Answer:
c. An addition to (or a deduction from) the beginning balance of retained earnings
Explanation:
A prior period adjustment is the correction of an accounting error that occurred in the past and was reported on a prior year's financial statement, net of income taxes. Prior period adjustment are reported in the statement of retained earnings as an increase or a decrease in the beginning retained earnings. Therefore, the adjusted beginning retained earnings balance is the amount that retained earnings would have been if the error had not been made.
Answer:
The answer is: After-tax rate of return = 9.8% .
Explanation:
Please find the calculations which are shown in details as below:
Pre-tax dividend earning is $0.75, Tax rate on ordinary income is 28% => After-tax dividend earning = 0.75 x (1 - 28%) = $0.54;
Pre-tax capitals gain is $3 ( that is, $33 -$30), tax rate on capital gains is 20% => After-tax capital gains = 3 x ( 1 - 20%) = $2.4 ;
=> Total after-tax return = After-tax capital gains + After-tax dividend earning = 2.4 + 0.54 = $2.94 .
Thus, in percentage term, after-tax rate of return is 2.94/30 = 9.8%.
Municipal tax is also known as the property tax or house tax. The state collects taxes from a variety of sources, including inheritance taxes, natural resource forfeiture taxes, and gambling taxes, but the majority of its revenue comes from two sources: income taxes and sales taxes.
A good tax system must meet its five basic requirements: fairness, adequacy, simplicity, transparency, and manageability. Opinions differ on what constitutes a good tax system, but the general consensus is that these five elements should be maximized.
There are two types of taxes direct taxes and indirect taxes. Both tax implementations are different. Some are paid directly, such as damage income tax, corporate tax, and property tax, while others are paid indirectly, such as consumption tax, service tax, and value-added tax.
Learn more about Municipal tax here:
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Answer:
After 4 years the amount of money in the account will be $10,704.8
The interest earned is $1,204.8
Explanation:
To calculate future value on a certain amount (principal), with compound interest, the formula below is used:
FV = PV × 
where:
FV = Future value
PV = present value = principal = $9,500
r = interest rate in decimal = 3% = 0.03
n = compounding period per year = quarterly = 3 times per year
t = time in years = 4 years
∴ FV = 9,500 × 
FV = 9,500 × 
FV = $10,704.8 (to 1 decimal place)
interest earned = future value - Present value
= 10,704.8 - 9,500 = $1,204.8
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