All categories

2 years ago

Companies typically prepare ______ financial statements each accounting period.

1 answer:

6 0

Companies typically prepare 4 financial statements because there’s:
- Balance Sheets
- Income Statements
- Cash Flow Statements
- Statements of Shareholders’ Equity

You might be interested in

How much of the following is taxable? a. Cheline, an actress, received a $6,400 gift bag for attending the Academy Awards Ceremo

Bingel [31]

Answer:

A. $6,400

B. $240

C. $1,000,000

D. $30,000

Explanation:

Requirement A, C, and D:

Prizes and awards are taxable income for a taxpayer. Any awards or prizes won from the lottery or television should be added to the income. Therefore, the Winning lottery is a taxable income for Kerry, $1,000,000. Again, Receiving the award for scientific research is also taxable income for Deborah, $30,000.

The winning award for accomplishments is also a taxable income. So, receiving a $6,400 worth gift bag is a taxable income for Cheline.

Requirement B:

There is an exception if the award is for tangible property and a long-years of accomplishment. At that time, the taxpayers will be excluded from some part of the necessary amounts to be paid as tax. If it is not a qualified award, the exclusion will be $400. If it is qualified, the tax exclusion is 1,600. Since Jon received a gold watch for 25 years of service and the gift is not qualified, he has to pay tax for $(660 - 400) = $240.

6 0

3 years ago

The Constitution expressly grants which of the following powers to Congress? a. to receive ambassadors b. to appoint judges c. t

lbvjy [14]

Answer:

d. to regulate interstate commerce

Explanation:

The United States Constitution has the commerce clause in Article 1 Section 8 which allows the Congress to control the commerce with other nations and among the states.

According to this clause, the Congress can regulate the commerce that takes place between states and because of that, the answer is that the Constitution expressly grants the power to regulate interstate commerce to Congress.

3 0

3 years ago

Hernandez Builders has a gross payroll for January amounting to $500,000. The following amounts have been withheld: Income taxes

erik [133]

Answer:

The amount of net pay recorded by Hernandez is $380,650

Explanation:

Gross Pay $500,000

Income Tax $63,000

Social security $31,000

Medicare $7,250

Charitable contribution $5,000

Union Dues $10,000

Unemployement Tax $3,100

Net Pay $380,650

Therefore, The amount of net pay recorded by Hernandez is $380,650

6 0

3 years ago

The marginal product of labor in the production of computer chips is 3030 chips per hour. The marginal rate of technical substit

fredd [130]

Answer:

150

Explanation:

As we know that

The marginal rate of technical substitution (MRTS) = Marginal product of labor ÷ Marginal product of capital

where,

The marginal rate of technical substitution (MRTS) = 0.20

And, the marginal product of labor is 30 chips per hour

So, the marginal product of capital is

= 30 chips per hour ÷ 0.20

= 150

The marginal rate of technical substitution (MRTS) shows a relationship between the marginal product of labor and the marginal product of capital

5 0

3 years ago

Margaret Lindley paid $15,040 of interest on her $300,400 acquisition debt for her home (fair market value of $500,400), $4,040

Brums [2.3K]

Answer:

$23,160

Explanation:

The Total interest = 15,040 + 4040 + 1040 + 3040

Total interest = $23,160

Hence, the Interest deductable this year = $23,160

6 0

3 years ago