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2 years ago

Why is tax accounting important?

Business

1 answer:

nika2105 [10]2 years ago

7 0

Answer:

Tax accountants ensure that companies and individuals comply with tax laws by filing their federal and state income tax returns. Some tax accountants also offer tax planning advice to help businesses and individuals save money in taxes.

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Gulfcoast, Inc. purchased a van on January 1, 2019, for $ 900 comma 000. Estimated life of the van was five years, and its es

Zarrin [17]

Answer:

$740,200

Explanation:

Depreciation is the systematic allocation of the cost of an asset to the income statement over the estimated useful life of that asset.

It is determined as the depreciable value of the asset over the estimated useful life of the asset where the depreciable value is the difference between the cost and salvage value of the asset

Mathematically,

Depreciation = (Cost - Salvage value)/Estimated useful life

Depreciation = (900,000 - 101,000)/5

= $159,800

Book value is the cost net accumulated depreciation

= $900,000 - $159,800

= $740,200

4 0

3 years ago

You are saving money to buy a car. If you save $ 320 per month starting one month from now at an interest rate of 9%, how much

12345 [234]

Answer:

$24135.72

Explanation:

Given pmt 320, r 9% n 5 years

This amount is paid monthly s\and there are 12 months in a year

r = 9%/12 =0.75%

n = 5* 12 =60

We will use the future value of annuity

FV = pmt *[(1+r)^n - 1/r)]

= 320 *[(1+0.0075)^60-1/0.0075

=$24135.72

6 0

2 years ago

Read 2 more answers

Kingbird Windows manufactures and sells custom storm windows for three-season porches. Kingbird also provides installation servi

Umnica [9.8K]

Answer:

Kingbird Windows

July 1, 2017:

Debit Cash Account $1,940

Credit Unearned Sales Revenue $1,940

To record the receipt of cash from customer.

Sept. 1, 2017:

Debit Unearned Sales Revenue $1,940

Credit Sales Revenue $1,940

To record the sale of windows.

Debit Inventory $1,050

Credit Cost of Goods Sold $1,050

To record the cost of goods sold.

Oct. 15, 2017:

Debit Cash Account $530

Credit Service Revenue $530

To record the service revenue earned for installation of windows.

Explanation:

The data state that Kingbird Window's selling price is equal to $1,940, which its customer pays in advance of performance. Therefore, this amount is taken as the sales revenue. The stand-alone price of installation is estimated to be $580, but only $530 is recorded as revenue for the installation since the difference had been captured under the actual costs.

5 0

2 years ago

At Mattress Store, Nate signs a contract to buy bedroom furniture. The contract sets a schedule of $500 monthly payments, subjec

earnstyle [38]

Answer:

procedural unconscionability

Explanation:

Since Nate is finding the language of the contract difficult to understand. This is most likely a case of procedural unconscionability.

In contract law, procedural unconscionability refers to a situation where the unconscionability results from <u>inequalities between the parties in respect of age, intelligence,</u> and relative bargaining power.

Furthermore, procedural unconscionability projects an indication that both parties did not freely consent to all terms proposed.

7 0

2 years ago

Which type of investment is most likely to have the greatest long-term increase in value

Liono4ka [1.6K]

Which type of investment is most likely to have the greatest long-term increase in value? Stocks and bonds. Stocks and bonds when a company purchases a new asset is one of the best long-term investments you can invest in. Due to them being long-term investments, the asset needs time to accumulate more value for what it's worth before you sell it. Long-term investments value tends to rise overtime and not often would a short-term investment hold if kept to long.

5 0

2 years ago