Answer:
PART A
A constructive receipt is a term often used in both accounting and taxation to describe the taxation of an income even when the income had not been received by the person being taxed.
IMPORTANCE OF CONSTRUCTIVE RECEIPTS
It guarantees the early payment of taxes without undue delays from the tax payer.
It ensures effective taxation by effective tracking of the tax payers.
PARTB
(B) Under the concept of constructive receipt, income is taxed when it becomes available to the tax payer. The taxpayer cannot defer the tax by refusing to accept payment.
Explanation:
Constructive reciept is of great importance and relevance in the field of cost accounting and taxation,it guarantees early payment of taxes and effective tracking of tax payers by the regulatory or taxation bodies.
Under the concept of constructive reciept, income is taxed when it becomes available to the tax payer and it can not be deferred by refusing to accept payment.
Max is a waiter at a coffee shop. He gets paid $100 every day at 9 p.m. regardless of the number of customers he serves during the day. In this scenario, max's payment is based on the fixed-interval schedule. Hence, option C is correct.
<h3>What is fixed-interval schedule?</h3>
In fixed-interval schedules, the first reaction is only rewarded when a predetermined amount of time has passed. With this schedule, reactions are quicker toward the end of the interval but slower immediately following the reinforcement.
A child may receive a candy as part of a fixed-ratio program after reading three to ten pages of a book.
Thus, option C is correct.
For more details about fixed-interval schedule, click here:
brainly.com/question/12282349
#SPJ4
The options are missing-
a. fixed-ratio schedule
b. variable-interval schedule
c. fixed-interval schedule
d. variable-ratio schedule
Answer: Production and consumption occur simultaneously
Explanation:
Services are intangible quantities that possess value and can be traded, services cannot be stored therefore it most times is produced and consumed at the same time.
Answer:
The payback period in years is closest to;
B). 3.00
Explanation:
<em>Step 1: Determine the total cost of the go-kart</em>
Using the expression;
Total cost=purchase cost+annual depreciation×number of years
where;
purchase cost=$5,100
assume annual depreciation=0
number of years to payback=n
replacing;
Total cost=5,100+(0×n)=5,100
<em>Step 2: Total cash inflows</em>
Total cash inflows=(1,700×n)=1,700 n
<em>Step 3: Determine payback period</em>
Equate total cost to total cash inflows
5,100=1,700 n
n=5,100/1,700
n=3
The payback period in years is closest to 3 years
Answer: c. $16,664.44
Explanation:
The interest amount is = Amount * Interest * 280/360
= 15,804 * 7% * 280/360 days
= $860.44
Add that to the amount borrowed;
= 15,804 + 860.44
= $16,664.44
