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avanturin [10]
2 years ago
12

You are given the following data on the Employed, Unemployed, and the Labor Force for 1997: Population 16 years old or over (mil

lions) 203.1 Employed (millions) 129.6 Unemployed (millions) 6.7 The total labor force in millions in the economy for 1997 equals:__________
Business
1 answer:
otez555 [7]2 years ago
5 0

Answer:

136.30 million

Explanation:

Total Labor force = Total of the Unemployed + Total of the Employed

Total Labor force = 129.6 million + 6.7 million

Total Labor force = 136.30 million

So, the total labor force in millions in the economy for 1997 equals 136.30 million

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Tax return preparers may generally rely on a client's representations without verification unless:
Valentin [98]

Answer:

Tax return preparers may generally rely on a client's representations without verification unless the information seems incorrect, inconsistent, or incomplete, Option A.

Explanation:

A  "tax return preparer" usually relies in good faith without verification upon information furnished by a taxpayer or another advisor or third party. But he has the authority to make inquires in case he feels the information given is incomplete or inconsistent. Also, some of the provisions also require few circumstances or facts to be claimed before deduction is made. So, A tax return preparer should make relevant inquiries to decide if the information given is correct as required by an "Internal Revenue Code" section or a regulation to claim either a deduction or a credit.

4 0
3 years ago
In working with a client named Fred, you realize that he did not report income that he should have on a return. Fred reported $1
Ksivusya [100]

Answer:

b) Fred must maintain records for 6 years from the year the return was filed

Explanation:

A person that prepares tax is required by the Internal Revenue Service to keep tax returns and supporting documents for at least 3 years.

However when the tax preparer fails to report correct income amount they are required to keep records for at least the last 6 years.

The underreported income must be greater than 25% of the income.

In the given scenario the Fred reported $10,000 instead of $13,500.

The unreported amount is $3,500

Percentage not reported = (3,500 ÷ 13,500) * 100 = 25.925%

So Fred will need to keep records for the next 6 years

8 0
2 years ago
Which of the following is TRUE? " When a market price allocates resources, everyone who is able to pay the price gets the resour
sladkih [1.3K]

Answer: When a market price allocates resources, everyone who is able to pay the price gets the resource.

Explanation:

The market allocates prices to goods and services based on the scarcity of the said goods and services. This means that regardless of how scarce a good is, you can get it if you are willing to pay the price that it is being offered at.

For instance, if the price of tomatoes suddenly went up from $4 to $12 per pack, it means that tomatoes are now more scarce and not many people can afford it. If you can afford that $12 however, you will be able to get the tomatoes despite how scarce it is.

7 0
2 years ago
7.3. Explain how a society’s decision to produce capital (i.e., machinery) or consumer goods will impact future growth.
zubka84 [21]

Answer:

Production of capital goods will generate future growth

Explanation:

Consumer goods are goods produced for consumption and cannot be used as inputs for the production of other consumer goods while capital goods are  tangible assets such as plant and machinery which are used in the production of goods or services; and such goods and services still serve an input for the production of consumer goods.

Therefore, if a society decides to produce capital goods it will create economic growth because they are seen as economic capital. Countries usually pay attention to capital goods because they play a generating role in the improvement of the productive capacity of a country

4 0
3 years ago
The talley corporation had a taxable income of $365,000 from operations after all operating costs but before: (1) interest charg
Furkat [3]
50,000+ 15,000 + 25,000 = 45,000
3 0
3 years ago
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