Answer:
When tax season comes, he hires an accountant from one of "the Big Four" accounting firms to help him file his business's tax return. In this scenario, John has most likely hired a <u>Tax</u> Accountant
Explanation:
A Tax Accountant helps the individual or businesses that hire them fill out their tax forms properly, advise them about future financial moves that can affect their taxes and file taxes with the appropriate documentation electronically so that your clients receive their refunds as quickly as possible.
They can work as a direct employee or as an independent contractor who runs their own business.
They take charge of tax preparation and help your clients to lower their tax obligations when filing tax returns.
If an individual is audited, they handle this audit for them to ensure that the individual gets through the process unharmed.
Answer: the difference between the exchange rate on the date of repatriation and the exchange rate used to translate the branch's pretax income.
Explanation:
Repatriation simply means converting of foreign currencies into local ones. Earning of income in foreign currencies, by a comoany are typically subject to risk regarding foreign exchange which could bring about a loss.
It should be noted that the exchange gain or loss on repatriated funds from a foreign branch is calculated when the nominal amount of the funds is multiplied by the difference between the exchange rate on the date of repatriation and the exchange rate used to translate the branch's pretax income.
Answer:
All of the above are true.
Explanation:
The following statements about a corporation is true.
<u>1. A corporation is a separate taxpaying entity that must file a tax return annually. </u>
A corporation is a legal entity that is separate and distinct from its owners. they can enter contracts, loan and borrow money, sue and be sued, hire employees, own assets, <u>and pay taxes annually just like individuals.</u>
<u>2. A newly formed corporation must select its basic accounting method. </u>
A newly formed corporation will have to choose its accounting method. Accounting method refers to the rules a company follows in reporting revenues and expenses. The two primary methods are accrual accounting and cash accounting.
3. The terms "regular corporation" and "C corporation" are synonymous.
The C corporation is the <u>standard (or default) corporation under IRS rules.</u> The S corporation is a corporation that has elected a special tax status with the IRS and therefore has some tax advantages, hence cannot be said to be regular but has obtained a special status by election.
Answer:
$3.68 per bag for bagels; $1.30 per package for cream cheese
Explanation:
In this question we have to assume the things
Like Baggles be X
And. the cream cheese be Y
So, there are two equations which are presented below:
2X + 3Y = $11.25
5X + 2Y = $21
To find out the X and Y value we have to equate the both equations. So, we multiplied by 5 and multiplied by 2 in equation 1 and 2
So, the updated equation would be
10X + 15Y = $56.25
10X + 4Y = $42
Now subtract it, so the value would be
11Y = $14.25
Y = $1.30 per bag
Now put this Y value in any equation
2X + 3Y = $11.25
2X + 3 × $1.30 = $11.25
2X + $3.9= $11.25
2X = $7.35
X = $3.68 per package
Answer:
The correct answer is letter "A": on the line following each journal entry.
Explanation:
<em>Brief descriptions</em> can be added after each entry of the journal whenever necessary. The note must be included in the next line of the entry that might need extra explanation or clarification. <em>Accuracy </em>is relevant for accounting purposes since companies tend to be audited and they must demonstrate their transactions are transparent.
