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1 year ago

Two of the major advantages of a pass-through entity are that investors can _ and _. (choose two correct answers)

1 answer:

7 0

Two of the major advantages of a pass-through entity are that investors can assume the tax deductions and losses earnings.

An option to lower taxable income is a tax deduction. A standard deduction is a single, predetermined deduction. Higher-income taxpayers frequently have considerable deductible expenses, such as state and local taxes paid, mortgage interest, and charitable contributions, which is why itemized deductions are popular.

Any expense that is deemed "ordinary, necessary, and reasonable" and aids in the revenue generation of a firm is tax deductible. Usually, it is subtracted from the business's income before taxes.

Learn more about tax deduction here

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Sneed Corporation reported balances in the following accounts for the current year: Beginning Ending Income tax payable $ 50 $ 3

RUDIKE [14]

Answer:

Amount of taxes payable is $210.

Explanation:

<u>Calculating the Income tax amount: </u>

Income tax = Closing balance - opening balance + income tax expenses

Income tax = 30 - 50 + 230

Income tax = - 20 + 230

Income tax = $210

7 0

3 years ago

Fox Corp. failed to accrue warranty costs of $150,000 in its December 31, 20x2, financial statements. In addition, a $130,000 ch

faust18 [17]

Answer:

$150,000

Explanation:

$150,000

The failure to accrue warranty expense is an accounting error. It gives rise to a Prior period adjustment in the year of discovery (20x3).

Prior period adjustments are limited to corrections of errors affecting prior-year net income. They adjust the beginning balance of retained earnings in the year of correction.

The change in depreciation method is an estimate change, which is reported in earnings. It is not a Prior period adjustmen

8 0

3 years ago

Willy makes proper use of the wiki feature on the company intranet when he ________. science forums

beks73 [17]

Answer:

Adds some updated features to product information, that way, he can effectively utilize the wiki feature as he so desires.

7 0

3 years ago

You own a stock which has produced annual returns of 11 percent, 3 percent, 8 percent, and 14 percent over the past four years,

Nana76 [90]

Answer:

C) 9.00; 8.92

Explanation:

The arithmetic rate of return is given by:

$R_{A} = \frac{11+3+8+14}{4} \\R_{A} = 9.00$

The geometric rate of return is given by:

$R_{G} = (\sqrt[4]{(1.11*1.03*1.08*1.14)} -1) *100 \%\\R_{G} = (1.0892-1) *100 \%\\R_{G} = 8.92$

Therefore, the arithmetic rate of return is 9.00 percent and the geometric rate of return is 8.92 percent

The answer is C) 9.00; 8.92.

6 0

3 years ago

Which type of tax is paid by businesses on their profits to federal or state governments?

Anna11 [10]

Answer:

Corporate income tax

Explanation:

A corporate income tax (CIT) is levied by federal and state governments on business profits, which are revenues (what a business makes in sales) minus costs (the cost of doing business).

5 0

2 years ago

Two of the major advantages of a pass-through entity are that investors can _______ and _______. (choose two correct answers)

Two of the major advantages of a pass-through entity are that investors can _ and _. (choose two correct answers)