$2,860.50
Tax liability is the total amount of tax that people and companies owe to the federal, state, and local governments in a specific time frame. Tax liabilities are short-term obligations for firms that are listed on a balance sheet and paid off within a year.
<h3>What is accounting for tax liability?</h3>
The amount of taxes you owe is known as your tax liability. For those who are working, determining their income tax on Form 1040 normally only requires them to examine the year's tax tables.
On a company's balance statement, deferred long-term liability costs are listed with other long-term loans. They are listed on income statements as losses or expenses. Deferred tax obligations are one type of deferred long-term liability charge.
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Answer:
Demand for chocolate bars increases.
Explanation:
There are two goods: jelly beans and chocolate bars. They are substitute goods. We know that there is a positive relationship between the price of one good and the demand for other good. The substitute goods are generally have a positive cross price elasticity of demand.
This means that as the price of jelly beans increases then as a result the demand for chocolate bars increases even if the price chocolate remains the same.
Answer:
Strategic Giving
Explanation:
The strategy undertaken by Krafts foods is to serve a larger purpose to create a positive imagery in the minds of consumers. In order to fight against obesity Krafts develops a partnership to impact on the emotional aspect of their future consumers i.e Hispanic families.
Entering into new markets through strategic giving helps to establish positive image in the minds of their potential consumers.
Answer:
$2,500,000
Explanation:
Calculation for the current liabilities total
Account payable and Accrued Liabilities $1,761,000
Add Income tax payable $654,000
Add Deferred income tax liability $85,000
Current liabilities total $2,500,000
($1,761,000+$654,000+$85,000)
Therefore the Current liabilities total is $2,500,000
