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Lana71 [14]
3 years ago
10

On its year 1 financial statements, Seatax Corporation, an accrual-method taxpayer, reported federal income tax expense of $570,

000. On its year 1 tax return, it reported a tax liability of $650,000. During year 1, Seatax made estimated tax payments of $700,000. What book-tax difference, if any, associated with its federal income tax expense should Seatax have reported when computing its year 1 taxable income? Is the difference favorable or unfavorable? Is it temporary or permanent?
Business
1 answer:
Nookie1986 [14]3 years ago
7 0

Answer: $570000

Explanation:

The book-tax difference, that's associated with its federal income tax expense that Seatax should have reported when computing its year 1 taxable income will be $570000.

It should be noted that the $570000 for the book tax difference is permanent as it isn't reversible for.the next fiscal period.

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Naya [18.7K]

Answer:

Option d. Fixed period

Explanation:

time is very essential. Anytime the policy owner specifies payment to be guaranteed for a specific period regardless of who is the beneficiary, policy owner or who receive the payment,is the fixed period settlement option.

Anything that occur  to annuity after the owner's death is dependent on the type of annuity and its payout plan.

A fixed-period,  is that which is for a certain period of time. the annuity guarantees payments to the annuitant for a set length of time. example is about  10, 15, or 20 years and case payments will continue to be paid to the beneficiary until the time given or  period is due or when  account’s balance reaches zero.

3 0
2 years ago
Say that the original supply curve for avocados is the curve labeled S and the demand curve for avocados is the curve labeled D.
DaniilM [7]

Answer:

D. supply increased and quantity demanded increased.

Explanation:

When supply curve moved from s to s1 , supply increased . demand curve did not move . Then the new equilibrium will shift towards the lower price with demand also showing increasing trend to balance supply but at lower price.

4 0
3 years ago
Someone says, "Even though the equilibrium wage rate is $8 an hour in the unskilled labor market, if we impose a minimum wage of
balandron [24]

Answer:

a) The demand curve for unskilled labor is vertical.

Explanation:

Someone says, "Even though the equilibrium wage rate is $8 an hour in the unskilled labor market, if we impose a minimum wage of $10 an hour, no one currently working will lose his or her job." This person must believe that the Group of answer choices demand curve for unskilled labor is vertical.

Response to prices depend on the elasticity of demand because elasticity of demand relates to how quantity demanded will fall as a result of increase in price or in this case wage rate.

A vertical demand curve is a pictorial demonstration of a perfectly inelastic demand which means that no matter how much to you increase the price no change will occur in quantity demanded as such a good is most essential to the consumers.

Therefore if the demand for labor is perfectly inelastic, it means nobody will be laid off with increase in wage rate as firms will not change their quantity demanded for labor.

4 0
3 years ago
Read 2 more answers
Considerable research has documented that in many product categories, consumers are unable to distinguish among brands when give
kirill115 [55]

Answer:

brand loyalty

Explanation:

Brand loyalty: The term "brand loyalty" is determined as the propensity of specific consumers to "continuously purchase" a particular brand's products over some other brand's products. However, a specific consumer's behavioral patterns are responsible for demonstrating that he or she will continue to purchase products from the same company that has been fostered a "trusting relationship".

In the question above, the given statement represents brand loyalty.

5 0
3 years ago
As the accountant for Marston Retail Stores, you must calculate the current ratio for the firm's last accounting period. The fir
I am Lyosha [343]

Answer:

1.5

Explanation:

Current ratio = current asset/current liabilities

This ratio is used to determine how quickly the current assets can be used to settle the current liabilities as they fall due.

current assets = $120,000

current liabilities = $80,000

The firm's current ratio = $120,000/$80,000

                                      = 1.5

5 0
2 years ago
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