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3 years ago

Formal tax definition

Business

2 answers:

Olin [163]3 years ago

7 0

Answer:

Formal tax legislation is the process by which a proposed tax rule or tax change may become law in the United States. Formal tax legislation follows specific steps as defined by the U.S. Constitution.

Explanation:

https://www.investopedia.com/terms/f/formaltaxlegislation.asp

const2013 [10]3 years ago

4 0

Answer:

Explanation:

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Refer to the information for Alfombra Inc. below.

Ann [662]

Answer:

cost to be accounted for:

beginning cost: 180,000

added cost 756,000

total cost 936,000

cost accounted for:

ending WIP 30,000 x 5.2 = 156,000

trasnsferred-out: 150,000 x 5.2 = 780,000

total cost accounted for 936,000

Explanation:

150,000 completed

50,000 at 60%

weighted average equivalent unit:

complete + percetage of completion ending WIP

150,000 + 50,000 x 60% = 180,000

Cost per unit:

936,000 / 180,000 = 5.2 dollar per unit

we should match the total cost pool with the ending WIP and trasnferred out units

4 0

3 years ago

You received a signed broker-to-broker transfer initiation form (TIF) from an established customer desiring to transfer a specif

almond37 [142]

Your firm must submit the transfer instruction to the carrying member through the ACATS A) Immediately.

<h3>What is the Automated Customer Account Transfer Service (ACATS)?</h3>

The Automated Customer Account Transfer Service (ACATS) is a standardized and automatic system sanctioned by the Financial Industry Regulatory Authority (FINRA) that transfers financial securities in customers' accounts from one brokerage firm or bank to another.

Under the FINRA's Uniform Practice Code, a customer may transfer some or all of their securities.

Thus, the FINRA's Uniform Practice Code requires that your firm immediately forwards the TIF to the next broker.

Learn more about Financial Industry Regulatory Authority (FINRA) at brainly.com/question/8777317

#SPJ1

<h3>Question Completion with Answer Options:</h3>

What does FINRA's Uniform Practice Code require?

A) Immediately.

B) within 1 business day.

C) within 3 business days.

D) within 2 business days.

4 0

2 years ago

lue Inc. has decided to raise additional capital by issuing $171,000 face value of bonds with a coupon rate of 11%. In discussio

Dafna1 [17]

Answer:

Explanation:

Value assigned to bonds =

Value of bonds without warrants/(value of bonds without warrants+value of warrants)*Issue price

Value assigned to warrants =

Value of warrants/(value of bonds without warrants+Value of warrants)

Value assigned to bonds = 115,200/(115,200+28,800) * 140,000 = 0.8*140,000 = 112,000

Value assigned to warrants = 28,800/144,000 * 140,000 = 28,000

Journal entries:

Dr Cash 140,000

Dr Discount on bonds payable (171,000-112,000) 59,000

Cr Bonds payable 171,000

Cr Paid in capital-Stock warrants 28,000

5 0

3 years ago

A comparative balance sheet for Culver Corporation is presented as follows.

laila [671]

Answer:

Increase in cash = $50,740

Explanation:

The statement of cash flows for 2020 can be prepared as follows:

Culver Corporation

Statement of Cash Flows

For December 31, 2020

Particulars $ $

Net income 127,440

Adjustment to reconcile net income:

Depreciation expenses (w.1) 26,740

(Increase) decrease in current assets:

Increase in accounts receivable (w.2) (15,740)

Decrease in inventory (w.3) 9,260

Increase (decrease) in current liabilities:

Decrease in accounts payable (w.4) (13,260)

Net cash from operating activities 134,440

Cash Flow from Investing Activities

Sales of land (w.5) 39,260

Purchase of equipment (w.6) (59,740)

Net cash from investing activities 20,480

Cash Flow from Financing Activities

Cash dividends paid (63,220)

Net cash from financing activities 63,220

Increase / (Decrease) in cash 50,740

Beginning cash balance 22,000

Ending cash balance  72,740

Workings:

w.1: Depreciation expenses = Accumulated Depreciation in 2020 - Accumulated Depreciation in 2019 = $70,220 - $43,480 = $26,740

w.2: Increase in accounts receivable = Accounts receivable in 2020 - Accounts receivable in 2021 = $83,220 - $67,480 = $15,740

w.3: Decrease in inventory = Inventory in 2020 - Inventory in 2019 = 181220 190480 = -$9,260

w.4: Decrease in accounts payable = Accounts payable in 2020 - Accounts payable in 2019 = ($35,220 - $48,480) = $13,260

w.5: Sales of land = Land in 2019 - Land in 2020 = ($111,480 - $72,220) = $39,260

w.6: Purchase of equipment = Equipment in 2020 - Equipment in 2019 = $261,220- $201,480 = $59,740

7 0

3 years ago

A company issued 115 shares of $100 par value common stock for $12,500 cash. the total amount of paid-in capital is:

Olegator [25]

A company issued 115 shares of $100 par value

Common stock value = $12,500

Total amount of paid-in capital = ?

Multiply the shares with amount par value =

Amount of shares = 115 x 100 = $11,500

Total amount of paid-in capital = common stock value - total amount of shares = $12,500 - $11,500

= $1000

So, total amount paid in capital is $1000.

5 0

3 years ago

Formal tax definition​

Formal tax definition