Double taxation is occurs when income taxes<span> are paid twice on the same source of </span>earned income. The income can be taxed at both the corporate level and personal level.<span>
</span><span>Dividends as a source of investor income is susceptible to double taxation.</span>
Answer:
Net earning per month = $2,072
Net earning per year = $26,936
Explanation:
Given:
Amount earn per hour = $18.50
Number of hour in a week = 40 hours
Taxes and deduction = 30% = 0.3
Find:
Net earning per month
Net earning per year
Computation:
Net earning per month = [Amount earn per hour][Number of hour in a week][Number of week in a month][1-Taxes and deduction]
Net earning per month = [18.50][40][4][1-03]
Net earning per month = $2,072
Net earning per year = [Amount earn per hour][Number of hour in a week][Number of week in a year][1-Taxes and deduction]
Net earning per year = [18.50][40][52][1-0.3]
Net earning per year = $26,936
Answer: The authorization of funds for the museum is an example of an earmark.
Explanation:
Earmarking is the act of setting aside particular fund for a specific purpose.
In the United States, earmarks are directive from the Congress that funds should be allocated and spent on certain projects.
For example, one can say the prime minister has earmarked three billion dollars for the construction of new hospitals. The expenditure on the funding of the public art museum is an earmark.
Anomie is the lack of the usual social or eithnical standards.
Answer:
d. balance sheet: assets understated, equity understated income statement: revenues understated
Explanation:
The journal entry would be
Account receivable Dr $450
To sales revenue $450
(Being sales revenue is recorded)
Here the account receivable is debited as it increased the assets and credited the sales revenue as it also increased the revenue also the equity would be increased
Therefore if this entry is not recorded so the revenue, net income, assets and equity all are overstated
hence, the correct option is d.
