Answer:
The correct answer is letter "A": Student Fee.
Explanation:
Student Fees are the monthly or quarterly payments students make to access education in a university or college. The money polled is useful to fund different school activities such as implementing more books and study resources in libraries, improving the faculties' structures, and supporting students' activities such as research and sports.
Answer: $324,800
Explanation:
It is a general Principle that when calculating income tax expense, that the Extraordinary loss is treated separately because it is not a usual thing.
The income gained from changing the Accounting principle is not included as well.
The Taxable income to be recorded therefore is,
Taxable income = Income + Gain on disposal - Unusual loss (due to its infrequency)
Taxable income = 928,000 + 32,000 - 148,000
Taxable income = $812,000
Tax expense would therefore be,
= 812,000 * 40%
= $324,800
$324,800 is the amount of income tax expense Arreaga would report on its income statement.
Answer:
Detailed step wise solution is given below: