How is it possible for a U.S. firm to have increasing earnings but a lower effective tax rate?
a.The firm has expenses that are not deductible for tax purposes.
b. Tax rates in foreign countries where the firm operates are higher.
c. Tax rates in foreign countries where the firm operates are lower.
d. It is not possible for a firm to have an effective tax rate different from the U.S. federal statutory tax rate.
Question 2
The following item would be classified as an operating activity on the statement of cash flows:
a. Payments for inventory.
b.Acquisitions of equipment.
c. Proceeds from borrowing.
d. Payments on loans.
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