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4 years ago

What common misconseptions about paying taxes exist? check all that apply

Business

1 answer:

11Alexandr11 [23.1K]4 years ago

8 0

Answer:

The answer is:

1.A person who is unable to pay taxes does not have to pay them.

If you unable to pay your taxes, the amount of payment that you have to pay this year would be accumulated to the tax payment next year.

2.A person who chooses not to pay taxes does not have to pay them.

Paying taxes is an obligation of all working citizens, not a right. We do not get to choose whether we have to pay taxes or not.

3.Simply forgetting to file taxes will not result in jail time.

Since there is no actual intend to not paying your taxes, simply forgetting it usually would only resulted in fines from the IRS.

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On january 1, 2013, a company sold a piece of equipment for $30,000 which it had used for several years. the equipment had cost

Tema [17]

Book value on the date of disposal
Cost of the equipment - accumulated depreciation
45000-20000=25000

Gain on disposal of the equipment
Proceeds from sales - book value on the date of disposal
30000-25000=5000

The amount of gain on disposal (5000) is reported under “Other revenues and
gains” section of the income statement which increase the profit which transferred into shareholders equity. Also, the account of the equipment will be zero

So the answer is d

Hope it helps!

3 0

3 years ago

The video mentions how firms compete on price point, store design, and the product itself. These are all elements of a firmâs:__

vladimir2022 [97]

Answer:

Marketing mix

Explanation:

The marketing mix is a combination of product, price, place, and promotion. The marketing mix is also called 4Ps. These factors determine the marketing strategy through which they get to know their position in the market.

The price is the value which is given to the customers

The product is the item which is to be shown to the customers

The place is the location in which the product is sold to the customers

And the last is a promotion in which the product is communicated to the end numbers of people either by word of mouth, by adverting, etc

8 0

3 years ago

High income countries with larger governments as a share of gdp have generally

Scorpion4ik [409]

Answer: High income countries with larger governments as a share of GDP have generally grown at a slower rate than the countries with smaller governments.

Explanation: Developing countries or countries with less money typically grow at a faster rate than higher income countries because returns related to capital are not as strong. In richer countries, they have higher capital and tend to grow at a slower rate.

5 0

3 years ago

The following information pertains to Crane Video Company:

Mashutka [201]

Answer:

Prepare Bank Reconciliation Statement

Balance at Bank as per Cash Book - Up to date $7,972

Less Lodgements not yet credited : ($1,300)

Add Unpresented Cheques $591

Balance as per Bank Statement $7,263

Adjusting Entries

Bank service charge $28 (debit)

Cash $28 (credit)

Cash $700 (debit)

Note - Receivable Crane $700 (credit)

Cash $36 (debit)

Interest Income $36 (credit)

Service Fee $20 (debit)

Cash $20 (credit)

Explanation:

First Update the Cash Book as follows:

Debit :

Cash balance $7,284

Crane $700

Interest $36

Totals $8,020

Credit:

Bank service charge $28

Crane : fee $20

Balance - Up to date $7,972

Totals $8,020

Then, Prepare Bank Reconciliation Statement

Balance at Bank as per Cash Book - Up to date $7,972

Less Lodgements not yet credited : ($1,300)

Add Unpresented Cheques $591

Balance as per Bank Statement $7,263

Adjusting Entries

Bank service charge $28 (debit)

Cash $28 (credit)

Cash $700 (debit)

Note - Receivable Crane $700 (credit)

Cash $36 (debit)

Interest Income $36 (credit)

Service Fee $20 (debit)

Cash $20 (credit)

7 0

3 years ago

Mr. Hudson notes that if he produces 10 pairs of shoes per day, his average fixed cost (AFC) is $14 and his marginal cost is $8;

zalisa [80]

Answer:

Average fixed cost for 20 units = $7

Explanation:

The fixed costs are cost are expenditures that do not vary with the activity level within a given range. Unlike variable costs, fixed costs are tend to be unaffected in the short run by amount of production work done or service rendered.

The units produced will not have an impact on the total fixed costs but rather on the average fixed cost. The average fixed cost would become lower as the units produced increases.

Average fixed cost = Total fixed cost / Total units produced.

Hence , Total fixed cost = Average fixed cost × units produced

DATA

AFC - $14

Units - 10 units

Total fixed cost = 10 × 14 = $140

Average fixed cost for 20 units =Total fixed cost / Number of units

140/20 = $7

Average fixed cost for 20 units = $7

3 0

3 years ago

What common misconseptions about paying taxes exist? check all that apply​

What common misconseptions about paying taxes exist? check all that apply