All categories

2 years ago

Data classification for retention of information is typically ______ for financial and tax records?

Business

1 answer:

natali 33 [55]2 years ago

3 0

Data classification for retention of information is typically for 7 years of financial and tax records.

Accounting records are the documents and books involved in the preparation of financial statements of any organization.

Similarly tax records means the transcripts of all the tax returns previously submitted taxes.

Every organization is required to preserve the data records for at least 7 years not less than this.

This also includes the documents related to audit too.

To know more about tax records here;

brainly.com/question/16945607

#SPJ4

You might be interested in

Sonic Inc. manufactures two models of speakers, Rumble and Thunder. Based on the following production and sales data for June, p

lesya692 [45]

Answer and Explanation:

a. The preparation of the sales budget is prepared below:-

Sonic Inc.

Sales budget

Particulars Unit Sales Unit Selling price Total Sales 

Volume

Model Rumble:

East Region 12,000 $60 $720,000

West Region 14,000 $60 $840,000

Total $1,560,000

Model Thunder:

East region 3,500 $90 $315,000

West region 4,000 $90 $360,000

Total $675,000

Total revenue from sales $2,235,000

To reach the total revenue from sales we simply added the total of model rumble with a total of model thunder.

b. The Preparation of the production budget is shown below:-

Sonic Inc.

Production budget

Particulars Units Model Units Model

Rumble Thunder

Expected units to be

sold 26,000 7,500

(12,000 + 14,000) (3,500 + 4,000)

Add: Desired ending

inventory 500 250

Total units required 26,500 7,750

Less: Beginning inventory 750 300

Total units to be produced 25,750 7,450

So, to reach at total units to be produced we simply deduct the beginning inventory from total units required.

7 0

3 years ago

Consider the following data: currency (held outside banks) = $354 billion, checkable deposits = $250 billion, traveler's checks

Agata [3.3K]

Answer:

a). M1=$808 billion

b). M2=1,068 billion

Explanation:

M1 is the money supply that is the most liquid and is or can be easily converted into cash. The formula for calculating M1 is;

M1=C+D+T+S

where;

M1=money supply

C=currency held outside banks

D=checkable deposits

T=traveler's checks

S=small-denomination time deposits

In our case;

M1=unknown

C=$354 billion

D=$250 billion

T=$4 billion

S=$200 billion

replacing;

M1=(354+250+4+200)=$808 billion

M1=$808 billion

M2 includes elements of M1 and additional money supply that are near liquid. The formula is;

M2=M1+savings deposit+mutual funds

where;

M1=$808 billion

savings=$100 billion

retail money market mutual funds=$160

replacing;

M2=(808+100+160)=1,068 billion

M2=1,068 billion

5 0

3 years ago

Atlantic Coffee has recently decided to raise its prices by10%.It was shocked by itscustomers' reactionto the price increase whe

miss Akunina [59]

Atlantic Coffee has recently decided to raise its prices by10%. It was shocked by its customers' reaction to the price increase when sales dropped24%. such a sharp drop in sales occurs because:_the demand for a specific brand of coffee is highly elastic.

The market fee is the modern rate at which an excellent service can be purchased or sold. The market price charge of an asset or carrier is decided with the aid of the forces of delivering and calling for; the fee at which the amount provided equals the amount demanded is the marketplace rate.

The primary price is the amount receivable through the manufacturer from the customer for a unit of an amazing or provider produced as output minus any tax payable, and plus any subsidy receivable, by means of the producer as a result of its manufacturing or sale.

Learn more about prices here:

brainly.com/question/26075805

#SPJ4

5 0

2 years ago

Identify which of the following statements is true.

Papessa [141]

Answer:

B. If both the current and accumulated E&P have deficit balances, a corporate distribution cannot be characterized as a dividend.

Explanation:

The statement written in the option B is correct.If both accumulated and current E&P have low balances,then we cannot corporate distribution as dividend rest of the options are false.Hence the answer is option B.

6 0

3 years ago

You purchased shares of stock one year ago at a price of $62.37 per share. During the year, you received dividend payments of $1

andreyandreev [35.5K]

Answer:

real rate of return= 10.93%

Explanation:

The return on equity is the sum of the dividends earned and capital gains made during the holding period of the investment.

Dividend is the proportion of the profit made by a company which is paid to shareholders.

Capital gains is another type of the return made on an equity investment as a result of increase in the value of the shares. It is difference between the cost of the share and the value at the time of disposal.

Therefore, we can can compute the return on the investment as follows:

Capital gain = $69.49- 62.37 = 6.92

Dividend -= 1.77

Nominal return on stock= (1.77 + 6.92)/ 62.37 × 100 = 13.93 %

Inflation is the increase in the price level.It erodes the value of money.rise in the price of money

Nominal interest is that quoted for investment or loan transactions. It has not been been adjusted for inflation.

Real interest rate is the amount of interest in terms of the the quantity of good and services that can be purchased. It is the nominal interest rate adjusted for inflation.

The relationship between inflation, real return and nominal return rate is given using the Fishers Effect;

N = ( (1+R) × (1+F)) - 1

N- nominal rate, R-real rate, F- inflation

real rate of return = (1.1393)/ (1.027)- 1 = 0.1093

real rate of return = 0.1093 × 100 = 10.93%

real rate of return= 10.93%

8 0

3 years ago