Monthly remittance of sales tax due has no impact on the income statement, but reduces cash flow from operating activities.
Answer the following statement true (T) or false (F)
True
Remittance of sales tax is a reduction of the liability sales tax payable, and does not impact the income statement. It is reported as a cash outflow for operating activities (and collection of sales tax is reported as a cash inflow for operating activities).
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A. persuasion skills B. planning skills C. listening skills D. management skills
______ are wave-like oscillations in demand about the trend line caused by changes in economic or business cycles or due to changes in political conditions.
a. Cyclical variations b. Seasonal variations c. Irregular variations d. Random variations
The payback period is generally viewed as an unsophisticated capital budgeting technique, because it does not explicitly consider the time value of money by discounting cash flows to find present value
Indicate whether the statement is true or false
A corporation has revenue of $350,000 and deductible business expenses of $240,000. What is the federal income tax, before credits?
A) $26,400 B) $22,000 C) $23,100 D) $38,500