____________ transforms resource inputs from the environment into product outputs.

Choose the letter of the item that best completes the statement or answers the question. Last year Jackson earned $500,000, Vele

Vitek1552 [10]

1. According to their states’ tax laws, which require each one to pay a tax of $500 despite their different earnings, the best description of the tax is (c) regressive.

<h3>What is a regressive tax system?</h3>

A regressive tax system is one where taxpayers pay a disproportionate share of the tax burden, given their earning levels.

A regressive tax system is not proportional or progressive.

2. An example of an excise tax is (b) tax on perfume.

3. The amount Rose Chin paid for the purchase of school supplies based on the state sales tax of 5% is a) $12.60 ($12 x 1.05).

4. An example of a property tax is a) a tax based on the value of one's home.

5. The best example of the ability-to-pay principle is b) income tax.

6. An example of a tax based on the benefits-received principle is (a) bridge toll.

7. In the United States, taxes are used to accomplish all of the following except (c) determine which brands consumers buy.

8. For the apartment tenants, the tax is d) a sales tax.

9. The ultimate tax-burden bearer in question 8 is (d) the tenants.

10. An example of a protective tariff is (d) tax on the importation of foreign-made cars.

Thus, while income tax is mostly progressive in the United States, sales taxes are proportional, while some taxes are regressive because the amount paid is fixed and does not depend on the ability-to-pay principle.

Learn more about tax systems at brainly.com/question/12890967

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5 0

2 years ago

In the process of reconciling its bank statement for January, Maxi's Clothing's accountant compiles the following information: C

12345 [234]

Answer:

$4,400

Explanation:

The bank reconciliation is one done between the balance per the books and balance per the bank statement. This is usually as a result of transactions known as reconciling items.

These are items that have either been recognized in books but yet to be recorded by the bank or vice versa, transactions recorded wrongly by one of the parties etc.

The adjusted cash balance is the balance after all the transactions omitted from the cash balance have been considered.

Deposits in transit at month-end $ 1,900 - No adjustments required

Outstanding checks at month-end $ 570 - No adjustment required

Bank service charges $ 30 - To be deducted

EFT automatically deducted monthly, not yet recorded by Maxi $ 480 - To be deducted

An NSF check returned on a customer account $ 315 - To be deducted

Adjusted cash balance = $5,225 - $30 -$480 - $315

=$4400

3 0

3 years ago

Sophie Company is considering closing one of its product lines. Current data on the product line are as follows. Sales revenue $

suter [353]

Answer:

Company's net income will increase by $2500 if the product line is discontinued.

Explanation:

From the data given:

Sales 25000

variable cost (less) 19000

contribution margin 6000

Fixed costs

directed fixed costs 7000

allocated fixed costs 5000

net income -6000

Fixed cost savings 7000

rental revenue 1500

total savings if discontinued 8500

contribution margin (less) 6000

net income increased by 2500

5 0

3 years ago

The inflation rate in Great Britain is expected to be 4% per year, and the inflation rate in Switzerland France is expected to b

VladimirAG [237]

Answer:

The spot rate in two years time = SF 12.99

Explanation:

The purchasing power parity states that the relationship between the current and future spot rate between two currencies can be linked to the differences in the expected inflation rate between the currency.

This relationship can be expressed as follows:

S1= So× (1 + hc)/(1 + hb)

So= Current spot rate, Hc- inflation rate in Switzerland, Inflation rate in Britain

Spot rate in a year's time

S1= 12.50, Hc=6%, Hc=4%

S1= 12.50× (1.06/1.04)

S1=12.74

Spot rate in two year's time

S1= 12.74× (1.06/1.04)

S1= 12.99

The spot rate in two years time = SF 12.99

5 0

3 years ago

Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $962,000

Anarel [89]

Answer:

Providing for Doubtful Accounts

The amount of the adjusting entry to provide for doubtful accounts are:

a) = $68,825

b) = $28,600

c) = $36,275

d) = $83,700

Explanation:

a) Data and Calculations:

Accounts receivable balance = $962,000

Sales for the year = $10,910,000

Allowance account before adjustment = $13,000 (credit)

Estimated Bad Debt Expense = 3/4 of 1% of Sales

= 3/4 * 1% * $10,910,000

= $81,825

Bad Debt Expense = $68,825 ($81,825 - $13,000)

b) Allowance account before adjustment = $13,000 (credit)

Estimated doubtful accounts = $41,600

Bad Debts Expense = $28,600 ($41,600 - $13,000)

c) Allowance account before adjustment = $9,000 (debit)

Estimated Bad Debt Expense = 1/4 of 1% of Sales

= 1/4 * 1% * $10,910,000

= $27,275

Bad Debt Expense = $36,275 ($27,275 + $9,000)

d) Allowance account before adjustment = $9,000 (debit)

Estimated doubtful accounts = $74,700

Bad Debts Expense = $83,700 ($74,700 + $9,000)

The adjusting entry is:

Debit Bad Debts Expense

Credit Allowance for Doubtful Accounts

With the amount of the adjusting entry in each case

3 0

3 years ago