The net impact of the given audit conclusion on mimeo's income tax liability is $10,500 increase.
<h3>What does tax liability mean?</h3>
The amount owed to the Internal Revenue Service (IRS) at the end of each tax year is referred to as "tax liability." A person, business, or other entity's tax liability is the total amount of taxes that they owe to the government.
Tax liabilities include things like income taxes, sales taxes, and capital gains taxes. Federal, state, and local governments are just a few of the taxing entities that impose taxes. What you owe in taxes to the IRS or your state government is known as your tax liability. Depending on your income and filing status, you may have to pay income taxes.
Given:
Taxable income increases by $50,000,
increasing tax liability is
= ($50,000 × 21%) = $10,500
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Answer:
The equilibrium may increase, decrease or remain the same.
Explanation:
If more students attend college they will need textbooks, so the demand for textbooks will increase. This will cause the demand curve to shift to the right.
At the same time, as paper becomes cheaper, the cost of producing textbooks will get reduced. This will increase the supply of new textbooks. This increase in supply will cause the supply curve to shift to the right.
If textbook authors accept lower royalties the cost of production for textbooks will decrease, so the supply will increase.
If fewer old textbooks are sold, the demand for new textbooks will increase.
This increase in both demand and supply of textbooks will increase the equilibrium quantity of textbooks. But the change in equilibrium price depends on the proportionate change in demand and supply.
If both demand and supply increase by the same proportion, the equilibrium price will remain the same.
If demand increases more than the supply, the equilibrium price will increase.
If supply increases more than demand, the equilibrium price will fall.
Our denials to divine nature and lack of appreciation of our connection to all things
Answer:
<u>The cost of goods manufactured. $ 205,000 </u>
Explanation:
Raynor Company
<u>The Cost of Goods Manufactured Statement </u>
$
Direct labor 76,000
Direct materials used 84,000
<u>Total manufacturing overhead 60,000
</u>
Total Manufacturing Costs $ 220,000
Add Beginning work in process 30,000
<u>Less Ending work in process 45,000
</u>
<u>The cost of goods manufactured. $ 205,000 </u>
<u />
The cost of goods manufactured gives an estimate of the costs incurred in a given period . It includes total manufacturing costs and beginning work in process . The ending work in process is deducted from it .
People donate to charitable organizations so as to:
- To do what is right.
- To support a cause.
- To to develop their skills.
<h3>Why is donating to charity so important?</h3>
The act of giving is one that leads to the feelings of joy and happiness.
Conclusively, Note that Helping others will make you to feels good as well as support a cause while still developing the skills of others.
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