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2 years ago

Question 7 (Multiple Choice Worth 4 points)

Business

2 answers:

NikAS [45]2 years ago

7 0

Answer:

CEO earning 2.5 million

Explanation:

I got it right

Stolb23 [73]2 years ago

4 0

In a situation wherein Country Y has a progressive tax system for income, with no credits or deductions, a CEO earning $2.5 million per year would pay the most as a percentage of income in the country Y. Therefore, the option D holds true.

<h3>What is the significance of a progressive tax system?</h3>

A progressive tax system can be referred to or considered as a system wherein the percentage of tax to be levied increases with an increase in the total taxable income for an individual. The rates of taxation under this system are defined under percentage.

In the situation given above, when a CEO in country Y earns $2.5 million, i.e., more than any other person mentioned above, he will be the one who will have to pay the most taxes as a part of percentage of his income.

Therefore, the option D holds true and states regarding the significance of the progressive tax system.

Learn more about progressive tax system here:

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Answer:

This leads to a reduction in net income

Explanation:

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4 years ago

A corporation issued 80 shares of no par value common stock for $800 cash. Based on this information, the credit to the common s

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Answer:

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Explanation:

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3 years ago

Oriole Company has the following transactions related to notes receivable during the last 2 months of the year. The company does

NikAS [45]

Answer:

See explanation

Explanation:

Nov. 1 Notes receivable - C. Bohr Debit $52,200

Cash Credit $52,200

To record the loan provided to C. Bohr issuing a 7%, 12-month note.

Dec. 11 Notes receivable - K. R. Pine Debit $1,800

Sales revenue Credit $1,800

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Dec. 31 Interest Receivable Debit $681 (Note - 1)

Interest Revenue Credit $681

To record the interest revenue accrued on December 31.

Calculation:

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