Answer:
Option B $9 million is the correct answer.
Explanation:
The current portion of income tax expense is the taxable for the year multiplied by the prevalen tax rate in the year.
Current portion of income tax expense=taxable income*tax rate
taxable income is $30 million
tax rate is 30%
current portion of income tax expense=$30 million*30%=$ 9 million
Option B is the correct answer
However,if one chooses option A,it implies that one had used pretax net income of $25 million in computing the income tax expenses instead of taxable income on which tax is payable
Answer:
B. Cost of goods sold will be too low by $5,000.
Explanation:
Given that
Ending inventory overstated in the current year by $5,000
And, the net income is incorrectly reported $100,000
So, due to this error
The cost of goods sold is understated by $5,000
And, the net income is overstated by $5,000
Since the cost of goods sold is understated by $5,000 so it would be too low due to which the net income overstated by $5,000
<span>A.
constructive direction.</span>
1.
(in gambling) an independent party with whom each of those who make a wager deposits the money or counters wagered.
2.
a person with an interest or concern in something, especially a business.
Answer:
When a tax is levied on the buyers of a good, the <u>demand curve shifts downward (or to the left). The quantity demanded will decrease at every price level.</u>
Explanation:
When a tax is levied on the sellers of a good, the supply curve shifts to the left, reducing the quantity supplied at every price level.
When a tax is levied on a good, the buyers and sellers of the good share the burden, regardless of how the tax is levied since it increases the price that buyers effectively pay and decreases the price that sellers effectively receive. Taxes decrease the equilibrium quantity of the good.
