Answer:
lower; higher.
Explanation:
Taxation can be defined as the involuntary or compulsory fees levied on individuals or business entities by the government to generate revenues used for funding public institutions and activities.
The different types of tax include the following;
1. Income tax: a tax on the money made by workers in the state. This type of tax is paid by employees with respect to the amount of money they receive as their wages or salary.
2. Property tax: a tax based on the value of a person's home or business. It is mainly taxed on physical assets or properties such as land, building, cars, business, etc.
3. Sales tax: a tax that is a percent of the price of goods sold in retail stores. It is being paid by the consumers (buyers) of finished goods and services and then, transfered to the appropriate authorities by the seller.
Generally, installment sales are permitted or allowed by the tax laws in a country. Typically, they are recognized in the year of sale for the purpose of financial reporting. Also, installment sales for any goods or services are to be reported in the tax return, at a later time when cash is received from the customer (buyer).
This results in a deferred tax liability because taxable income is lower than financial income in the year of sale, and higher than financial income in later years when collected.
Answer: The answer is $1,092,865.5426
To the nearest whole dollar, we have:
$1,092,866
Explanation: from the question above, we will be calculating the present value of a cashflow of $93,000 over a period of 20 years, at a rate of 5.76%.
We will be performing a discounting operation.
Refer to the attached files below to see the calculations and how we arrived at the answer above.
Answer:
A. Dr Salary Expense $3,140
Cr Salary expense outstanding $3,140
B. Dr Income summary $275,790
Cr Salary expense $275,790
Explanation:
A. Preparation of the adjusting entry to record accrued salaries as of August 31
August 31
Dr Salary Expense $3,140
Cr Salary expense outstanding $3,140
(To record accrued salaries)
B. Preparation of the Closing entry on August 31
August 31
Dr Income summary $275,790
Cr Salary expense $275,790
($272,650+$3,140)
(To record Closing entry)
Im thinking its the uk am i right
