True, every country has it's own laws which the company has to obey. For example McDonald's has a different menu in the US than the menu in India because of religious beliefs and laws.
Answer:
The correct answer is letter "B": The individual was paid to prepare, assist in preparing, or review the tax return.
Explanation:
Tax return prepares are those paid to file tax returns or reports. This individual had to at least file 10 tax reports in the previous period and will have to file 10 or more during the current period or the upcoming period (1 year). When the individual not only prepares the tax return but also is in charge of the assistance and the review of the report, the <em>paid preparer's area</em> of the report must be filled.
Answer:
The depreciation expense for the second year will be $108000
Explanation:
The double declining balance method is an accelerated form of depreciation that charges a rate that is double of the straight line depreciation rate. The formula for depreciation under double declining balance method is,
Depreciation expense = 2 * SLDR * BV
Where,
- SLDR is the straight line depreciation rate
- BV is the book value at the start of the period
The straight line depreciation rate = 100% / 5 = 20% or 0.2
<u>Depreciation expense under Double Declining method</u>
First Year = 2 * 0.2 * 450000 = $180000
Carrying value after Year 1 = 450000 - 180000 = $270000
Second Year = 2 * 0.2 * 270000 = $108000
Carrying value after Year 2 = 270000 - 108000 = $162000