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tino4ka555 [31]
3 years ago
12

Why is tax accounting important?

Business
1 answer:
nika2105 [10]3 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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refers to the process of developing a working replica of the system or some aspect of the system. a. Use case modeling b. Protot
Bumek [7]

<u>b. Prototyping</u> refers to the process of developing a working replica of the system or some aspect of the system.

<u>Explanation</u>:

A prototype is a sample used by the system analysts or users to evaluate the new design or build to determine its precision. A prototype is a trial product or software that is widely used in software programming and electronics.

The accuracy of the newly developed product can be checked with the help of prototype. Prototype is the replica of the real product. It helps in correcting design error before its production. Consumer gets easily attracted by seeing the prototype before the release of the original product.

6 0
3 years ago
On January 1, 2017, Waterway Co. enters into a contract to sell a customer a wiring base and shelving unit that sits on the base
nikklg [1K]

Answer and Explanation:

The journal entries are as follows;

a. On Jan 1

No journal entry is required

b. On Feb 5

Contra asset Dr $1,320

        To Sales revenue $1,320

(being sales revenue is recorded)

Cost of goods sold Dr $670

            To Inventory $670

(being cost of goods sold is recorded)

c. On Feb 25

Cash $3,300

Contra asset Dr $1,320

        To Sales revenue $1,980

(being sales revenue is recorded)

Cost of goods sold Dr $300

            To Inventory $300

(being cost of goods sold is recorded)

5 0
2 years ago
Suppose the dollar appreciates relative to foreign currencies. If U.S. firms have domestic content below 100%, the harm to domes
inn [45]

Answer:

The correct answer is: If U.S. firms have domestic content below 100%, the harm to domestic firms is less than the harm if U.S. producers had domestic content of 100%.

Explanation:

This strength of the dollar, which is reflected in exchange rates, has negative and positive implications at the same time for any economy.

What benefits one sector damages the purchasing power of another.

If it is good for those who receive remittances, it is bad for those who want to travel or do business abroad.

Businesses and governments also have to deal with a phenomenon that affects all aspects of the economy.

Importing oil or gas, repaying debt or contracting services abroad can cost more or less depending on exchange rates.

In general terms, that a currency depreciates against the dollar if it has a very intensive international trade with the United States, as is the case in Mexico, causes its economy to be more competitive and drives growth.

This is because American consumers can compare cheaper products made in Mexico.

So in terms of growth, this is a positive effect of the depreciation of a currency and the strength of the dollar.

The increases in interest rates made by the Federal Reserve, the body in charge of dictating the course of monetary policy in the United States, have led to a progressive general strengthening of the dollar against all currencies.

When the US central bank cuts interest rates, it encourages banks to lend more and put more money in the hands of citizens and businesses. And the opposite happens when, as now, the rates rise. Banks lend less and the dollar appreciates.

5 0
3 years ago
A lender determines that a homebuyer can afford to borrow $220,000 on a mortgage loan. The lender requires an 85% loan-to-value
Dmitry [639]

Answer:

D: $259,000

Explanation:

The computation of the paying amount which borrower can pay for a property is shown below:

= Mortgage loan amount for borrow ÷  loan-to-value ratio

= $220,000 ÷ 85%

= $258,823.53

= $259,000 round off

We simply divide the mortgage loan by the loan to value ratio so that paying amount could arrive which borrower can pay for a property.

7 0
3 years ago
On December 31 of the current year, Plunkett Company reported an ending inventory balance of $215,500. The following additional
marishachu [46]

Answer:

The amount that Plunkett should report in ending inventory on December 31 is $156,300

Explanation:

The computation of the ending inventory is shown below:

= Ending inventory balance - FOB destination goods purchased - goods being held on consignment

= $215,500 - $44,100 - $15,100

= $156,300

The other items would not be adjusted because the other items are not included in the ending inventory so they are not being considered in the computation part.

5 0
3 years ago
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