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valentinak56 [21]
3 years ago
9

greene co. has pretax book income for the year ended december 31, 2019 in the amount of 265000 and has a tax rate of 30%. Deprec

iation for tax purposes exceeds book depreciation by 14500 what should greene co. record as its federal income tax liability for 2018?A) $91,450B) $92,850C) $88,500D) $84,150
Business
1 answer:
Gennadij [26K]3 years ago
8 0

Answer:

Pre-tax book income $265,000

Less depreciation additional charge $14,500

Taxable income $250,500

Tax liability at 30% = $75,150

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Accounting is the information system that A. measures business activity. B. communicates the results to decision makers. C. proc
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Answer:

All of the above

Explanation:

Accounting is usually a computer-based method which helps to take care of certain business activities. Accounting is a crucial sector of any business and one slight wrong move can change the complete outlook of a business. Accounting is an information system that helps to process information into numbers. Likewise, it helps to understand how the business is moving and it shows the results of a business decision.

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3 years ago
What type of arrangement(s), if any, would avoid double taxation for Wendall's and Shirley's endeavor? Choose the best answer if
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An s corporation or a limited liability company, but not a corporation.

Explanation:

5 0
3 years ago
Inventory Valuation under Variable Costing Lane Company produced 50,000 units during its first year of operations and sold 47,30
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Answer:

1. $5.62

2. $15,174

Explanation:

1. The computation of the cost of one unit of product under variable costing is shown below:-

Total product cost = Direct material + Direct labor + Variable overhead

= $123,000 + $93,000 + $65,000

= $281,000

Unit product cost = Total product cost ÷ Produced units

= $281,000 ÷ $50,000

= $5.62

2. The computation of cost of ending inventory under variable costing is shown below:-

Unsold at end = Unit produced - Unit sold

= 50,000 - 47,300

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3 0
3 years ago
Identical products is a characteristic of a(n) ______ .
Sophie [7]
Identical products is a characteristic of a A. perfect competition.
Here are all of the characteristics of perfect competition:
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2. identical products
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4. knowledge of prices and technology 
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3 years ago
Dan Dayle started a business by issuing an $80,000 face value note to First State Bank on January 1, 2018. The note had an 8 per
slavikrds [6]

Answer:

Explanation:

The interest expense would be

= Borrowing amount × annual rate of interest

= $80,000 × 8%

= $6,400

And, the principal would be

= Annual payment - interest expense

= $20,037 - $6,400

= $13,637

The principal balance on January 1, 2019 would be

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= Borrowing amount of 2019 × annual rate of interest

= $66,363 × 8%

= $5,309

And, the principal would be

= Annual payment - interest expense

= $20,037 - $5,309

= $14,728

3 0
3 years ago
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