Answer:
$79,000
Explanation:
Given that,
Implicit cost and explicit costs are as follows:
Earning at Shoe Warehouse = $40,000 a year
Jake has rented a storefront = $40,000 per year
Spend = $11,000 on inventory
Total revenue = $170,000 per year
Therefore,
Economic profit = Total revenue - (Explicit cost + implicit costs)
= $170,000 - ($11,000 + $40,000 + $40,000)
= $170,000 - $91,000
= $79,000
they are supposed to provide a gas card
Answer:
The correct answer is letter "B": Establishing relevant facts, evaluating the reasonableness of assumptions and representations, and arriving at a conclusion supported by the law and facts in a tax memorandum.
Explanation:
Among the best practices that tax advisers are committed to we can find defining the facts, deciding that facts are particular, evaluating the rationality of any conclusions or interpretations, applying the applicable law to the particular facts, and reaching a conclusion informed by law and evidence.
Answer:
The answer is: D) A 401(k) is controlled and monitored by an employer, and an IRA is controlled by the investing individual.
Explanation:
A 401(k) is sponsored and controlled by an employer. The employer decides where the money is going to be invested. Sometimes the employer may match some of the employees' contributions. The employer can also take loans or hardship withdrawals from the 401(k) funds.
While IRA accounts are held by custodians which are banks or brokerage firms.
Answer:
The correct answer is letter "C": objective value.
Explanation:
Subjective values are those provided by individuals based on their <em>beliefs, perceptions, ideas, feelings, </em>and <em>reflections</em>. Subjective values are biased. Objective values, on the other hand, are based on <em>facts, statistics, evidence, </em>and <em>observations</em>. Objective values are unbiased.
