Answer:
SEASONS CONSTRUCTION
At the end of Dexc 31 2023
The revenue to be recognized will be = 25% * $18,600,000 = $4.650,000
The cost to be recognized = 25% * $18,750,000 = $4,687,500
Since percentage of completion method is being used, the revenue and cost to be recognized for the ywear 2023 will be based on the proportion of work completed in that year.
Explanation:
Try using this website:
https://smallbusiness.chron.com/10-important-business-objectives-23686.html
Solution :
a). In the context, Jim received $ 275 for the car repairing services form some member from the club. In this exchange of the services, an income is been received in amount of a value of the services received ( the gross income includes receipt of the services and also the money and goods). Therefore, Jim is being taxed on an amount of $275 for the car repair services.
b). The issue in this case is whether a "credit" represents the valuable right. As the right can be redeemed for the that is property worth of $150, then under the constructive receipt, Jim must recognize an income of $150.
c). Jim received an credit of $450 to be applied for the next year. If the credit can be redeemed or used for any future services, the taxpayer then can argue that the realization has not yet occurred. But, it has be included in Jim's gross income for the next year when his credit amount becomes the valuable right.
The Correct answer is B "TO INCREASE TARIFFS" Tariffs are a tax that a country puts on goods imported, that means if you moved to a different country your company would have to pay the tariffs, so to combat the price of tariffs, and why they moved in the first place, the rest of the answers would be correct. Because it must be cheaper.
The given statement " Congress is required to ensure that the tax law has the following characteristics: equality, certainty, convenience, and economy " is False.
Explanation:
The Congress is authorized, taxation, fees and excise duty are laid down and collected, the debts are paid and the common good and security of the United States are assured. but all privileges, charges and excise duty are identical throughout the United States.
Borrowing money on the ledger of the US;
To control trade with foreign countries, as well as with the Indian tribes among several States.
Maintain a standardized naturalization requirement and common rules on bankruptcy filings in the United States.
To coin the currency, the value and international coin shall be regulated and the weights and measurements shall be established.
