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Leto [7]
3 years ago
9

Sales taxes tend to be __________ because low income individuals tend to spend more of their income.

Business
1 answer:
ki77a [65]3 years ago
7 0

Answer:

Regressive.

Explanation:

Sales tax is regressive as it mostly collected from poor or low income consumer, as they spend most of thier income and hardly save money or efford for luxury goods. Sales tax is very important source of revenue for the government, however, it impact heavily on low income people. Low income consumer spend most of the income than consumer with income, which create gap or imbalance between poor and rich.

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Packer Corporation’s year 8 income statement reported $130,000 in income before provisions for income taxes. To compute the prov
romanna [79]

Answer:

$127,000

Explanation:

Calculation for the amount to be reported as taxable income

Using formula

Taxable income=[Year 8 Income Statement + Rent received in advance -Income from exempt municipal bonds -(Depreciation deducted for income tax purposes-Depreciation deducted for financial reporting)]

Let plug in the formula

Taxable income=[$130,000+$ 22,000 -$ 17,000 -( $ 18,000 -$ 10,000 )]

Taxable income=$130,000+$ 22,000 -$ 17,000 -$8,000

Taxable income=$127,000

Therefore the amount that Packer should report as taxable income will be $127,000

5 0
3 years ago
2:  Which of the following is taken into account when assessing the official poverty level? 
nataly862011 [7]
Usually cash income, or letter C, is
8 0
3 years ago
Read 2 more answers
Explain why entertainers and athletes can charge so much for their events.
Usimov [2.4K]
Because they are most likely a professional and have knowledge of the specific activity from either college or doing it Him/Herself what they're doing when it comes to the aspect in which they are teaching training etc.Therefore they charge extra from prior knowledge of the activity.
3 0
3 years ago
Vaughn Company issues 11,300 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2020. The stock has a fair value o
Firlakuza [10]

I think you made mistakes in the dates which i have corrected in the explanations----Prepare the journal entries to record the restricted stock on "January 1, 2017" (the date of grant), and "December 31, 2018"

Answer: Please see answer in explanation column

Explanation:

To record unearned compensation

Date      Account titles and explanation      Debit          Credit

Jan 1, 2020 Unearned compensation       $565,000  

   To Common stock ( 11,300 shares × $10)                     $113,000  

To Paid in capital in excess of par - common stock      $452,000

To record the compensation expense

Date      Account titles and explanation        Debit              Credit

Dec 31, 2020  Compensation    expenses      $113,000  

   To    Unearned compensation                                             $113,000

Calculation:

Compensation expenses =$565,000 ÷ 5 years=   $113,000

To record the forfeiture

Date             Account titles and explanation          Debit                Credit

July 25, 2021   Common stock                               $113,000

Paid in capital in excess of par - common stock    $452,000

To Compensation expenses                                                             $113,000  

To Unearned compensation                                                            $452,000

Calculation:

Common stock ( 11,300 shares × $10)= $113,000

To Compensation expenses  $113,000  ($113,000 × 1 year) January 1, 2020-July 25, 2021,

Unearned compensation =fair value of $565,000 --Compensation expenses  of $113,000   =  $452,000

7 0
3 years ago
Michael has been saving his money and wants to invest it. After doing some research, he has decided to invest $20,000 into a Cer
MissTica

Since he is planning on an annual inflation rate of 2%., the statement that explains the interest rates relating to the CD is nominal interest rate is 3% while the real interest rate is 1%.

A real interest rate refers to the nominal rate which is adjusted for inflation.

  • We are given that Interest (nominal rate) is 3% and planned Inflation rate = 2%

  • Real interest rate = 1% (Nominal rate - inflation rate)

Hence, the statement that explains the interest rates relating to the CD is nominal interest rate is 3% while the real interest rate is 1%.

Therefore, the Option B is correct.

Read more about Real interest rate

<em>brainly.com/question/25816355</em>

3 0
2 years ago
Read 2 more answers
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