A general journal gives a complete record of each transaction in one place, and shows the debits and credits for each transaction.
Answer the following statement true (T) or false (F)
True
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Margin of safety equals sales dollars at the expected sales level minus the break-even sales
Indicate whether the statement is true or false
An auxiliary record of notes receivable that provides more detailed information of a single note than a ledger account is known as a notes receivable register
Indicate whether the statement is true or false
The cost of land where a plant that manufactures common parts is set up falls under ________ costs
A) traceable common B) nontraceable common C) variable D) manufacturing E) material
The taxpayer was in the 35% marginal tax bracket in 2018 and deducted $15,000 in state income taxes as an itemized deduction that year. In 2019, he filed his 2018 state income tax return and received a $5,000 refund of state income taxes paid in 2018. His marginal tax rate in 2019 was 12%. What was the taxpayer’s Federal tax benefit from the overpayment of his 2018 state income tax?
What will be an ideal response?