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charle [14.2K]
3 years ago
13

In fiscal 2016, Snap-On Inc. reported a statutory tax rate of 35%, an effective tax rate of 30.5%. Income before income tax for

2016 was $801.4 million. What did Snap-On report as tax expense (on its income statement) in 2016? A. $166.7 million B. $170.0 million C. $244.4 million D. $184.7 million E. None of the above
Business
1 answer:
posledela3 years ago
4 0

Answer:

Snap on the report as the tax expenses will be $244.427

Explanation:

We have given income before tax in 2016 = $801.4 million

Effective rate tax = 30.5 % = 0.305

We have to find the snap on report as tax expense

Tax expenses is given by

Tax expense =income\ before\ tax\times effective\ tax\ rate=801.4\times 0.305=$244.427

So snap on the report as the tax expenses will be $244.427

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Answer:

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Explanation:

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3 years ago
When demand for a product changes because of its price, this product is said to be elastic.
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Answer:

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so it is true

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3 years ago
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Initial margin requirements are determined by:________
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Answer:

b. the Federal Reserve System.

Explanation:

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3 0
3 years ago
Lizzie Corporation has provided the following information about one of its laptop computers: Date Transaction Number of Units Co
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Explanation:

The computation of the ending inventory using the FIFO cost flow assumption is shown below;

But before that first we have to determine the ending inventory units i.e.

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Required Record the following transactions in general journal entry form. Record the event num-ber in the date column. 1. Issued
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Answer:

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2.    Cash          $4000 Dr

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3.    Supplies        $500 Dr

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4.    Account Receivables        $8000 Dr

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6.    Prepaid Rent               $2400 Dr

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7.    Office Furniture         $3500 Dr

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11.  Dividends            $1000 Dr

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