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2 years ago

What are some of the services and programs that are funded by income taxes?.

1 answer:

6 0

The service and programs supported by income tax are health covers, security to the society , educational schemes, interest on the debt of the country and so on.

<h3>What are the benefits provided by the government?</h3>

The services and programs funded by income tax utilize for the welfare of the society. This income tax is used in the development of infrastructure and to increase growth opportunities in the country.

The Government purchased arms and weapons to protect the country from neighbour rival countries and provide security to the citizens. They use this amount in the invention of new medicines or research.

The Government launched new schemes to educate individuals and also provide them with employment opportunities. They also provide healthcare facilities to their citizens.

Therefore, these are the services that are funded to provide support and safety to the citizens of the country.

Learn more about government schemes, here:

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Being a convicted felon...

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Answer:

B.stays with you for life.

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1 year ago

Kenneth Company uses activity-based costing. It budgets $1,650,000 of overhead cost to sustainably dispose of 6,600 tons of haza

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The cost of hazardous waste disposal as part of Job 125 using activity-based costs is $2,500.

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1 year ago

The following set of main points for a persuasive speech on a question of policy follows which pattern of organization? I. A car

snow_tiger [21]

Answer: comparative advantages

Explanation:

Comparative advantages order refers to a method of organizing persuasive speeches whereby the speaker gives points on how the solution to a particular problem is preferable than other solutions that are proposed l.

It is a way of structuring a persuasive speech when the audience knows that there's a challenge regarding a particular thing but wants to be convinced that a particular plan is the best solution when compared to other plans.

In this case, since the speaker is trying to tell the audience that carbon tax is a better solution than an emission trading system to the problem of industrial pollution, then this is referred to as comparative advantage order.

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2 years ago

At December 31, 2019, Swifty Corporation reported the following as plant assets.

Kay [80]

Answer:

April 01 2020

Land Debit $ 2,200,000

Cash Credit $2,200,000

To record purchase of land

May 01 2020

Cash Debit $ 504,000

Allowance for depreciation equipment Debit $ 363,720

Equipment Credit $ 840,000

Gain on sale of equipment Credit $ 27,720

To record sale of equipment and to recognise gain on sale

June 01 2020

Cash Debit $ 1,450,000

Land Credit $ 399,000

Gain in sale of land Credit $1,051,000

To record sale of land and gain on the sale

July 01 2020

Equipment Debit $ 2,480,000

Cash Credit $ 2,480,000

To record purchase of equipment

December 31 2020

Allowance for depreciation Debit $ 491,000

Equipment Credit $ 491,000

To record retirement of equipment

The adjusting entry for depreciation is as follows:

December 31 2020

Depreciation expense - Equipment Debit $ 4,985,000

Depreciation expense - Buildings Debit $ 578,200

Allowance for depreciation - Equipment Credit $ 4,985,000

Allowance for depreciation - Buildings Credit $ 578,200

Explanation:

Computation for Depreciation expense for the year

Equipment Jan 01 2020 $ 48,670,000 for 4 months @ 10 %

Sales - May 01 2020 $( 840,000)

Adjusted balance May 01 2020 $ 47,830,000 for 2 months @ 10 %

Purchases July 01 2020 $ 2,480,000

Adjusted balance July 01 2020 $ 50,310,000 for 6 months @ 10 %

Depreciation expense for 4 months = $ 48,670,000*10 % *4/12 = $1,622,333

Depreciation expense for 2 months = $ 47,830,000*10 % *2/12 = $ 797,167

Depreciation expense for 6 months = $ 51,310,000*10 % *6/12 =$ 2,565,500

Total depreciation equipment $ 4,985,000

Depreciation on buildings $ 28,910,000 * 2 % $ 578,200

Depreciation has to be recorded for full year on assets retired on December 31 2020

Computation of gain and loss on sale of equipment

Cost of equipment purchased on January 1 2016 $ 840,000

Depreciation rate 10 %

Equipment sold on May 01 2020

Depreciation charged for 4 years and 3 months @ 10 %

$ 840,000 * 4.33 *10 % $ 363,720

Net book value of equipment disposed on May 01 2020 $ 476,280

Sale value of equipment $ 504,000

Gain on sale of equipment $ (27,720 )

The gain on sale of land is the difference between the cost and sales proceeds since land is not depreciated

Sale proceeds - Cost = $ 1,450,000 - $ 399,000 = $ 1,051,000

The assets that was retired on Dec 31 2020 was purchased on December 31 2010 and was considered for depreciation for 10 years and was fully depreciated and had ni book value on the date of retirement

6 0

3 years ago

When correcting errors in a trial balance, the ruling method should be used a.when a proper entry has been made but posted to th

miv72 [106K]

Answer:

d.when an incorrect journal entry has been made, but not yet posted and when a proper entry has been made but posted to the wrong account or for the wrong amount

Explanation:

When correcting errors in a trial balance, the ruling method should be used "when an incorrect journal entry has been made, but not yet posted and when a proper entry has been made but posted to the wrong account or for the wrong amount."

In trial balancing, an error can be fixed or corrected by tracing the trial balance steps. First, make a comparison between the ledger balances and the amount posted to the trial balance then add both debit and credit table if the amount matches, otherwise use the transposition method.

3 0

3 years ago