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Arturiano [62]
3 years ago
11

What is the most important source of revenue and the major type of expenditure at the Federal level? At the state level? At the

local level? At the Federal level, the most important source of revenue is the personal income tax. The main expenditure is for income security. At the state level the most important sources of revenue are sales, excise, and gross receipts taxes, followed by personal income taxes. The main expenditures are for public welfare, with education running a very close second. At the local level the most important source of revenue is, by far, property taxes. Education is by far the most important expenditure
Business
1 answer:
Margarita [4]3 years ago
5 0

The largest share of the revenues from property taxes and sales and gross receipts taxes are generally received from state and local governments. Individual income taxes are another major source of income.

Explanation:

In fiscal 2010 the total US government and local tax revenues—35% came from property taxes and 34% from sales and gross taxes. In 2010, local governments collected a little more than 75% of their 2010 property tax receipts. Local government tax revenues are primarily financed by property taxes.

Nevertheless, sales taxes and gross income taxes were the major source of revenue for governments. In 2010, the Member States received less than half of their income from sales and gross receipts taxes.

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a company has established 5 pounds of material j at $2 per pound as the standard for the material in its product z. the company
Neporo4naja [7]

Answer:

direct materials quantity variance = 520 Favourable

Explanation:

given data

material = $2 per pound

produced = 1,000 units

Actual Quantity of Material = 5200

cost = $9,880

to find out

direct materials quantity variance

solution

we get here Material Price Variance that is express as

direct materials quantity variance = ( Standard Cost - Actual Cost) Actual Quantity of Material   .......................1

put here value we get

direct materials quantity variance = 2-   \frac{9880}{5200} × 5200

direct materials quantity variance = 520 Favourable

7 0
3 years ago
How can investors receive compounding returns? aby selecting a savings account that has a higher interest rate bby investing the
Novay_Z [31]
Investors can receive compounding returns by investing their earnings back into their original investment. For example, if they earn $10 from a stock they invested in, they would place that $10 back into the stock that earned them that money.
7 0
3 years ago
If the price of gasoline increases, most likely, ceteris paribus, the result will
avanturin [10]

Answer:

A

Explanation:

4 0
3 years ago
Read 2 more answers
On January 1, 2017, Alison, Inc., paid $60,000 for a 40 percent interest in Holister Corporation’s common stock. This investee h
diamong [38]

Answer:

It will be valued at:

investment 70,000

goodwilll 1,000

patent 4,000

total 75,000

Explanation:

first we calcualte the equity of the company:

200,000 - 75,000 = 125,000 equity

then we calcualtethe investment proportion:

125,000 x 0.4 = 50,000 investment

15,000 x 0.4 =      6,000 patent

goodwill:              4,000 (60,000 - 56,000)

2017

income: 30,000 x 0.4 = 12,000

dividneds: 10,000 x 0.4 = (4,000)

amortization on patent

6,000 / 6 = 1,000 per year

2018

income:    50,000 x 0.4 = 20,000

dividneds: 15,000 x 0.4 = ( 6,000 )

amortization on patent:    ( 1,000 )

50,000 + 12,000 - 4,000 - 1,000 + 20,000 - 6,000 - 1,000 = 70,000

then we add the patent and the goodwill

70,000 + 4,000 + 4,000 = 78,000

and wecheck for impairment:

as the fair value is 75,000 we decrease goodwill

6 0
2 years ago
At December 31, 2021, Sunland Company had a credit balance of $15,300 in Allowance for Doubtful Accounts. During 2022, Sunland w
andrezito [222]

Answer:

See below

Explanation:

During 2022, Sunland Company wrote off accounts totalling $12,800

Entry

Allowance for doubtful account Dr $12,800

---------- To Accounts receivable Cr $12,800

(Being entries to write off accounts initially provided for)

Only one of those accounts ($1,700) was later collected

Entry

Cash account Dr $1,700

----------- To Bad debt expense Cr $1,700

(Being entries to record receipt of cash from account previously written off)

At December 31, 2022 an aging schedule indicated that the balance in Allowance for Doubtful accounts should be $26,800

Entry

Bad debt expense Dr $24,300

---------------- To Allowance for doubtful debt Cr $24,300

(Being entries to recognize bad debt expense at year end based on aging schedule)

Workings

Adjustment required for doubtful accounts

= $26,800 - ($15,300 - $12,800)

= $24,300

3 0
3 years ago
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