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3 years ago

Who files one of the 1040 series of tax forms??

Business

2 answers:

My name is Ann [436]3 years ago

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D. (It’s the kind I filed every year when I was employed by the state school system.)

elena55 [62]3 years ago

4 0

Answer:

<u>Option-(D):</u> Individuals who are not self-employed.

Explanation:

<u>The 1040 series of tax forms:</u>

The more legalized and proper way inside the United States of America in which the different level of employees are considered to either demand or pay the required amount of taxes relating the state departments to which they provide there services to.But, the people targeted are the people who work for the state department, as the forms are not for the people who are either self employed or not working at all.

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Midyear on July 31st, the Chester Corporation's balance sheet reported:

erastova [34]

Answer:

$76.856 million

Explanation:

As we know that Balance sheet is divided in two portions.

1. Total Assets (Current Assets + Fixed Assets)

2. Total Liabilities and Share Holders' Equity.

and they both should be equal. So we can write from the above information, as:

Total Assets = Total Liabilities + Total Common Stock + Retained Earnings

N.B. We are excluding Cash from our calculation cause we assume that Cash is already been included in Total Assets.

Hence, by putting the values in above equation we can find our Retained Earnings as:

Retained Earnings + $128.230 million + $6.350 million = $211.436 million

Retained Earnings + $134.58 million = $211.436 million

Retained Earnings = $211.436 million - $134.58 million

Retained Earnings = $76.856 million

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3 years ago

A cartel is a type of found in many countries. It is an agreement in which businesses agree not to with each other. Unlike many

lubasha [3.4K]

Answer:

C. They tend to produce thing with the same characteristics. Examples would include diamonds and oil.

Explanation:

A cartel is an organization established with a formal agreement between a group of producers of a good or service to regulate supply in order to regulate or manipulate prices.

In another parlance, a cartel is a collection of independent businesses or countries that act together as a single producer and thus fix prices for the goods they produce and the services they render, without competition.

An example of a cartel is The Organization of Petroleum Exporting Countries (OPEC). OPEC is the world's largest cartel. It is a group of 14 oil-producing countries whose purpose is to coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets.

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3 years ago

Taylor Bank lends Guarantee Company $92,811 on January 1. Guarantee Company signs a $92,811, 12%, nine-month note. The entry mad

HACTEHA [7]

Answer:

Dr Cash $92,811

Cr Notes Payables $92,811

(Being the proceeds and issuance of note

Explanation:

Annual rate = 12%

Interest for 9 months will be:

9/12 x 12% = 9%

So disbursal is 9% x $92,811

= $8,353

Principal (borrowed money) is $92,811.

The loan was disbursed on January 1. So it's only the proceeds from the loan which will be recorded on this date. Repayment will start at later date.

Therefore, The entry made by Guarantee Company on January 1 will be:

January 1

Dr Cash $92,811

Cr Notes Payables $92,811

(Being the proceeds and issuance of note)

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3 years ago

On January 1, a company issues bonds dated January 1 with a par value of $250,000. The bonds mature in 5 years. The contract rat

-BARSIC- [3]

Answer and Explanation:

Given:

Sales price of bond = $260,148

Issue price of bond = $250,000

Total premium on bond = $260,148 - $250,000

Total premium on bond = $10,148

Number of year = 5 year = 5 × 2 semi-annual = 10

Per period payment = Total premium on bond / 10

Per period payment = $10,148 / 10 = $1,014.80

Cash paid = $250,000 × (9%/2) = $11,250

Journal Entry

Date Account Title and Explanation Debit Credit

Interest A\c Dr 10,235.20

Premium on Bond A\c Dr 1,014.80

Cash A\c Cr 11,250.00

Note: interest calculated from balancing figure

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3 years ago

Biochemical Corp. requires $720,000 in financing over the next three years. The firm can borrow the funds for three years at 10.

Brrunno [24]

Answer:

Long-term fixed-rate plan-$220,320.00

Short-term variable-rate plan-$224,280.00

The long-term fixed-rate plan is less costly as it has a lower interest expense

Explanation:

Total interest under the first plan=principal amount*interest rate*3 years

principal amount is $720,000

interest rate is 10.20%

total interest expense=$720,000*10.20%*3=$220,320.00

Interest expense under second plan=($720,000*8.50%)+($720,000*12.90%)+($720,000*9.75%)=$224,280.00

6 0

3 years ago