sell the drug for a limited number of years.(y) In general, the price rises and the quantity sold of a drug fall when its patent runs out.(z) Due to the nature of the patent laws on pharmaceuticals, the market for such drugs switches from monopolistic to competitive once the...
Which of the following statements is NOT correct?
1. Which of the following statements is NOT correct? Select one. a. A 15-year mortgage will have a larger monthly payment that an otherwise similar 30-year mortgage b. An annuity due will have a higher present value that a similar ordinary annuity c. If an investment earns 10% interest compounded annually, its effective rate will also be 10% d. A bond with an annual coupon will have a higher value than a similar bond with a semi-annual coupon e. None of the above; they are all true 2. Which of...
Which of the following statements are/is correct?
 Which of the following statements are/is correct? a. An agency may be found even when the parties expressly agree that they do not want to create one b. Agency relationships cannot exist in the absence of an express contract c. A court will not find an agency to exist unless there is evidence that the principal was obligated to compensate the agent d. both b &C
Which of the following statements is not correct?
Which of the following statements is not correct? Group of answer choices The amount of social security tax withheld depends on an employee's gross earnings, marital status, and number of withholding allowances. Federal law requires that social security, Medicare, and federal income taxes be deducted from the gross pay of most employees. Medicare taxes are levied in an equal amount on both employers and employees. Once an employee's year-to-date wages reach a certain amount prescribed by law, social security tax...
Which of the following statements is not correct?
Which of the following statements is not correct?A.It is possible that additional education will increase a worker's wage without increasing the worker's productivity.B. If discriminating wage differentials persist in competitive markets, it is primarily because either consumers are willing to pay to maintain the discrimination or because government mandates it.C. An efficiency wage corresponds to a lower wage that a nondiscriminating employer pays to a worker because a discriminating employer won't hire her.D. In competitive markets, workers are paid a wage...
Which of the following statements is correct?
Which of the following statements is correct?   A. If an employer's compa-ratio is 120, the employer is paying 20% less than the market.   B. If the minimum wage is raised to $15, greater automation of jobs could occur.   C. People who are paid "below the regression line" after a point factor analysis are being paid more than those "at the regression line."   D. Employees who are not exempt under the FLSA overtime law include executive, administrative,...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT