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Marta_Voda [28]
2 years ago
14

Tax laws permit installment sales, which are recognized in the year of sale for financial reporting purposes, to be reported in

the tax return later when cash is received. This results in a deferred tax liability because taxable income is _______ than financial income in the year of sale, and _______ than financial income in later years when collected. Multiple choice question. higher; lower higher; higher lower; lower lower; higher
Business
1 answer:
Lera25 [3.4K]2 years ago
7 0

Answer:

lower; higher.

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.

The different types of tax include the following;

1. Income tax: a tax on the money made by workers in the state. This type of tax is paid by employees with respect to the amount of money they receive as their wages or salary.

2. Property tax: a tax based on the value of a person's home or business. It is mainly taxed on physical assets or properties such as land, building, cars, business, etc.

3. Sales tax: a tax that is a percent of the price of goods sold in retail stores. It is being paid by the consumers (buyers) of finished goods and services and then, transfered to the appropriate authorities by the seller.

Generally, installment sales are permitted or allowed by the tax laws in a country. Typically, they are recognized in the year of sale for the purpose of financial reporting. Also, installment sales for any goods or services are to be reported in the tax return, at a later time when cash is received from the customer (buyer).

This results in a deferred tax liability because taxable income is lower than financial income in the year of sale, and higher than financial income in later years when collected.

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The kraft heinz company mainly uses _______ for its mix of products.
Bess [88]

The Kraft Heinz company mainly uses "Individual Branding'" for its mix of products.

This is because Individual Branding is a form of Branding strategy whereby a single firm uses different brand names for their newly created products.

These new brand names are designed or coined so that they are not related to the names of existing brands offered by the same company.

In this case, Kraft Heinz company mainly has multiple products with different brand names such as Capri Sun, Velveeta, Jell-O, Planters, Ore-Ida, Oscar Mayer, Maxwell House, etc.

Hence, in this case, it is concluded that Individual branding is one of the strategies for expanding products markets.

Learn more here: brainly.com/question/19623459

7 0
3 years ago
In Maddie's company, senior officers eat in the same cafeteria as the entry-level workers. On a trip to a different country, she
yKpoI14uk [10]

Answer:

Power distance

Explanation:

"Power distance is a term that describes how people belonging to a specific culture view power relationships - superior/subordinate relationships - between people, including the degree that people not in power accept that power is spread unequally.

Individuals in cultures demonstrating a high power distance are very deferential to figures of authority and generally accept an unequal distribution of power, while individuals in cultures demonstrating a low power distance readily question authority and expect to participate in decisions that affect them. "

Reference: Grimsley, Shown. “Hofstede's Power Distance: Definition & Examples Video.” Study.com, Study.com, 2019

6 0
3 years ago
Walters manufactures a specialty food product that can currently be sold for $21.20 per unit and has 19,200 units on hand. Alter
sdas [7]

Answer:

$37,760

Explanation:

The income for the current operation, without further processing, is given by:

I_1 = 19,200*\$21.20\\I_1=\$407,040

If the product is further processed at a cost of $11,200, the company would sell 11,200 units at $31,80 each and 5,200 at $19.20 each, for an income of:

I_2= 11,200*\$31.80+5,200*\$19.20-\$11,200\\I_2=\$444,800

Therefore, the incremental net income of processing further would be:

\Delta I=I_2-I_1=\$444,800-\$407,040\\\Delta I=\$37,760

The incremental net income would be $37,760.

5 0
3 years ago
Josh has been asked to be a part of a new business venture that develops wind energy technologies. since the business involves h
IrinaVladis [17]
<span>John would want to be the member as a limited partner. This would allow him to be an owner of the company and provide leadership (and also receive earnings) without being liable for the firm's debts. A limited liability corporation (LLC) allows for the owners to not be responsible for the debts of the firm.</span>
5 0
3 years ago
Mary-Jo owns a theater. She purchased a new computer to run the accounting software and lighting for the theater. The computer c
Ratling [72]

Answer:

The depreciation for 2020 is $233.33

Explanation:

Under the MACRS, computer useful life is 5 years.

The depreciation rate for every year, applying double declining method is: 100% / 5 = 20%. So, depreciation expenses for first year of the computer is calculated as: Cost of the computer x 20% = = 2,000 x 20% = $400.

As the computer is purchased in May, the year 2020 would only account for 7 month out of the first year of depreciation. Thus 2020 depreciation expenses = First year depreciation x 7/12 = 400 x 7/12 = $233.33

8 0
3 years ago
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