Roads, schools, and
emergency services are funded by the government through the taxes.
Explanation:
Government collects taxes for the functioning of the government machineries. The reasons the taxes to be collected from the citizens of US are listed in the Article I, Section 8 of constitution of US. The three main types of taxation are as follows namely,
1. Progressive tax
2. Regressive tax
3. Proportional and flat tax.
Taxes are levied on the property, sales, income, dividends, imports, capital gains, payroll, gifts or estates. Eritrea and USA are the only countries that taxes non-residents on worldwide income as much as they tax the residents.
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The type of overhead costing system that would be the best fit for Lunker is: Traditional costing system using design hours as the basis for allocation.
<h3>What is the Traditional Costing System?</h3>
The traditional costing system is a method applied in accounting that aims at determining the cost of production. One driver is assigned as the basis of allocation.
In the case of Lunker Lures above, the driver that is used as the basis of allocation should be design hours.
Learn more about the Traditional Costing System here:
brainly.com/question/24516871
Answer:
An apple, potato, and onion all taste the same if you eat them with your nose plugged
Explanation:
Answer: Vent should record $70,000
Explanation:
The requirement is to determine the amount of discount on the debentures that Vent should record at issuance.
ASC Topic 470 states that the proceeds from the issuance of debt with detachable stock warrants should be allocated between the bonds and the warrants based upon their relative fair values at the time of issuance.
In this case, the fair value of the bonds is not known, but the fair value of the warrants is $10 per warrant. Thus, the total fair value of the warrants is $20,000 ($10 × 2,000 warrants). The fair value of the debentures can be estimated to be $430,000 ($450,000 total proceeds – $20,000 fair value of warrants). The face value of the bonds $500,000 less the fair value of the bonds of $430,000 equals the bond discount of $70,000.
