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3 years ago

The penalty for a substantial understatement is triggered when ____

Business

1 answer:

zysi [14]3 years ago

3 0

Answer:

The correct answer is A

Explanation:

A substantial understatement may occur when tax return is understated by an amount greater than 10% of the tax required to be shown on the tax return.

Example: If a tax payer that is suppose to report a $6000 tax due and choose to report a $2000 instead, to know if a penalty will be charged or not it has to be greater than 10% of the amount which is suppose to be reported (i.e $6000 x 10% = 600) . therefore in the case shown above the penalty will be applied

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Credit card A offers an introductory APR of 3.4% for the first 3 months and a standard apr of 15.7% thereafter, while credit car

Liula [17]

Incomplete question. However, I answered based on the information.

Explanation:

We can determine which Credit card is best in terms of its interest rate by comparing both rates monthly:

Credit card A

APR for the First 3 months:

4.1% / 360 days = 0.009% x 30 = 0.27% per month for the first 3 months.

APR for Next 9 months:

15.7% / 360 days = 0.04361% x 30 = 1.308% per month for the next 9 months.

Credit card B:

APR the First 3 months

4.2% / 360 days = 0.011% x 30 = 0.33% per month for the first 3 months

Next 9 months:

15.5% / 360 = 0.04305% x 30 = 1.291% per month for the next 9 months

Hence, we can conclude,

For the first 3 months, Credit Card A is best because it offers lower interest charges.

For the next 9 months, Credit Card B is best because it offers lower interest charges.

7 0

2 years ago

Read 2 more answers

How can the US of new technology in industry benefit workers

gogolik [260]

Answer:

not just pay them they can award them with extra credit?

Explanation:

4 0

3 years ago

Vaughn Manufacturing's prepaid insurance was $197000 at December 31, 2021 and $90300 at December 31, 2020. Insurance expense was

Zina [86]

Answer:

Cash disbursements for insurance would be $ 168,700.

Explanation:

In accrual based accounting expenses are recorded when they are incurred. The payment against item purchased does not make it qualified to be recorded as expense. Any advance payment made is recognize as asset untill performance obligation has been completed. So in order to determine amount of payment we will use following accounting equation.

Payments = Prepaid current period + expenses - opening prepaid balance

Payments = 197,000 + 62,000 - 90,300 = $ 168,700

8 0

2 years ago

As part of the initial investment, Jackson contributes accounts receivable that had a balance of $32,290 in the accounts of a so

yuradex [85]

Answer: $30,923

Explanation:

From the question, we are told that as part of an initial investment, Jackson contributes accounts receivable that had a balance of $32,290 in the accounts of a sole proprietorship. Out of the amount, $1,367 is deemed completely worthless and for the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $848.

The amount debited to accounts Receivable for the new partnership will be the difference between the account receivable balance and the amount that was deemed worthless. This will be:

= $32,290 - $1,367

= $30,923

Therefore, the amount debited to Accounts Receivable for the new partnership will be $30,923

3 0

3 years ago

Answer this question plz n thank you. (posted the 1st n 2nd question. gonna post 2 other ones.)

prohojiy [21]

Answer:

Confidece, and empathy.

Explanation:

Confidence to know you will do great at your job, and empathy to know how others feel about themselves!

Hope this helps! Brainliest plz!

7 0

2 years ago