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1 year ago

Which recent president raised taxes when the income tax share of gdp was very low?

Business

1 answer:

alexira [117]1 year ago

7 0

George H.W. Bush firmly said, "Read my lips: no new taxes."

He would continue to be troubled by the words. The top tax rate was increased from 28% under Ronald Reagan to 31% by the Omnibus Budget Reconciliation Act of 1990.

What is Tax??

In order to ensure that taxpayers are paying the proper amount of tax at the proper time and obtaining the proper tax allowances and tax reliefs, tax compliance refers to both policy actions and individual behaviour. A tax is a mandatory financial charge or some other type of levy imposed on a taxpayer (A person or legal entity) is used by a government organisation to pay for government expenses and other public expenditures (regional, local, or national). Around 3000–2800 BC, the first recorded taxation was enacted in ancient Egypt. Non-compliance with the law includes failing to pay on time as well as evading or resisting taxation. Taxes can be paid in cash or in the labour equivalent and can be either direct or indirect.

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My husband is 48 and wants to have relations every day what can i do

Damm [24]

You can divorce or seperate.

5 0

3 years ago

Kingbird, Inc. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable

antoniya [11.8K]

Answer:

(a) The adjusting journal entry to record bad debt expense for the year:

Debit Bad debt expense $5,640

Credit Allowance for doubtful accounts $5,640

<em>(To record bad debt expense)</em>

(b) If the allowance for doubtful accounts had a debit balance of $870 instead of a credit balance of $2,950, The appropriate journal entries are:

Debit Bad debt expense $9,460

Credit Allowance for doubtful accounts $9,460

<em>(To record bad debt expense)</em>

Explanation:

To arrive at the bad debt expense for Kingbird, Inc., we simply need to calculate 3% of accounts receivable, as follows:

2% of $429,500 = $8,590

Since the allowance for doubtful accounts has a credit balance of $2,950, the bad debt expense will be: $8,590 - $2,950 = $5,640. The appropriate journal entries are as provided above.

However, if the allowance for doubtful accounts had a debit balance of $870 instead of a credit balance of $2,950, the bad debt expense will be: $8,590 + $870 = $9,460. The addition is necessary in order to reinstate the allowance account to $8,590. The appropriate journal entries are as provided above.

6 0

3 years ago

A company issues $16200000, 5.8%, 20-year bonds to yield 6% on January 1, 2020. Interest is paid on June 30 and December 31. The

bekas [8.4K]

Answer:

The amount of interest expense which will be recognized in 2020 is $949,681.45.

Explanation:

The following are given in the question:

Bond value = $16200000

Bond interest rate = 5.8%

Proceed from bond = $15825541

Yield rate = 6%

The amount of interest expense which will be recognized in 2020 can now be calculated as follows:

Interest expense for January 1, 2020 to June 30, 2020 = Proceed from bond * Yield rate * (6 / 12) = $15825541 * 6% * (6 / 12) = $474,766.23

Discount amortized during first 6 months = Interest expense for January 1, 2020 to June 30, 2020 - (Bond value * Bond interest rate * (6 / 12)) = $474,766.23 - ($16200000 * 5.8% * (6 / 12)) = $474,766.23 - 469,800 = $4,966.23

Interest expense for July 1, 2020 to December 31, 2020 = (Proceed from bond + Discount amortized during first 6 months) * Yield rate * (6 / 12) = ($15825541 + $4,966.23) * 6% * (6 / 12) = $474,915.22

Interest expense to be recognized in 2020 = Interest expense for January 1, 2020 to June 30, 2020 + Interest expense for July 1, 2020 to December 31, 2020 = $474,766.23 + $474,915.22 = $949,681.45

Therefore, the amount of interest expense which will be recognized in 2020 is $949,681.45.

3 0

3 years ago

A teacher wishes to determine the reliability of three trials on a performance test. she uses anova to obtain the reliability co

liberstina [14]

The technique is called: interclass correlation

Interclass correlation define the connection between two variables that belong to different classes,and commonly used for countable measurements that made for several groups of subject. Currently, this type of correlations is among the most commonly used by marketing unites to research various information about their products (such as popularity, segmentation, positioning, etc_)

7 0

3 years ago

The open-ended question post-project evaluation meeting should contain an opportunity to talk about possible additional projects

mash [69]

Answer:

B. False.

Explanation:

In the rightful manner, this meeting type is said to typically happen in different formats though most of it happens to appear in different video calls, conference or zoom which is popular in recent times. This meeting should contain or entertain the ability for opportunity talks which could yield possibilities in adding works that can benefit the parties involved. But in the case above, assuming the permission to use the customer as a reference with potential customers is totally out of the line so it is said to not totally fall in as post project evaluation.

6 0

3 years ago