College-age athletes who drop out of college to play professional sports

Determine whether each scenario is an example of tax avoidance or tax evasion. Andrea keeps a record of all her business-related

Brums [2.3K]

Answer:

1. Tax avoidance

2.Tax avoidance

3.Tax evasion

Explanation:

Tax avoidance refers to a legal way of reducing one's tax liability through lawful deductions. Ways to reduce tax liabilities are; capitalizing on tax advantage retirement accounts, liasing with tax advisor on the legal way for tax avoidance. Tax avoidance is however legal.

Examples of tax avoidance are;

1. Andrea keeps a record of all her business related expenses.

2. Daniel claims the amount of interest paid for his mortgage as tax deductions.

Tax evasion is a deliberate attempt by a tax payer to avoid payment of tax liability. It is a fraudulent action by a tax payer to wilfully evade tax in an illegal manner. In tax evasion, income is concealed to tax authorities inorder to evade tax payment which is a criminal offence. It is to be noted that tax evasion is illegal in the eye of the law.

Example of tax evasion is ;

3. Christian did not report the tips he earned on his tax return.

7 0

2 years ago

Other things the same, when the price level rises, interest rates select one:

laiz [17]

I think its number c, i hope it is
:P

5 0

2 years ago

Which of the following is NOT a chief advantage of mass transit over other forms of transportation?

Aleksandr [31]

I believe it's D. Freedom from car owner responsibilities. Mass transit or public transit enable to carry a bigger number of persons in one way transport. Thus, it helps the economy to grow at the same time, it saves energy since in just 1 transport a lot of people can already ride on it. Plus, it gives flexible door to door services

8 0

3 years ago

True or False:If the price of a product goes up by 10% and the quantity demanded goes up by 20% the product is an inferior good.

hodyreva [135]

False.

If the price of a product goes up by 10% and the quantity demanded goes up by 20% the product is a GIFFEN GOOD.

An inferior good is a good that decreases in demand if income increases. These are the goods that people opt not to buy when their purchasing power increases.

5 0

3 years ago

Builder Products, Inc., uses the weighted-average method in its process costing system. It manufactures a caulking compound that

geniusboy [140]

Answer:

Explanation:

Beginning WIP inventory 74000

Add: Units started during May 390000

Less: Ending inventory 34000

Units completed and transferred 430000

1 Equivalent Units

Whole units Materials Conversion

Beginning WIP inventory 74000 74000 74000

Started & completed 356000 356000 356000

Ending inventory 34000 23800 10200

Units accounted for 464000 453800 440200

Materials Conversion

Equivalent units of production 453800 440200

2

Cost Data: Total Material Conversion

Beginning WIP inventory 142800 98800 44000

Current costs 755960 513830 242130

Total cost to account for 898760 612630 286130

Divided by Equivalent units 453800 440200

Cost per Equivalent unit 2.00 1.35 0.65

Materials Conversion

Cost per Equivalent unit 1.35 0.65

3

Cost Assignment:

Ending Work in process:

Material 32130

Conversion 6630

Total Ending Work in process 38760

4

Cost of units completed and transferred

Material 580500

Conversion 279500

Total 860000

5

Cost to be accounted for:

Beginning WIP inventory 142800

Current costs 755960

Total costs to be accounted for 898760

Cost accounted for as follws:

Cost of units completed and transferred 860000

Cost of ending work in process 38760

Total costs accounted for 898760

6 0

2 years ago