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3 years ago

Which of the following fiduciary entities are required to use the calendar year as their taxable period for income tax purposes?

Business

1 answer:

Fofino [41]3 years ago

5 0

Answer:

B) Trusts (except those that are exempt)

Explanation:

The only three entities that are allowed to select a fiscal year are: estates, C corporations and tax exempt entities.

Trusts, along with partnerships, S corporations and personal service corporations mus use the calendar year as their taxable period or the tax year of their owners. Some trusts can change to a different calendar year if they can establish a business purpose for doing so.

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What is one of the negative effects of globalization?

AfilCa [17]

I believe the answer is B! Let me know if I am right:)

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3 years ago

The ____ is the amount earned on an investment for a given period of time.

hichkok12 [17]

Answer:

Investment income.

Explanation:

Investment income is income that comes from interest payments, dividends, capital gains collected upon the sale of a security or other assets, and any other profit made through an investment vehicle. Generally, individuals earn most of their total net income each year through regular employment income.

hope this helped broski =))

3 0

3 years ago

You are due to receive a lump-sum payment of $1,350 in four years and an additional lump-sum payment of $1,450 in five years. As

FrozenT [24]

Answer:

2560.50

Explanation:

For bond valuation, the investor would be willing to pay, at the most, the present value of the future income stream discounted at 2%. Thus, the value of the bond can be determined as follows:

Years 1 2 3 4 5 Total

Principal 1,350 1,450 2,800

Interest 0 0 0 0 0 0

Total inflow 0 0 1,350 1,450 2,800

[email protected]% 0 0 0 1,247 1,313 2,561

8 0

3 years ago

The meaning of saving and investment Classify each of the following based on the macroeconomic definitions of saving and investm

kondor19780726 [428]

Answer:

All the options given are examples of investment.

Explanation:

Savings are what an individual has left after their spending has been deducted from their disposable income. Savings can increase income by investing the money saved. Investment is an item or asset gotten with aim of generating income. An investment simply means buying goods that are not for immediate consumption but generation of income.

All the options provided are investment examples. A certificate of deposit is given by the bank to an individual after a certain amount of money has been deposited and it generates interest. Also building a cabin , a laboratory and buying stock are investments.

3 0

3 years ago

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months

Katen [24]

Answer:

Please see the attached Snapshot for a schedule showing service revenue receivable and below are the journal entries for the year 2013, 2014 and 2015 on Income Taxes.

Explanation:

1. 2013 Journal Entry

Alsup Consulting

Dated: December 31, 2013

Debit: Tax Expense $134,000

Debit: Deferred Tax Liability $4,000

Credit: Income Tax Payable $138,000

To record Income Tax Payable.

2. 2014 Journal Entry

Alsup Consulting

Dated: December 31, 2014

Debit: Tax Expense $108,000

Credit: Income Tax Payable $100,000

Credit: Deferred Tax Liability $8,000

To record Income Tax Payable.

3. 2015 Journal Entry

Alsup Consulting

Dated: December 31, 2015

Debit: Tax Expense $114,000

Debit: Deferred Tax Liability $10,000

Credit: Income Tax Payable $124,000

To record Income Tax Payable.

3 0

3 years ago