In general, is the U. S. federal tax system progressive or regressive?

(a)Regressive

(a)Progressive

You bought 1,000 shares of Tund Corp. stock for $68.12 per share and sold it for $90.03 per share after a few years. How will your gain or loss be treated when you file your taxes?

(a) As a capital gain taxed at the long-term tax rate

(b)As a capital gain taxed at the current ordinary-income tax rate

Depreciation expenses directly affect a company’s taxable income. An increase in depreciation expense will lead to a taxable income. It will tax deducted from a company’s earnings, thus leading to a operating cash flow.

According to a tax law established in 1969, taxpayers are to pay the greater of the Alternative Minimum Tax (AMT) liabilityor the regular tax liability.

Which of the following cash outflows cannot be deducted from the operating income to derive the taxable income?

(a)Interest paid

(a)Dividends paid

Problem 2-18 job-order costing for a service company [lo2-1, lo2-2, lo2-3]speedy auto repairs uses a job-order costing system. the company's direct materials consist of replacement parts installed in customer vehicles, and its direct labor consists of the mechanics' hourly wages. speedy's overhead costs include various items, such as the shop manager's salary, depreciation of equipment, utilities, insurance, and magazine subscriptions and refreshments for the waiting room. the company applies all of its overhead costs to jobs based on direct labor-hours. at the beginning of the year, it made the following estimates: direct labor-hours required to support estimated output 10,000fixed overhead cost $ 90,000variable overhead cost per direct labor-hour $ 1.00 required: 1. compute the predetermined overhead rate.2. during the year, mr. wilkes brought in his vehicle to replace his brakes, spark plugs, and tires. the following information was available with respect to his job: direct materials $ 600direct labor cost $ 180direct labor-hours used 2 compute mr. wilkes' total job cost. 3. if speedy establishes its selling prices using a markup percentage of 30% of its total job cost, then how much would it have charged mr. wilkes?

What is used by accountant to analyze transactions ?

Calculate riverside’s financial ratios for 2014. assume that riverside had $1,000,000 in lease payments and $1,400,000 in debt principal repayments in 2014. (hint: use the book discussion to identify the applicable ratios.)