INVESTING IS THE CORRECT ANSWER ]
Answer:
amount of tax saving is $4320
Explanation:
given data
tax deduction = $18000
marginal tax rate = 24%
effective tax rate = 20%
to find out
amount of tax saving
solution
we know tax saving formula that is
tax saving = tax deduction × marginal tax ........................1
so now put here all value in equation 1
tax saving = tax deduction × marginal tax
tax saving = 18000 × 24%
tax saving = 18000 × 0.24
tax saving = 4320
so amount of tax saving is $4320
Answer:
True
Explanation:
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<span>Henry Company should record the rent expense on August 2. Although the check was prepared on July 25 and mailed on July 27, it should not be recorded until the check is actually cashed.</span>
Answer:
(A) $40,000
Explanation:
At the time of recording of the fixed assets, the fixed assets should be recorded at purchase cost or historical price
Since in the question, the land was purchased at $40,000. Moreover, for the tax purpose, the land is valued at $27,000 and the qualified appraiser appraise the value at $48,000. The cash payment is also offered for $46,000
But at the time of recording or reported, the balance sheet would show at the purchase price i.e $40,000
