Language _____ means that your audience immediately recognizes and understands your word choices. clarity appropriateness correc

Taxable income of a corporation is based on generally accepted accounting principles. is reported on the corporation's income st

zheka24 [161]

Answer:

differs from accounting income because companies use the full accrual method for financial reporting but use the modified cash basis for tax reporting.

Explanation:

Corporation is simply a legal entity that existed through either federal or provincial legislation.It includes partnerships, joint stock companies, joint accounts, associations, insurance companies and others.

Taxable income is the amount on which the tax will be put together. They are imcome on which tax must be paid. Taxable income of Corporation includes taxed on earnings, dividends distributed to shareholders are also taxed to the shareholders and it creates double taxation.

4 0

3 years ago

The difference between errors in the financial statemetns as compared to fraud is

Nataly [62]

Hello there!

There is quite a HUGE difference between these both. When being frauded or making a fraud, this would also be known as stealing money.

But when making a mistake in a statement, they can be things resolved faster than if a person were to steal money. When making this mistake, you could resolve this by explaining why this was a mistake and also what could you do to fix it as well.

Both of these kind of acts are seriously two major different things, they have nothing in common.

4 0

3 years ago

Select the qualification that is best demonstrated in each example. Clyde explains the equipment installation process to a custo

Vera_Pavlovna [14]

Answer:

4,1,4

Explanation:

I got it right on edgenuity

5 0

3 years ago

On January 1, 2014, the merchandise inventory of Glaus, Inc. was $1,200,000. During 2014 Glaus purchased $2,400,000 of merchandi

Xelga [282]

Answer: Option (C) is correct.

Explanation:

Given that,

Merchandise inventory(beginning inventory) = $1,200,000

Merchandise purchased = $2,400,000

Sales = $3,000,000

Gross profit rate on sales = 25%

Ending inventory of Glaus:

= Beginning inventory + Purchases - cost of goods sold

= $1,200,000 + $2,400,000 - [sales × (100-25)%]

= $1,200,000 + $2,400,000 - $3,000,000 × 0.75

= $1,200,000 + $2,400,000 - $2,250,000

= $1,350,000

5 0

3 years ago

Item 12 A production department's output for the most recent month consisted of 10,500 units completed and transferred to the ne

Ludmilka [50]

Answer:

Total equivalent units= 16,800

Explanation:

Giving the following information:

Beginning inventory= 1,100 units 80% complete

Units produced= 10,500 units

Ending WIP= 10,500 60% complete

<u>The weighted average method blends the costs and units of the previous period with the costs and units of the current period.</u>

Beginning inventory= 0

Units completed in the period= 100%

Ending inventory WIP= units*completion

<u>In this exercise:</u>

Beginning inventory= 0

Units completed in the period= 10,500

Ending inventory WIP= 10,500*0.6

Total equivalent units= 16,800

7 0

3 years ago