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TiliK225 [7]
2 years ago
12

For purposes of determining gross income, which of the following is true?a. A mechanic completed repairs on an automobile during

the year and collects money from the customer. The customer was not satisfied with the repairs and sued the mechanic for a refund. The mechanic can defer recognition of the income until the suit has been settled.b. A taxpayer who finds a wallet full of money is required to recognize income even though someone may eventually ask for the return of the money.c. Embezzlement proceeds are not included in the embezzler's gross income because the embezzler has an obligation to repay the owner.d. All of these are false.e. All of these are true.
Business
1 answer:
julia-pushkina [17]2 years ago
4 0

Answer:

Letter b is correct. <em>A taxpayer who finds a wallet full of money is required to recognize income even though someone may eventually ask for the return of the money.</em>

Explanation:

This question is correct because its principles are related to correct doctrine. This doctrine is recognized by United States tax law on the principle that a taxpayer who receives income, even if he is not entitled to it, must qualify income as received. So in this case, even if a person has found an income that is not his property, he must by law include that property in his gross income.

You might be interested in
You are the CEO of a company that has to choose between making a $100 million investment in Russia or Poland. Both investments p
dlinn [17]

Answer:

Going by the Ease of Doing Business ranking of 2020, prepared by the World Bank, which is perhaps the most reliable ranking to assess business risk in different countries.

Russia has a higher score in the ranking, which means that doing business is less risky there. Poland has particularly high risks in the starting a business category, which means that the mere act of starting the business in Poland might be a risky decision.

Russia has a high risk in trading accross borders, probably because the country is subject to several international sanctions.

If we go only by score, Russia has a higher score, so, as the CEO, you should probably invest there. However, you should avoid investing in Russian companies that try to export abroad, because of the high risks associated with trade in that country.

8 0
3 years ago
Broker Burns is negotiating a first trust deed loan for buyers. The buyers have signed a contract for a fifteen year loan. What
Harrizon [31]

Answer:

The answer is 2. Ten percent of the principal of the loan

Explanation:

By law, maximum commissions for first trust deed loans are at :

- 5% of the principal for loans less than 2 years or less than 3 years

- 10% of the principal for loans 3years and more.

Second trust deed loans, on the other hand, are stated at 5% for loans up to 2years, 10% for loans between 2-3 years and 15% for loans more than 3 years.

8 0
3 years ago
Cash dividends paid on capital stock would be reported in the statement of cash flows in a.the Cash flows from investing activit
Basile [38]

Answer: The answer is c.the Cash flows from financing activities section

Explanation: Cash flows from financing activities section of the statement of cash flows provides an insight on how the company is funded. It shows the net cash flows used in funding the company. Transactions that appear under that section comprise debt, equity and dividends.

Investors analyze this section of the cash flows to know how the capital structure of an organization is managed to further understand the financial strength of the organization.

3 0
3 years ago
For the past year, Kayla, Inc., has sales of $46,382, interest expense of $3,854, cost of goods sold of $16,659, selling and adm
grandymaker [24]

Answer:

$15,266

Explanation:

Sales                                                          $46,382

Less: Cost of goods sold                          <u>$16,659</u>

Gross profit                                                $29,723

Less: Selling & administrative expense   $11,766

Less: Depreciation                                     <u>$6,415</u>

Earnings before interest and tax (EBIT)    $11,542

Less: Interest expenses                             <u>$3,854</u>

Earnings before tax (EBT)                           $7,688

Less: Tax expenses  (7688*35%)               <u>$2,691</u>

Earnings after tax                                       <u>$4,997</u>

Operating cash flow = EBIT + Depreciation expenses - Tax expenses

Operating cash flow = $11,542 + $6,415 - $2,691

Operating cash flow = $15,266

3 0
3 years ago
Buatlah Jurnal Penyesuaian dan Jurnal Pembalik dari:
mash [69]

Answer:

I don't understand

Explanation:

English?

8 0
3 years ago
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