Please i need help with my following assignment. I only have 20 mins to complete and submit... thanks

1. (TCO 9) Which of the following statements best describes the definition of taxable income from business operations? (Points : 2) a.Gross income from the sales of goods or performance of services less allowable deductions b.Revenues from business transactions less expenses c. Gross income from whatever source derived less expenses d.None of the above Question 2. 2. (TCO 9) ABC Corporation, a cashbasis business, received $18,000 cash as payment on a loan it extended to XYZ furniture last year. The payment consisted of $18,000 principal payment and $0 interest. On receipt of the cash, ABC recognizes _____. (Points : 2) a.$1,317 taxable income b.$20,000 taxable income c.$18,000 taxable income d.$0 taxable income Question 3. 3. (TCO 9) Which of the following statements about the constructive receipt doctrine is false? (Points : 2) The doctrine applies to cashbasis taxpayers. The doctrine relates to the time period variable in tax planning. case. Application of the doctrine by the IRS is subjective and depends on the facts and circumstances of each None of the above Question 4. 4. (TCO 9) Marathon Inc.'s taxable income is computed as follows. Book income before tax $2,405,600 Net permanent differences (512,000) Net temporary differences (189,000) Taxable income $1,704,600 Using a 33% rate, compute Marathon's tax expense per books and tax payable. (Points : 2) Tax expense per books $643,824; tax payable $579,564 Tax expense per books $579,564; tax payable $643,824 Tax expense per books $530,152; tax payable $477,288 Tax expense per books $624,822; tax payable $562,518 Question 5. 5. (TCO 9) Body Justice Inc., a calendaryear, accrualbasis corporation, accrued $138,200 vacation pay expense and a corresponding liability at the end of 2015. Derik paid $20,000 of the accrued liability to employees who took vacation between January 1 and March 15, 2016. How much of the accrued vacation pay expense is deductible in 2015? (Points : 2) None of the accrued expense is deductible in 2015. $158,200 $20,000 The entire accrued expense is deductible in 2015. Question 6. 6. (TCO 9) Uptown Inc. incurred a $63,218 net operating loss this year. Which of the following statements is true? (Points : 2) Uptown can use the NOL only as a carryforward deduction. Uptown can use the NOL only as a carryback deduction. Uptown can elect to use the NOL as a carryforward deduction. None of the above Question 7. 7. (TCO 9) Orlando Florist Company, an accrualbasis taxpayer, had a $13,000 overdue account payable to its supplier. The supplier agreed to settle the account for $8,000 cash from Orlando. Which of the following statements is true? (Points : 2) Orlando recognizes $8,000 income because of the settlement. Orlando recognizes no income because of the settlement. Orlando can deduct the $9,000 payment. None of the above Question 8. 8. (TCO 9) Lolade Inc. operates a business with a natural annual operating cycle ending September 31. Which of the following can Lolade adopt as its taxable year? (Points : 2) A calendar year Fiscal year ending June 30 Fiscal year ending August 31 A calendar year or any fiscal year Question 9. 9. (TCO 9) Which of the following methods of accounting is never permissible for computing taxable income? (Points : 2) Cash receipts and disbursements method Accrual method Hybrid method that combines the cash and accrual methods All of the above are permissible methods of accounting. Question 10. 10. (TCO 9) Which of the following statements about methods of accounting is false? (Points : 2) The IRS has the right to determine whether a taxpayer's method of accounting clearly reflects the taxpayer's income. A taxpayer must request permission from the IRS to change its method of accounting for tax purposes. A taxpayer engaged in more than one business can use a different method of accounting for each business. Taxpayers must use the same method of accounting to compute taxable income as they use to compute financial statement income