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Oksanka [162]
3 years ago
13

As a result of using accelerated depreciation for tax purposes, The Amin Corporation reported $372 million income tax expenses i

n its income statement, while the actual amount of taxes paid by the company was $412 million. How did these tax transactions affect the company's balance sheet?
a) increase deferred tax liability by $40 million

b) decrease deferred tax assets by $372 million

c) decrease retained earnings by $372 million

d) decrease cash by $372 million

e) both c&d
Business
1 answer:
Elena-2011 [213]3 years ago
7 0

Answer:

correct option is c) decrease retained earnings by $372 million

Explanation:

given data

income tax expenses = $372 million

actual amount of taxes paid = $412 million

solution

we know that in deferred tax asset taxable income is higher than the financial income

while in deferred tax liability taxable income is lower than the financial income

and we have given expense report is $372 million

and tax paid is $412 million

so the transaction reduce retained earning with same amount

so here correct option is c) decrease retained earnings by $372 million

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Which of the following individuals are required to pay taxes to fund Social Security and Medicare?
Xelga [282]

Answer:

Correct option is (D)

Explanation:

Employees, employers and self employed are supposed to contribute to fund social security and medicare.

Contribution made by each party comes under different categories. Employees contribute to social security and medicare in the the form of FICA taxes which could be withheld by the employers. Employees pay 50 percent and the remaining 50 percent is paid by the employer.

Self employed contribute in the form of self employed taxes.

4 0
2 years ago
Which of the following refers to the percentage of an individual​ customer's purchase of a product over time within a single​ br
Sergio [31]

Answer:

c. Share of customer

Explanation:

Share of customer is the percentage which a company gets from the customer when he/she continually purchase the products. it helps in retaining customer which helps in customer relationship management and can help marketers increase the percentage which they get from the customer.

5 0
3 years ago
Carl Carpenter buys a drill press. The price, including tax, is $725.00. He finances the drill press over 24 months after making
netineya [11]
First calculate the amount financed
Amount financed=725−50=675

The formula is
I=(2yc)/(m (n+1))
Solve for c to get
C=(I×m×(n+1))/2y
C=(0.14×675×(24+1))÷(2×12)=98.44

Total of payments=675+98.44=773.44

Monthly payment is
773.44÷24=32.23

Hope it helps!

7 0
3 years ago
Read 2 more answers
What method would salespeople use to find new customers?
abruzzese [7]

Answer:

B.  prospecting

Explanation:

<em>The method that sales people would use to find new customers would be </em><em>prospecting</em><em>.</em>

In sales, prospecting means the identification of potential customers for a particular good/service. It represents the first step in sales process.

<u>After the list of potential customers have been created, the next step would be to find a way of reaching out to these customers in order to create leads which can end up in sales and turns a prospective customer to a paying customer.</u>

5 0
2 years ago
Sheffield Corp. produces a product requiring 3 direct labor hours at $16.00 per hour. During January, 2800 products are produced
Vinil7 [7]

Answer:

correct option is d. $4800 U

Explanation:

given data

product requiring =  3 direct labor hours

standard rate = $ 16 per direct labor hour

produced using = 8700 direct labor hours

actual payroll = $135720

to find out

labor quantity variance

solution

we get here labor quantity variance that is express as

Direct labor quantity variance = (standard hours worked for actual production - actual hour worked)  × standard rate per direct labor hour   ...................1

here  standard hours worked for actual production will be as

standard hours worked = standard hours required per unit of production × actual units produced      

standard hours worked = 3 × 2800

standard hours worked = 8400 hours but we have given actual work hour 8700  direct labor hours

so put all value is equation 1 we get

Direct labor quantity variance = ( 8400 - 8700 )  × $16

Direct labor quantity variance = $4800 unfavorable

so correct option is d. $4800 U

8 0
3 years ago
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