I think it means whenever your angry you lose every single minute
Answer:
Under classified balance sheet, common stock and retained earnings are reported separately
Explanation:
Under equity section of balance sheet, common stock and retained earnings are line items i.e they are reported under equity section of balance sheet separately.
The total of these two should also be separated i.e the total is a line item also. And this forms the total equity provided there are no other line items for the for the period again.
Answer:
Correll Company
a. Yes State R residents who purchased Firm L (out-of-state) merchandise owe use tax on their purchases.
b. State R would collect $1,080,000 additional revenue ($18 million * 6%) if Correll was required to collect the use tax at the point of sale and then remit the tax collected to State R.
Explanation:
a) Data and Calculations:
Cost of merchandise to customers in State R = $18 million
State R's sales and use tax on the purchase and consumption of retail goods within the state = 6%
Amount that Correll could collect for State R = $1,080,000 ($18 million * 6%)
b) Note that Correll (Firm L) collecting the State R use tax does not affect State R residents' legal liability to pay the use tax. Unfortunately, not many people actually remit their self-assessed use tax.
