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babunello [35]
3 years ago
13

With respect to income from services, which of the following is true?a. The income is always amortized over the period the servi

ces will be rendered by an accrual basis taxpayer.b. A cash basis taxpayer can spread the income from a 24-month service contract over the contract period.c. If an accrual basis taxpayer sells a 36-month service contract on July 1, 2017 for $3,600, the taxpayer's 2017 gross income from the contract is $600.d. If an accrual basis taxpayer sells a 24-month service contract on July 1, 2017, one-half (12/24) the income is recognized in 2018.e. None of these.
Business
1 answer:
shtirl [24]3 years ago
8 0

Answer:

C. If an accrual basis taxpayer sells a 36-month service contract on July 1, 2017 for $3,600, the taxpayer's 2017 gross income from the contract is $600.

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The tax professional can reduce the chances that staff personnel will incur IRS preparerpenalties by adopting a "tone at the top
poizon [28]

Answer:

True.

Explanation:

Preparer penalties are sanctions imposed by the internal revenue code on tax professional who are found negligent in discharging their professional duties in tax matters. These sanctions range from financial fines to imprisonment. And Internal Revenue Code has relevant sections for each category of negligence. Normally, it is the staff personnel that has the highest exposure to the risk of being negligent and tax professionals will put in place adequate measures to reduce this exposure to preparer penalties. One of such measures that are employed to reduce the chances of staff personnel incurring  IRS preparer penalties is tone at the top approach. This approach is used by management to establish the ethical value of the firm. It set up the environment in which management relay their commitment to upholding ethical values, such as integrity, diligence and objectivity.

This established tone will serve as guiding map to the staff personnel who are expected to follow the guideline in discharge of their duties. And in turn, this regulated behavior of staff personnel and demonstrated commitment of management to upholding ethical values will help to reduce the chances of staff personnel incurring IRS preparer penalties because of the presence of atmosphere of integrity and diligence in the organisation. So the answer is true.

4 0
3 years ago
The most likely promotion objective among companies in the Top 20 of sports spending is to inform and educate because they are i
Dimas [21]

Answer:

The correct answer to the following question is option D) maturity maximize outlets .

Explanation:

In the maturity stage of the product life cycle, there will be a decrease in the sales growth rate but ,not before the sales has reached its peak, because now the product is world renowned , most of the people have accepted the product and the ones who would have wanted to buy the product have bought it and in this stage competition would be high. Here a company would intensify its distribution and promotional activities .

7 0
3 years ago
What does a higher accounts receivable turnover ratio indicate? A) the company collects its short-term debts efficiently. B) com
____ [38]
I would say A

Hope this helps

~Jordan~
7 0
3 years ago
The table below describes the total and marginal benefit elvis gets from fried peanut butter and banana sandwiches. elvis' fried
ycow [4]
I looked up the question, since this one is incomplete. I've attached an image of the correct chart. Elvis' marginal benefit of the fourth sandwich is his total benefit of eating 4 sandwich minus his total benefit from eating 3 sandwiches.

Looking at the chart, we see that this gives us 81-75 = 6. 

Therefore, the Marginal Benefit of a fourth sandwich is 6. 

6 0
3 years ago
Fox Co. had 120,000 shares of common stock outstanding at January 1. On July 31, it issued 60,000 additional shares of common st
balu736 [363]

Answer:

180 000 common stock shares outstanding

Explanation:

preference shares are not used in calculating earning per share. Earning per share is the part of the firm's profit that is attributed to common stock shares. It is an indicator of financial strength of a company. It also shows the intrinsic value of the company's shares. This can be used to determine if a share is overvalued or under valued in the equity market.

The company  has 120, 000 common stock shares and issued additional 20,000 common stock shares totaling 180,000 common stock shares.

8 0
3 years ago
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