1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
vichka [17]
3 years ago
15

Regarding the statute of limitations on additional assessments of tax by the IRS, select the applicable date in each of the foll

owing situations. Note: Assume a calendar year individual with no fraud or substantial omissions involved.
a. The income tax return for 2018 was filed on March 3, 2019. The three-year statute of limitations will begin to run on .
b. The income tax return for 2018 was filed on August 13, 2019. The statute of limitations will begin to run on .
c. The income tax return for 2018 was prepared on March 31, 2019, but was never filed. Through some misunderstanding between the preparer and the taxpayer, each expected the other to file the return. The statute of limitations .
d. The income tax return for 2018 was never filed because the taxpayer thought no additional tax was due. The statute of limitations .
Business
1 answer:
-Dominant- [34]3 years ago
3 0

Answer:

A) The income tax return for 2018 was filed on March 3, 2019. The three-year statute of limitations will begin to run on:

  • April 16, 2019 (the next day after the tax deadline)

B) The income tax return for 2018 was filed on August 13, 2019. The statute of limitations will begin to run on:

  • August 13, 2019 (the same day the taxes were filed)

C) The income tax return for 2018 was prepared on March 31, 2019, but was never filed. Through some misunderstanding between the preparer and the taxpayer, each expected the other to file the return. The statute of limitations:

  • If the taxes were not filed, then the statute of limitations cannot begin to run.

D) The income tax return for 2018 was never filed because the taxpayer thought no additional tax was due. The statute of limitations:

  • If the taxes were not filed, then the statute of limitations cannot begin to run.

You might be interested in
Prepare entries to record the sale of the copiers, the related warranty costs, and any accrual on December 31, 2020. Actual warr
Reil [10]

Answer:

Computation of Sales     = Price x Quantity

                                         = $4,130 x 186 = $768,180

ENTRIES TO RECORD THE SALES                          

Debit   cash            $768,180

Credit  Sales           $768,180

Being sales of 186 color laser copiers at $,4,130 each

ACCRUAL FOR WARRANTY

Maintenance on each copier during the warranty period is estimated to be $355.

Total provision for warranty = 186 x $355

                                              = $66,030

JOURNAL ENTRIES

Debit   Warranty Expenses     $66,030

Credit  Warranty Liability         $66,030

Being provision for warranty for the sales of 186 color laser copiers

ACTUAL WARRANTY COST INCURRED

JOURNAL ENTRIES

Debit   Warranty Liability         $17,400

Credit  Inventory                      $17,400

Being warranty expenses paid from inventory

Explanation:

ENTRIES TO RECORD THE SALE

Total sales made is price per unit multiplied by the number sold. and the accounting entry is a debit to cash if sold on cash or a debit to receivable if sold on credit.

ACCRUAL FOR WARRANTY

Since maintenance on each copier  during the warranty period is estimated to be $355, it means the total provision for warranty will be $355 multiplied by 186 to get $66,030. the journal entries will be a debit to expense for warranty and a corresponding credit to warranty provision account for $66,030

ACTUAL WARRANTY COST INCURRED

Inventory item of $17,400 was given to satisfy the warranty. To record the actual warranty cost incurred, debit warranty liability account and credit the respective inventory account for $17,400.

7 0
3 years ago
Which of the following is the formula for break-even point in sales dollars? A : Fixed costs divided by contribution margin rati
ruslelena [56]

Answer:

B. Fixed costs divided by unit contribution margin

Explanation:

In sales dollars, Break-Even point = Fixed Costs ÷ Contribution Margin.

Break-Even point in (units) = Fixed Costs / (Sales price per unit - Variable costs per unit).

The Break even point is a measure of which a company can determine if when the product its manufactured or produced will start to be profitable.

8 0
2 years ago
The management department at a local university began posting all assignments and other class materials to a course management w
Mamont248 [21]

Answer:

The correct answer is A.process.

