Which of the Following Statements Is/are Correct

question 62

Multiple Choice

Which of the following statements is/are correct?
I.Maria receives a necklace worth $300 from her employer in recognition of her production unit's safety record at the company's annual meeting. Maria is not taxed on the $300.
II.Reggie opens a savings account at Mid Financial Savings and Loan. For opening the account he receives a microwave worth $200. On December 31, his account is credited for $300 of interest income. Reggie must report $500 of income.
III.Manu receives a salary of $80,000 as CEO of Camp's Cooking Crockery. Manu owns 60% of Camp's, which is organized as an S corporation. Camp's taxable income for the current year is $300,000 and Camp's pays $100,000 of dividends. Manu must recognize $360,000 of income.
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• A)Statements I, II, and III are correct.
• B)Only statements I, and II are correct.
• C)Only statements II and III are correct
• D)No statement is correct.

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Definitions:

Vestibulocochlear

Referring to the eighth cranial nerve that transmits sound and equilibrium (balance) information from the inner ear to the brain.

Dentists Anesthetize

The process by which dentists use medication to numb areas of the mouth during procedures to prevent pain.

Trigeminal Nerve

The fifth nerve in the cranium, accountable for transmitting sensory information from the face and head area, and controlling motor activities like biting and chewing.

Pain Impulses

Neural signals that convey the sensation of pain from the peripheral nervous system to the central nervous system.