<u>Answer:</u> The nature of the tax system means that there is usually a trade-off between Equity and Efficiency ability to pay equity opportunity cost .The ability to pay principle pushes governments towards a progressive tax system but equity considerations push them in the other direction . A(n) ability to pay tax, promotes economic efficiency as it does not distort ability-to-pay lump-sum benefits.
<u>Explanation:</u>
Tax equity is the tax codes and tax efficiency is the fair tax payments.In progressive tax system the high income group pays higher taxes. Through this method the inequality in the society can be reduced. This results in economic growth and reduces unemployment and increases the purchasing power of the poor people.
According to the principle the government follows a progressive tax system but with tax equity the people use tax codes to not pay certain taxes. This tax equity pushes it in the other direction.
Answer: a. FIFO to LIFO, but not LIFO to FIFO
Explanation:
Well the inventory changes which would likely be accounted for is the FIFO ( first in first out system ) to LIFO ( last in first out system ). But not the LIFO ( last in first out ) to FIFO ( first in first out ). This system are mostly used in sales where for FIFO the first goods to arrive leaves first and for LIFO the opposite of FIFO
Answer: B - $7,150
Explanation: Standard taxation is an option by IRS to reduce an inidvidual taxable income. this is subject to an individuals filling status.
Phil who is aged 20, single and who can claim a dependent on his parents tax filling return. As of 2019, his standard tax deduction is limited to his earned income plus $350.
According to the above question, Phil earns $7,000 as wages plus $150 in interest income.
From the above information, Phil has a standard tax of $7,150.
Answer:
Return on equity = 13.5 %
Explanation:
given data
tax burden ratio = 0.75
interest burden = 0.6
leverage ratio = 1.25
return on sales = 10%
sales assets = $2.40
to find out
What is the firm's ROE
solution
we get here Return on equity (ROE) that is express as
Return on equity = tax burden ratio ×leverage ratio × interest burden ratio × return on sale × sales .......................1
put here value we get
Return on equity = 0.75 × 1.25 × 0.6 × 10% × 2.40
Return on equity = 0.75 × 1.25 × 0.6 × 0.10 × 2.40
Return on equity = 0.135
Return on equity = 13.5 %
Answer:
Bank adjusted balance 5,720
Explanation:
6,300
-840 outstanding check
+260 deposit in ransit
5,720 bank adjustment balance
<em><u>Notes:</u></em>
- the bookkepper error needs to be done on books cash account
- the service charge are included in the bank statemnt, is at adjustment to the book cash
- the interest revenue is also 22 an adjustment for the book cash account
