A substantial revision of the income tax code that made business and personal tax returns much easier to complete would tend to
cause which of the following changes in the labor market for accountants?
a. an increase in the demand for accountants
b. an increase in the employment of accountants
c. a decrease in the wage rate of accountants
d. an increase in the number of students choosing to major in accounting
a. an increase in the demand for accountants
b. an increase in the employment of accountants
c. a decrease in the wage rate of accountants
d. an increase in the number of students choosing to major in accounting
1 answer:
Answer:
c. a decrease in the wage rate of accountants
Explanation:
As a result of the revision that makes personal tax returns much easier to complete, people would no longer need the services of accountants to calculate their tax returns. As a result, the demand for accountants would fall, all other things remaining equal.
The fall in demand would lead to a fall in wage rate of accountants
Please check the attached image for a graph explaining this concept
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Answer:
16.42
Explanation:
Data provided in the question:
Cost of goods sold = $548,600
Beginning inventory of the year = $31,283
Ending inventory of the year = $35,538
Now,
the Inventory turnover ratio is calculated as;
⇒ ( Cost of goods sold ) ÷ ( Average inventory of the year )
Also,
Average inventory of the year =
=
= $33,410.5
Therefore,
Inventory turnover ratio = $548,600 ÷ $33,410.5
= 16.42