Answer:
The correct answer is letter "B": January 1, year 5.
Explanation:
The S corporation election must be made by the <em>15th day of the third month of the taxable year</em> <em>to be valid for the current taxable year</em>. If the election is made after that date, it will take effect on the first year of the next taxable year. Since Village Corp. changed into S corporation on December 5th, year 4, Village's S status will begin on January 1st, year 5.
Truth in lending law requires creditors to provide borrowers with a complete written account of credit terms and costs.
Answer:
c.
Explanation:
If the demand for video internet advertising is increasing, then the demand curve shifts to the right. And if the number of internet sites accepting advertising also increases, then the supply curve shifts to the right. Independently on the magnitude shifts the equilibrium quantity will rise, but the change in price depends on these magnitudes. For example, if the demand shift is greater than the supply shift, the eq. quantity will increase but the price will increase too. If the supply shift is greater than the demand shift, the eq. quantity will increase but the price will decrease. And if the magnitude shifts are similar it is probable that the eq. quantity increases and the price remains the same.
Answer:
$121,200
Explanation:
Calculation to determine the gross profit that would appear on a multiple-step income statement
First step is to determine the Net sales
Sales $ 250,000
Less Sales Discounts ($1,500)
Less Sales Returns and Allowances ($2,300 )
Net sales $246,200
Now let determine the Gross profit using this formula
Gross profit=Net sales-Cost of Goods Sold
Let plug in the formula
Gross profit=$246,200-$125,000
Gross profit=$121,200
Therefore the gross profit that would appear on a multiple-step income statement is $121,200
The Tax Cuts and Jobs Act changed the way tax is calculated.
For employees, withholding is the amount of federal income tax withheld from your paycheck. The amount of income tax your employer withholds from your regular pay depends on two things: The amount you earn. The information you give your employer on Form W–4.
