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Llana [10]
1 year ago
15

The taxpayer incorrectly took a $5.000 deduction (eg, incorrectly calculated depreciation) in 2018 and as a result his taxable i

ncome was reduced by $5.000. The taxpayer discovered his error in 2019. The taxpayer must add $5,000 to his 2019 gross inceme in accordance with the tax benefit rule to corect for the 2018 error. (CSLO 1, CSLO 2) True False
Business
1 answer:
yuradex [85]1 year ago
6 0

The taxpayer must increase his 2019 gross income by $5,000 in accordance with the tax advantage rule to make up for the 2018 calculation error. This statement is false.

<h3>What various forms of income tax are there?</h3>

The two types of taxes are direct tax and indirect tax. The term "direct tax" refers to taxes imposed on earned income. Income tax is a great example of direct taxation. The government imposes an indirect tax on a taxpayer in exchange for the goods and services they offer.

<h3>The person who pays income taxes is?</h3>

Income taxes are levied on several types of income, including wages and salaries, investment income, and others. Payroll taxes, which sustain Social Security, are the second-largest source of federal revenue.

To learn more about Income Tax here:

brainly.com/question/17075354

#SPJ4

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Youngstown Rubber reports the following data for its first year of operation. Direct materials used $710,200 Direct Labor 350,00
ser-zykov [4K]

Answer:

$1,160,300

Explanation:

Total Manufacturing Costs are all costs related to the production of goods to be sold. This consists of direct costs such as labor and material and other indirect costs such as electricity and rentals.

<u>Calculation  of total manufacturing costs :</u>

Cost of goods manufactured         1,030,300

Add Closing Work In Process           130,000

Less Beginning Work In Process                 0

Total manufacturing costs            $1,160,300

6 0
3 years ago
The Food and Drug Administration (FDA) announced yesterday that they would approve a new cancer-fighting drug from Pharma Compan
Julli [10]

Answer:

the approval was already anticipated by the market

Explanation:

This abnormal return of 0% suggests that the approval was already anticipated by the market. Meaning that the price of the Pharma company's stock had already been affected by the speculation previously and when the FDA made the announcement investors had already made their move in the market with regards to Pharma's stock. Thus causing no further move and a return of 0% to occur.

5 0
3 years ago
The amount of a real estate broker's commission is
zvonat [6]

In India, the majority of properties are sold with the help of a real estate broker or agent. When the broker helps a seller and buyer get in touch with each other and both the parties agree to engage in the transaction, then both the parties are required to pay a certain %age of the property value as a fee to the real estate broker. Read below to know about the real estate broker commission rates India:

There are no specific guidelines laid for the commission paid to real estate brokers. In India, real estate agents usually ask the seller and the buyer to pay 1-2% of the deal value as their commission, also known as the real estate brokerage fee.

8 0
2 years ago
See the "zane corbin, accounting major" case for this question. given the facts available in this case, do you believe the upchu
likoan [24]

No, Cobin should have been stay to see the result of the academic misconduct hearing because he has some facts available in this case.

<h3 /><h3>What is the William J Upchurch medal? </h3>

The William J Upchurch medal is a final undergraduate award, which is given annually to the outstanding seniors in the Hopkins college of Business.

The criteria for the award consists overall GPA, GPA in business courses, involvement in student organization etc.

The facts available in this case are: Cobin was attending the orientation session in his junior year, & went to two career fairs in the past two year. He was also a member for two years. He should stay to see the result of the academic hearing.

Learn more about the William J Upchurch medal here:-

brainly.com/question/1413612

#SPJ1

7 0
2 years ago
Colgate-Palmolive Company reports the following balances in its retained earnings.
Dafna11 [192]

Answer:

a. $1,028 million

b. 46.7%

Explanation:

a. Dividends are taken from the retained earnings and net income is added to the retained earnings. The formula for ending retained earnings is;

Ending retained earnings = Opening Retained earnings + Net Income - Dividends

14,329 = 13,157 + 2,200 - Dividends

Dividends = 13,157 + 2,200 - 14,329

Dividends = $1,028 million

b. Dividends as a percentage of income

= 1,028/2,200

= 0.467

= 46.7%

3 0
3 years ago
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