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IgorC [24]
3 years ago
6

For Tax Year 2019, amounts are indexed using the Chained Consumer Price Index for All Urban Consumers ("chained CPI"). What impa

ct will this have on 2019 tax returns?
a. Taxpayers will end up paying more tax on 2019 tax returns.
b. Taxpayers will not pay any tax on 2019 tax returns.
c. Using the chained CPI, taxpayers will pay less tax on 2019 tax returns.
d. Using the chained CPI will not have a notable impact on 2019 tax returns.
Business
1 answer:
Effectus [21]3 years ago
3 0

Answer:

d. Using the chained CPI will not have a notable impact on 2019 tax returns.

Explanation:

when amounts are indexed using the chanined consumer price index, they increase slowly because there is a period to period connection in the consumer price index.

Therefore, The use of the chained consumer price index would have not have any significant impact on 2019 tax returns.

You might be interested in
Romeo Corporation reports the following for the year: Finished goods inventory, January 1 $ 2,500 Finished goods inventory, Dece
JulijaS [17]

Answer:

The cost of goods manufactured for the year is: $8,400

Explanation:

The cost of goods manufactured is calculated by using following formula:

The cost of goods manufactured = Finished goods inventory, December 31 + Cost of goods sold - Finished goods inventory, January 1.

Romeo Corporation has Finished goods inventory, January 1 of $2,500 Finished goods inventory, December 31 of $3,300 and Total cost of goods sold of $7,600

The cost of goods manufactured = $3,300 + $7,600 - $2,500  = $8,400

7 0
3 years ago
If there is an increase in market demand in a perfectly competitive market, then in the short run
katovenus [111]

Answer:

The correct answer is option d.

Explanation:

An increase in the market demand will cause the market demand curve to move to the right. This rightward shift in the demand curve will lead to an increase in the market price.

This increase in market price will cause the individual demand curves to move upwards. As the price increases, the profits earned by the firms will increase as well.

Profit to a firm is the difference between its total revenue and total cost, as the price increases, revenue will increase and cost will remain the same. This will cause profits to increase.

7 0
3 years ago
Differentiation business strategies are often associated with premium prices. There are, however, reasons why a firm would NOT w
Natalija [7]

Answer: e. To drive up market share

Explanation:

Differentiation strategies involve adding features to a good to make it stand out from the Competition. Since these features are usually beneficial, the value of the good goes up and the company selling them can charge more. This is the main way things are done in Monopolistic markets.

However, sometimes it is best to charge the same price the Competition is charging even though you have a better product. This way the company is able to capture Market Share because the consumers will believe they are getting a better value for their money. For instance, if a company was selling Toyotas at $2,000 and it's competitor was selling the same Toyota but with 2 extra tires for the same $2,000 who would you use? The Competitor most likely.

This is why a firm might want to keep prices in line with competitors.

4 0
3 years ago
Beau went shopping at ABC Carpet. He saw some carpet he liked but could not make up his mind. The manager at ABC Carpet wrote do
Taya2010 [7]

Answer:

C) The court will apply the predominant-purpose test to determine whether the predominant purpose of the contract was the sale of goods in which case the UCC would apply.

Explanation:

From the case it is clear that the contract happens between Beau and the Manager of XYZ is of selling the carpet only. The service on the other hand, is not a department of UCC. The service contracts are department of common law whereas sales of goods law is applied to UCC or Uniform Commercial Code. So, except this option, all other options are false.

5 0
3 years ago
Kansas Enterprises purchased equipment for $72,500 on January 1, 2021. The equipment is expected to have a five-year service lif
Papessa [141]

Answer:

Annual depreciation= $12,970

Explanation:

Giving the following information:

Kansas Enterprises purchased equipment for $72,500 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $7,650 at the end of five years.

To calculate the depreciation expense under the straight-line method, we need to use the following formula:

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (72,500 - 7,650)/5

Annual depreciation= $12,970

7 0
3 years ago
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