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Natasha_Volkova [10]
3 years ago
6

Which of the following statements about the W-2 form is TRUE? A. The W-2 includes information about the interest you earned from

your investments B. You need a separate W-2 form from EACH of your employers in order to file your taxes C. The total wages you earned from ALL jobs you worked in the previous year appear on ONE W-2 form D. A W-2 lists all the money you earned in cash over the last year
Business
1 answer:
Greeley [361]3 years ago
6 0

Answer:

B. You need a separate W-2 form from EACH of your employers in order to file your taxes.

Explanation:

Taxation can be defined as the involuntary or compulsory fees levied on individuals or business entities by the government to generate revenues used for funding public institutions and activities.

In order to ensure that, all employees pay taxes on the income earned throughout the year, the internal revenue service (IRS) has made it compulsory and mandatory for all employers to make available a W-2 Form to all their employees, so as to enable these employees fill out the total amount of wages, how much income tax is to be withheld from their respective paycheck in relation to their filing status and how much was paid as tax the previous year. Therefore, a W-2 form is used by an employer to report the wages paid to each employee, calculate how much tax should be withheld from his or her employee's paycheck and submitted to the internal revenue service (IRS).

Additionally, any employee who defaults in the payment of his or her income tax would be faced with stiff penalties such as failure-to-file, paying a fine etc.

Hence, the true statement regarding a W-2 form is that, as an employer you need a separate W-2 form from each of your employers in order to file your taxes.

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Below are three independent and unrelated errors. On December 31, 2017, Wolfe-Bache Corporation failed to accrue office supplies
vampirchik [111]

Answer & Explanation

A)            Wolfe-Bache Corporation

Expenses will be understated thus, net income overstated.

In the balance sheet this makes assets Office supplies be overstated as it wasn't adjusted and retained earnings as well.

Prior Period Adjustment   1,800 debit

           Supplies                           1,800 credit

--to adjust supplies and recognize prior period results--

B)                Midwest Importers

rent revenue overstated thus, income statement overstated.

in the balance sheet Retained Earnings will be overstated as well.

While liabilities for the paid in advance rent will not exit thus, understated

Prior Period Adjustment   90,000 debit

           unearned revenue                 90,000 credit

--to adjust for unearned revenue on previous periods--

C)              Dinkins-Lowery Corporation

interest revenue will be understated thus, income statement as well.

In the balance sheet the note receivable net balance will be understated and so the equity as retained earnings is understated.

Prior period adjusment      8,000 debit

         interest receivable                  8,000 credit

--to adjust for missing year-end adjusting entry--

6 0
3 years ago
On January 1, Year 5, customers owed Eagle $40,000. On December 31, Year 5, customers owed Eagle $30,000. Eagle uses the direct
irinina [24]

Answer:

$200,000

Explanation:

The computation of the net revenue is shown below:

= Cash sales gross - Returns and allowances + credit sales gross - discounts + beginning balance of account receivable - ending balance of account receivable  

= $80,000 - $4,000 + $120,000 - $6,000 + $40,000 - $30,000

= $200,000

We simply first compute the net cash sales after considering the returns and allowances, and net credit sales after considering the discounts, and deduct the ending balance of account receivable

3 0
2 years ago
The factors that affect the price elasticity of supply include: Instructions: You may select more than one answer.
bearhunter [10]

Answer:

The correct answer is letter "A", "B", and "D": the availability of inputs; the flexibility of the production process; time needed to adjust to changes in price.

Explanation:

Price elasticity of supply reflects the changes in supply after a change in prices. The price elasticity of supply is calculated dividing the percentage in the change of quantity supplied by the percentage in the change of price. If the result is equal or greater than one (1) the supply of that good is elastic. If the result is lower than one (1), then the supply is inelastic.

Three main factors determine the price elasticity of supply which are <em>the amount of inventory or raw material in the industry, the capacity to increase or decrease the production, </em>and <em>the time needed to produce the good to be offered based on the price fluctuations.</em>

8 0
2 years ago
Funds acquired by the firm through retaining earnings have no cost because there are no dividend or interest payments associated
kow [346]

Answer:

False

Explanation:

Retained earnings have no flotation costs, but have opportunity costs. For example, if companies distribute the earnings to shareholders, shareholders can invest the funds in alternative sources for returns.

8 0
3 years ago
Read 2 more answers
Georg, a german citizen, just purchased 10 shares of stock in microsoft, a u.s. company. this purchase is an example of
emmasim [6.3K]

Foreign portfolio investment, which is simple people in one country investing in the assets of another country.

5 0
3 years ago
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