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Aliun [14]
3 years ago
15

Both Schedules M-1 and M-3 require taxpayers to identify book-tax differences as either temporary or permanent. T/F

Business
1 answer:
FinnZ [79.3K]3 years ago
8 0

Answer:

The correct answer is False.

Explanation:

Schedule M-1 is required when the gross income of corporations or their total assets at the end of the year is greater than $ 250,000.

Schedule M-3 asks certain questions about the financial statements of the corporation and reconciles the net income (loss) of the financial statements for the corporation (or group of consolidated financial statements, if applicable).

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When amazing bikes co. sells inventory to a customer with shipping terms fob destination, to record the shipping costs amazing b
Lelu [443]

The correct answer is to debit an expense.

What is debit ?

  • Still, plutocrats are taken out of it to pay someone differently, If an item or a client's account is debited. When you charge your credit card, you credit the credit card account to increase the quantum that you owe, and disenfranchise the expenditure that you charged on it.
  • The bank will disbenefit your account for the freights.
  • Disbenefit' is a formal secretary and account term that comes from the Latin word debere, which means" to owe".
  • The disadvantage falls on the positive side of a balance distance account, and on the negative side of a result item.
  • Under term FOB destination, freight is paid by the seller.

Hence,

When amazing bikes co. sells inventory to a customer with shipping terms fob destination, to record the shipping costs amazing bikes co. should debit an expense.

Learn more about debit here:

brainly.com/question/14279491

#SPJ4

3 0
1 year ago
Listed below are four interbank cash transfers, indicated by the letters a, b, c and d, of a client for late December 20X1, and
zimovet [89]

Answer:

A. Unaffected

B. Unaffected

C. Understated

D. Overstated

Explanation:

C. Understated.

Understated balance is one that is reported as having a lesser balance than it actually does. example of what could cause the situation in which cash is understated is that when check is written on the disbursing bank on the last day of December with a credit to cash, and an associated debit to some expense account so as to decrease reported profits and taxes be it (direct or indirect tjaxes) for the year.

Another example is when a utility bill that is suppose to be paid by the last day of the month but failed to record the expenses, under the accrual basis of accounting, the company should recognize the expenses now even though the bill is not yet due. Until the bill is recorded, the utilities payable is understated

d. Overstated.

An overstated balance is an account balance that is reported as having a greater balance than it actually does, example of such situation is that in which an employee has misappropriated funds during the year, and draw a check transferring funds to the account with the shortage so as to cover the shortage. As of December 31, the shortage is replaced, with no reduction as yet recorded in the account on which it is drawn.

In second example of understated, expense account is understated and because of this net income is overstated.

5 0
3 years ago
A decline in the real GDP that occurs for at least two or more quarters is called a _______. a. recession c. recovery b. depress
vagabundo [1.1K]
A decline in the real GDP that occurs for at least two or more quarters is called a depression. The correct option among all the options that are given in the question is option "b". There is a very thin line of difference between recession and depression. when the real GDP falls for a repeated number of periods, then it is depression.
6 0
3 years ago
It's okay to lower a vehicle onto a high-reach support stand.<br><br> True or False
liubo4ka [24]

Answer:

False

Explanation:

Use high reach vehicle support stands to help stabilize the vehicle for jobs that involve considerable displacement of weight or that shake the vehicle. Never lower vehicles onto vehicle support stands. If this is done, the stands may push the vehicle off the lift.

5 0
3 years ago
Denny Corporation is considering replacing a technologically obsolete machine with a new state-of-the-art numerically controlled
inn [45]

Answer:

26.4%.

Explanation:

Net Profit:

= Saving of Labor & other Costs - Maintenance Cost of Machine -  Depreciation On Machine (100,000/ 16 years)

= $40,000 - $10,000 - $6,250

= $23,750

Initial Investment:

= Cost of new Machine - Salvage value of old machine

= $100,000 - $10,000

= $90,000

Simple Rate of Return = Net Profit ÷ Initial Investments

= $23,750 ÷ $90,000

= 0.264 × 100

= 26.4%

5 0
3 years ago
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