90 days past due to be considered delinquent
If Austin cannot pay the entire balance in full by the
due date of the return, he can choose any options. Such as installment
agreement request by submitting form 9465. This installment
agreement allows Austin to make a series of monthly payments over time. Another
choice is by paying IRS for a full pay agreement of up to 120 days. In this
option, no penalty fee for full payment; however, interest and any applicable
penalties continue to accrue until your liability is paid in full. Moreover,
Austin can <span>consider financing the full payment of his tax
liability through a credit card. The interest rate and any applicable fees
charged by a credit card company are usually lower than the combination of
interest and penalties set by the Internal Revenue Code.</span>
Answer: C. Low risk, low return
Explanation:
Answer:
A) deduction from net income of $24,000 and a $222,000 cash inflow from investing activities
Explanation:
The cash flow statement categories the company's transactions in a financial period into 3 groups; these are operating, investing and financing.
The net profit/loss, depreciation, changes in current assets (other than cash) and liabilities are considered as operating activities including income taxes.
The sale of assets, interest received, purchase of investments are examples of investing activities while the issuance of stocks, debt principal deduction (loan settlement), issuance of debt securities etc are examples of financing activities.
When an asset is sold, the gain on disposals is a non cash items that will be deducted (or added where a loss was made on disposal) to the net income. The amount received from the disposal is recognized as an inflow in the investing section of the cash flow statement.
The gain/(loss) from disposal
= $222,000 - ($426,000 - $228,000)
= $24,000
