Solution :
a). Total debt = notes payable + long term debt
= 145,000 + 750,000
= $ 895,000
b). Total liabilities and equity = total assets
= 2,900,000
c). Current assets = total assets - net plant and equipment
= 2,900,000 - 2,600,000
=$ 300,000
d). Total current liabilities = total liabilities and equity - total common equity - long term debt
= 2,900,000 - 1,550,000 - 750,000
= $ 600,000
e). Accounts payable and accruals = total current liabilities - notes payable
= 600,000 - 145,000
= 455,000
f). Net working capital = current asset - current liabilities
= 300,000 - 600,000
= - $300,000
g). Net operating working capital = current assets - accounts payable and accruals
= 300,000 - 455,000
= - $ 155,000
h). The difference between f) and g). represents the balance of notes payable.
The correct option is D.
Economic regulation refers to imposition of rules by a government, backed by the use of penalties that are specifically targeted at modifying the economic behavior of individuals or industries in the private sector. Regulation is often used to narrow down choices in the targeted area.
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:
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