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3 years ago

Using the legend provided, classify each of the following statements: Legend A = Tax avoidance E = Tax evasion N = Neither

Business

1 answer:

11111nata11111 [884]3 years ago

8 0

Answer:

A, A, E, E, E.

Explanation:

Tax evasion is an illegal activity in which a person or entity deliberately avoids paying a true tax liability. Those caught evading taxes are generally subject to criminal charges and substantial penalties.

Tax avoidance is the legal usage of the tax regime in a single territory to one's own advantage to reduce the amount of tax that is payable by means that are within the law. Tax sheltering is very similar, although unlike tax avoidance tax sheltering is not necessarily legal.

Sue writes a $707 check for a charitable contribution on December 28, 2013, but does not mail the check to the charitable organization until January 10, 2014. She takes a deduction in 2013. A - Tax Evasion

Sam decides not to report interest income from a bank because the amount is only $19.75. A - Tax Evasion

Harry pays property taxes on his home in December 2013 rather than waiting until February 2014. - E - Tax Avoidance.

Variet switches her investments from taxable corporate bonds to tax-exempt municipal bonds. E - Tax Avoidance.

Mel encourages his mother to save most of her Social Security benefits so that he will be able to claim her as a dependent. E - Tax Avoidance.

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xenn [34]

Answer:

Asset Account is decreased.

Liability Account is also decreased.

No effects on Capital Stock.

No effects on Retained Earnings.

Explanation:

Asset Account is decreased by $5000 because Cash is paid for the purchases made on account last month.

Liability Account is decreased by $5000 because accounts payable for the purchases made In the last month is now paid.

This transaction will have no effects on Capital Stock Account and Retained Earnings Account.

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3 years ago

The general common law rule on contract modifications holds that an agreement to modify an existing contract requires a(n):

dlinn [17]

<span>agreement to modify an existing contract would be the answer</span>

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4 years ago

The following is the adjusted trial balance for Baker Services. Accounts Debit Credit Cash $34,000 Accounts Receivable 28,000 Pr

marta [7]

Answer:

Ending RE 153,000

Explanation:

Retained Earning will be calcualte as follows:

$$$Beginning Retained Earnings$$$+/- Net Income/Loss$$$- Dividends$$$Equals Ending Retained Earning$

We need to solve for the net incoem in order to solve for ending Retained Rearnings (RE)

Net Income: Revenues - Expenses

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Salaries Expense (62,000)

Depreciation Expense (5,900)

Supplies Expense (14,000)

Insurance Expense (14,600)

Utilities Expense <u> (20,000) </u>

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Retained Earnings 11,500

Net Income 163,500

Dividends (22,000)

Ending RE 153,000

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4 years ago

Which of the following statements describes the relationship between employee training and employee development?

nata0808 [166]

Answer: Training is short-term skills oriented while development is long-term career oriented.

Explanation:

The statement that best describes the relationship between employee training and development, from the available options in the question is:

Training is short-term skills oriented while development is long-term career oriented.

This statement is true because, trainings cover a short period of time, aimed at improving the employees expertise on a particular area while development is a long term activity, which monitors the employee's growth and improvements in different aspects of their job delivery.

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3 years ago

Radio frequency identification tags are multiple choice demand scheduling data tags. shipping tags used to record weight limits

JulsSmile [24]

Answer:

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Explanation:

Radio frequency identification tags refer to tiny chips that utilize electromagnetic fields so as to automatically trace and identify tags attached with objects.

The technology uses radio waves so as to read or capture stored details of a tag attached with an object.

A tag is capable of being read even while away by several feets.

Radio frequency tags are of two kinds, passive and battery powered. While a passive tag uses radio wave energy so as to relay the stored details back to interrogator.

Whereas a battery powered tag includes an embedded battery which powers such relay of details.

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3 years ago