Answer the following:
a. Geoffrey filed his tax return 2 months and 8 days late and had not requested an extension of time for filing. Geoffrey's return indicated that he is to receive a $600 refund in taxes. Calculate the amount of Geoffrey's penalty for failure to file his tax return on time, assuming the failure to file was not fraudulent
b. John filed his individual income tax return 3 1/2 months after it was due. He had not requested an extension of time for filing. Along with his return, John remitted a check for $1,000, which was the balance of the taxes he owed with his return. Disregarding interest, calculate the total penalty that John will be required to pay, assuming the failure to file was not fraudulent (and that he is not subject to failure-to-pay penalties).
a. $0, since no taxes are due with the return
b. $200 = 20% (5% per month for 4 months = 20%) × $1,000
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A corporation reports the following year-end balance sheet data. The company's debt ratio equals: Cash$41,000? Current liabilities$76,000? Accounts receivable 56,000? Long-term liabilities 31,000? Inventory 61,000? Common stock 101,000? Equipment 146,000? Retained earnings 96,000? Total assets$304,000? Total liabilities and equity$304,000?
A. 1.28 B. 0.54 C. 0.65 D. 0.35 E. 2.08
What is the purpose of a receiving report? How are copies of the report distributed?
Payroll tax deposits are made to any authorized financial depository or through an electronic funds transfer payment system.
Answer the following statement true (T) or false (F)
Cultures are relatively volatile in nature, changing on almost a daily basis.
Answer the following statement true (T) or false (F)