Which of the following accounts is credited by the seller when tax is collected on retail sales?
A) Accounts Payable
B) Payroll Tax
C) Sales Tax Payable
D) Unearned Revenue
C) Sales Tax Payable
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Andrew is a mediator with a dispute resolution firm. He has been selected to mediate a dispute between two corporations. Which of the following statements is true of his powers?
A) Andrew can reach a judgment that will be binding on both parties. B) Andrew can make a final decision that will be used as evidence by a court. C) Andrew can help the disputants draft an agreement that will be binding. D) Andrew can deliver a binding judgment only if the parties do not reach an agreement.
The time value of money and present value are important business concepts. Required: Briefly explain these concepts to someone with a limited business background.
What will be an ideal response?
Which of the following contract subject matters must be evidenced by a writing to be enforceable under the statute of frauds?
A) a contract for the sale of an easement for $75 B) a contract for the sale of a computer monitor for $220 C) a contract for consulting for 6 months @ $10,000 per month plus expenses D) All of the above must be in writing.
Everest Corp. acquires a machine (seven-year property) on January 10, 2018 at a cost of $2,512,000. Everest makes the election to expense the maximum amount under Sec. 179, and bonus depreciation is not claimed.
a. Assume that the taxable income from trade or business is $1,500,000. (1) What is the amount of the Sec. 179 expensing deduction for the current year? (2) What is the amount of the Sec. 179 carryover to the next tax year? (3) What is the amount of depreciation allowed? b. Assume instead that the taxable income from trade or business is $800,000. (1) What is the amount of the Sec. 179 expensing deduction for the current year? (2) What is the amount of the Sec. 179 carryover to the next tax year? (3) What is the amount of depreciation allowed this year?