Donnie brasco, a 17-year-old, decided to lead a life of crime. his friend al had a great plan where donnie could transport some drugs to the blackmarket dealers. one day, he was transporting 50 lbs. of cocaine when he was pulled over by a police officer for speeding. he was doing 75 mph in a 45 mph zone. the officer asked donnie for his license and registration. as he was checking the computer system and writing up the ticket, the officer noticed that there was an arrest warrant out for donnie. donnie was arrested and later charged with possession of cocaine, which carries a minimum penalty of two years.

donnie's crime can be classified as a

a. misdemeanor
b. felony
c. civil disorder
d. negligent act

Which of the following statements is correct? large corporations are taxed more favorably than sole proprietorships. corporate stockholders are exposed to unlimited liability. due to limited liability, unlimited lives, and ease of ownership transfer, the vast majority of u. s. businesses (in terms of number of businesses) are organized as corporations. most businesses (by number and total dollar sales) are organized as partnerships or proprietorships because it is easier to set up and operate in one of these forms rather than as a corporation. however, if the business gets very large, it becomes advantageous to convert to a corporation, mainly because corporations have important tax advantages over proprietorships and partnerships. most business (measured by dollar sales) is conducted by corporations in spite of large corporations’ often less favorable tax treatment, due to legal considerations related to ownership transfers and limited liability.

Parks corporation is considering an investment proposal in which a working capital investment of $10,000 would be required. the investment would provide cash inflows of $2,000 per year for six years. the working capital would be released for use elsewhere when the project is completed. if the company's discount rate is 10%, the investment's net present value is closest to (ignore income taxes) ?

Which of the following statements about cash basis accounting is true? a. it is more complicated than accrual basis accounting. b. the irs allows all types of corporations to use it. c. it follows gaap standards. d. it ensures the company always knows how much cash flow it has.