Answer:
A. $7500
Explanation:
First 10000 : 0%
Next 20000: 10%
Next 20000: 20%
Next 20000: 30%
Over 60000: 40%
Therefore income of $55000 would have a tax liability as such
First - 0% of 10000 = 0
Second - 10% of 20000=2000
Third - 20% of 20000= 4000
Fourth - 30% of 5000= 1500
Total tax liability (TTL)= 0+2000+4000+1500
TTL = $7500
A. i think , hoped this helped
Answer and Explanation:
The journal entries are shown below:
On Mar 12
Account receivable Dr $9,100
To Service revenue $9,100
(Being the service provided on the account is recorded)
For recording this we debited the account receivable as it increased the assets and credited the service revenue as it also increased the revenue
On Mar 20
Cash $8,918
Sales discount ($9,100 × 2%) $182
To Accounts receivable $9,100
(Being cash received recorded)
For recording this we debited the sales discount and cash as it increased the discount and assets and credited the account receivable as it reduced the assets
