Answer:
$14,160,000
Explanation:
Given that,
Pretax accounting income = $52 million
Taxable income = $59 million
Enacted tax rate = 24% for 2021
Tax rate thereafter = 34%
Current portion of income tax expense is determined by the product of enacted tax rate and Taxable income for the period.
Therefore,
Current portion of income tax expense for 2021:
= Enacted tax rate × Taxable income
= 24% × $59,000,000
= $14,160,000
Answer:
it has grown substantially
Explanation:
in the past, China's government has total control over other economy. They failed to run it efficiently since the system provide no incentives for people to work harder and invents new things.
In the 1980s, china started to adopted some aspect of Capitalism and let the private sector grow their influence in the economy.
As a result, many people start to have incentives to contribute more to the economy. This system basically allowed the citizens seek personal wealth for themselves, but they are indirectly improving the country's economy.
This is true and the conversion needs to be implemented in steps. This way glitches can be recognized and addressed before complete conversion.
Answer:
The value of nominal GDP in years 1 and 2 respectively is:
Explanation:
real GDP is based on the prices of a base year and it is affected by the total output of goods and services, not the nominal value of the goods and services.
real GDP year 1 = ($3 x 100 balls) + ($8 x 75 pizzas) = $900
real GDP year 2 = ($3 x 110 balls) + ($8 x 80 pizzas) = $970
nominal GDP year 1 = ($3 x 100 balls) + ($8 x 75 pizzas) = $900
nominal GDP year 2 = ($3.25 x 110 balls) + ($9 x 80 pizzas) = $1,077.50
