Write TRUE if the statement is TRUE. If the statement is FALSE, write FALSE and explain why
3. The Commissioner of Internal Revenue may prescribe presumptive gross sales and receipts for a taxpayer when the latter fails to issue receipts and when he believes that the books or other records of the latter do not correctly reflect declarations in the return.
4. Jurisdiction is the power and authority of the court to hear, try, and decide a case. It can also refer to territory.
5. The three fundamental powers of the state may be exercised by the government and public service corporations or entities.
In: Accounting
5) The goal of an oligopoly is to maximize
A) Market share to achieve long-run economic profit.
B) Short-run profit to achieve long-run market share.
C) Profit in the short run and to minimize cost in the long run.
D) Short-run profit to achieve long-run maximum revenue.
6) An increase in the price of butter is likely to cause:
A) the demand for butter to stay the same. B) the demand for butter to increase. FACES C) the demand for margarine to increase. D) the demand for margarine to stay the same.
In: Economics
Suppose that the government of China decided to impose a per unit tax on the suppliers of salt.
a. Using a supply and demand model, show and explain the impact that the per-unit tax had on the equilibrium price and quantity of salt.
b. Using the diagram created for your answer to (a), show and explain what effect the per unit tax had on consumer surplus, producer surplus and deadweight loss.
c. List three reasons a government may impose a tax. Discuss the link between government revenue from taxation and elasticity of demand.
In: Economics
In: Economics
the bank is charging flat fee of 10 per car to park at rhe lot and there are hunderd space and lot is open from 6 pm to midnivht every night and is staffed by a single employee the employee is pad 10 per hour .the bank has indiactaed that maintenance cost are insignificant . identify the marginal revenue and marginal cost for each additional care thats oays to use the banks parking lot and exolain why the bank is able to set the fees as high as in contrast when the parking lot is available at all times
In: Economics
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On January 1, 2019 Lindsay Inc. provided consulting services( NOT CASH ) to Hamler Corp. in return for a 2 year, zero interest note. Hamler Corp will pay Lindsay Inc. $20,000 when the note matures on December 31, 2020. The interest rate on similar notes is 6%. Complete the following amortization table related to Lindsay’s Notes Receivable. |
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Date |
Cash Received |
Interest Revenue |
Disc/Prem Amortized |
Carrying Amount |
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1-Jan |
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Please prepare the necessary journal entries for Lindsay Inc. in 2019 and 2020.
In: Accounting
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In: Accounting
These financial statement items are for Majed Company at year-end, July 31, 2012.
Salaries and wages payable $ 2,080 Notes payable (long-term) $ 1,800
Cash 14,200 Accounts receivable 9,780
Equipment 30,400 Accumulated depreciation—equip. 6,000
Accounts payable 4,100 Service Revenue 10,000
Common stocks 31,900 Rent Expense 1,000
Dividends 500
Instructions
(A) Prepare a classified balance sheet at July 31.
(B) please find liquidity ratio, working capital, solvency ratio
In: Accounting
Attorney, a cash method unincorporated sole practitioner, joins a cash method partnership of 3 other attorneys all of whom own an equal 25% interest of the partnership after Attorney joins the firm. Attorney transfers some accounts receivable for services with a zero basis and a $20,000 face value to the partnership as part of her contribution in exchange for her partnership interest. The partnership also assumes $6,000 of Attorney’s accounts payable. What are the tax consequences of the transaction to attorney? See Internal Revenue Code Section 704(c)(3).
In: Accounting
Question 7
The incidence of a tax is determined by:
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a) the relative elasticities of supply and demand. |
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b) who pays the tax out of pocket. |
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c) whether the supply curve or demand curve shifts as a result of the tax. |
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d) how much tax revenue it generates. |
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e) how much paperwork there is to complete. Question 5 A tax on consumers would cause the __________ curve(s) to shift to the __________.
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In: Economics