Non-allowable tax deductions are <em>A. Entertainment expenses</em>
- Allowable tax deductions include the expenses that a taxpayer incurs, which reduce the tax liability when using itemized deductions. Donations to charity, medical and educational expenses are allowable tax deductions. Though, these deductions have limits.
- The taxpayer cannot deduct these expenses above the approved limits. Unlike allowable tax deductions, non-allowable tax deductions cannot reduce a taxpayer's tax liability.
- Entertainment expenses (business-related) have completely been eliminated as allowable deductions from 2018 fiscal year.
Thus, a taxpayer cannot deduct expenses incurred for entertainment of any form.
Read more about tax deductions at brainly.com/question/13678440 and brainly.com/question/10657452
Answer:
Selling price= $172.8
Explanation:
Giving the following information:
Manufacturing costs to be $ 240.00 per air conditioner
Consisting of 60% variable costs and 40% fixed costs.
Selling price= 20% markup to full costs.
Because it is a special offer and there is unused capacity, we will not take into account the fixed costs:
Unitary cost= 240*0.6= $144
Selling price= 144*1.2= $172.8
Answer:
False
Explanation:
Only after the purchase was approved
Answer:
The correct option is d. Non cash activity
Explanation:
Operating Activity: The operating activity is that activity which records any changes ion the working capital or we can say increase or decrease in the currents assets and current liabilities.
Investing Activity: The investing activity records all those transactions which are related to the purchase and sale of fixed assets
Financing activity: It records those transactions which is for the long term i.e issue of shares, the redemption of debentures, etc.
All these three activities are term as cash activities because it includes cash transactions.
So, in the given question it is mentioned that the purchase of equipment by issuing a long-term note payable which is a non-cash activity because it does not have any cash transaction. It does not affect the cash balance.
Thus, under non-cash activity, we classify the purchase of equipment by issuing a long-term note payable
Hence, the correct option is d. Non-cash activity
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