Answer:
A) state regulations are not always consistent.
Explanation:
The only consistent regulations in the country are those imposed by the federal government since they apply to the whole country. Many times state regulations are not consistent with federal standards or regulations. Something that might be considered OK in certain states may not be considered proper in other states.
Answer:
The correct answer is A) Asset and liability approach
Explanation:
Under current generally accepted accounting principles, which approach is used to determine income tax expense? Asset and liability approach
The asset and liability approach is used to clarify the amount of income tax expense after the number of deferred tax assets and liabilities have been determined.
Answer:
The firm’s (choose one): loss per acre will be $ 192
Explanation:
Instructions: Enter only whole numbers for your answer. Enter a positive number after identifying profit or loss.
Wage to workers = 160 hrs x $6.20
= $992
Equiptment costs = $150 per month
Normal profit required = $50
Total cost = $992+ $150 +$ 50
= $1192
Total revenue per month = $1000
Profit = Total revenue per month - Total cost
= $1192-$1000
= -$192
Answer:
Ashley may not claim Candy as her dependant even if other requirements are met.
Explanation:
Ashley is single and lives with Barney, her boyfriend, and Candy, his 8-year-old daughter. Ashley paid all of the support for her household in 2018. Barney has earned income of $2,500 and had income tax withheld from his wages. He has no other income and is not required to file an income tax return. With one qualifying child, Barney may claim an earned income credit. Barney files an income tax return solely to obtain a refund of withheld income taxes and does not claim EIC. Because Barney does not have a filing requirement and filed only to obtain a refund of withheld income taxes, Candy is not considered the qualifying child of Barney or any other taxpayer
Based on the explanation given Ashley cannot claim Candy as an independent because of the tax payer rule. If other requirements are met, Ashley cannot claim Candy as dependent because the girl in question isn't her child . Moreover, Candy is the full responsibility of Barney. Candy is under Barney's care and is solely required by law to take care of her.