Answer:
b. is zero.
Explanation:
Taxation can be defined as the involuntary or compulsory fees levied on individuals or business entities by the government to generate revenues used for funding public institutions and activities.
There are three (3) types of taxation used by the government, these are;
1. Progressive taxation: it involves charging individuals having higher incomes a higher percentage of their total income.
For instance, Citizen A pays 20% on $50,000 and Citizen B pays 15% on $36.000.
2. Proportional taxation: it involves charging both lower and higher income earners equally in proportion to their income.
For instance, Citizen A pays 10% on $50,000 and Citizen B pays 10% on $36,000.
3. Regressive taxation: it involves charging individuals with low incomes a higher percentage of their total income and vice-versa.
For instance, Citizen A pays 15% on $50,000 and Citizen B pays 20% on $36,000.
The marginal tax rate for a lump-sum tax is zero because an additional amount of money would not change it.
Answer:
The correct answer is the third option: a special journal entry that eases the burden of accounting for transactions in the next period.
Explanation:
To begin with, a <em>reversing entry </em>is the name given to a special journal entry in the accounting areas that focus on the action of reversing selected entries made in the inmediately preceding period in order to correct common human mistakes. Therefore that this type of entry has the intention of easing the burden of accounting for transactions in the next period by just noticing that is being used in the journal.
Explanation:
Science has made huge progress in every field. If we talk about the ways of communication between people who are not in the same area, it was considered insane few years back; but now this is a reality that people who are not at the same place can communicate with each other just like they are sitting in front of each other.
There are different methods or ways through which people who are not at the same place can communication easily.
The most simplest and conventional method is the use of Telephone. But now, with the progress in Technology and with the use of Internet, there are a lot of communication devices that uses different apps to talk to each other. They are used to talk either through the audio or with the Video as well. Using your mobile phone, or laptops, or other communication gadgets, you can even see the other person while talking to him. So Telephones, Telegraphs, Internet, Cell phones, etc are used to communication without having to be in the same area.
Answer:
tractor 35,127,42 debit
note payable 32,172.42 credit
cash 3,000 credit
--to record issuance--
Note payale end of 2018
39,584.19
note payables at Dec 31th
Note payable at the end of 2019
39,584.19
note payables at Dec 31th
Explanation:
As the note has zero.interest we discount the note to get the present value:
Maturity $44,000.0000
time 3.00
rate 0.11
PV 32,172.42
The difference will be a discount that will acrrue interest overtime.
the truck will enter the accounting net of interest charges thus:
3,000 downpayment + 32,127.42 = 35,127.42
interest will be: 32,127.42 x 1.11 = 32,127.41
<u><em>Then, do the same for 2019</em></u>
(32,127.41 + 3,532.0162) x 1.11 = 39,584.19
Answer:
The American Opportunity Tax Credit (AOTC) that can be claimed is $2,500.
Explanation:
As of 2018, no changes have been made to the AOTC. By law, with a modified adjusted gross income (MAGI) of $80,000 or less for single individuals and $160,000 or less for married filing jointly, the individuals can claim the full credit amount. It is a credit paid for an eligible student to cover education expenses, if in the first four years of postsecondary education. A maximum annual amount of $2,500 is given and an additional 40% of remaining amount (up to $1,000) if the tax owed falls to zero.