Explanation:

Due to the extension of the term “innovation” it is important to keep in mind that two different meanings can be distinguished:

  1. Innovation, as a process by which an idea is transformed into a novel product or service in the market, or by which a new manufacturing process or new organization or marketing methods is incorporated in the company (innovation capacity of the company).
  2. Innovation, such as the activity for which results derived from research and development (knowledge, prototypes) are launched into the market in the form of new products, services or are transformed into new processes in the company (R + D + i )
6 0
3 years ago
1. Discuss the consumer decision making process for a product such as canned/packaged tuna and the response hierarchy model this
steposvetlana [31]

Answer

Because of the shift away from media promoting, the dynamic interaction has changed incredibly. When media promoting was weighty with COSI and StarKist, customers had gotten used to seeing the advertisements and their separate symbols. Buyers were extremely faithful to a particular brand and the reliability outgrew the recognizable symbols "Charlie the Fish" and the mermaid for COSI. Since the center has moved to principally print advertisements, advancements coming up, and coupons, there is something else entirely to keep the customer dynamic cycle occupied. An item, for example, canned fish isn't a need, and in this way can without much of a stretch be supplanted by substitutes. There is more seriousness since a buyer could simply pick a brand since it is the least expensive at a specific store or in light of the fact that they discovered a coupon in a notice. Brand devotion is done being squeezed into shoppers' psyches through business spots with an agreeable mermaid. Presently, organizations are battling to offer more advancements or more limits to build deals, yet the outcome is that for certain buyers each excursion to the store could end with an alternate brand on fish being bought. Purchasers are presently being reached at home through paper advertisements, intelligent item sites, and different advancements. Clients might have settled on their choice before going on an outing to the store. Clients would have followed the Progressive system of Impacts Model before the promoting endeavors moved from media publicizing. Shoppers knew about the brands since they were faithful and fabricated inclinations after some time that prompted buying one brand over the other. Presently, the last buy isn't driven by dedication, however rather each buy has the customer taking a gander at a few components. The activities of retail deals, print advertisements, or different advancements influence their purchasing conduct.

8 0
3 years ago
Lorenzo, who works as a supervisor at Travelus Corp., notices that one of the employees, Maya, takes very long coffee breaks whi
nata0808 [166]

Answer:

From the given information, we can infer that Lorenzo has decided to give Maya a warning.

Explanation:

The warning is the statement which indicates any unpleasant situation which may arise if not taken any precaution. Although it is unpleasant to hear and to contemplate, it gives sufficient time for any situation to be covered up within the time. In the above case, Lorenzo decided to warn Maya about her activity. By doing this he would be able to draw Maya's attention towards her behavior.

5 0
3 years ago
Other questions:
  • You receive a raise at work, and now earn more money. As a result, your demand for bus travel decreases. This shows that bus tra
    9·1 answer
  • Suppose the real risk-free rate is 4.20%, the average expected future inflation rate is 2.50%, and a maturity risk premium of 0.
    7·1 answer
  • The primary advantages of specialization are that employees acquire greater _______ from repetition, they avoid _______ time in
    10·1 answer
  • HRM Practices Human resources management is critical to the success of organizations as human capital becomes an important sourc
    14·1 answer
  • CoronadoCorporation, Inc. has the following income statement (in millions): Coronado Corporation, Inc. Income Statement For the
    8·1 answer
  • Ridgeway Corporation uses direct labor hours to allocate overhead to Work-in-Process. The company's budgeted overhead is $420,00
    7·1 answer
  • Randi Wood wants to become the best manager in the firm. She takes every available opportunity to learn new skills and improve h
    9·1 answer
  • On June 30, 2009, Apricot Co. paid $5,000 cash for management services to be performed over a two-year period. Apricot follows a
    6·1 answer
  • Please give me answer​
    10·2 answers
  • Fast Feet is a new specialty running shoe store in Lumberton, NC. Fast Feet started off with a very good first year, as it made
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!