FUND FINCL ACCT (LL) W/CONNECT >IB<
5th Edition
ISBN: 9781260036138
Author: PHILLIPS
Publisher: MCG
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Chapter 9, Problem 11Q
A local politician claimed, “to reduce the government’s deficit, it’s time we require companies to start paying their
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A local politician claimed, “to reduce the government’sdeficit, it’s time we require companies to start payingtheir deferred income tax liabilities.” Explain to thepolitician what deferred income taxes represent and whythey should not be viewed as accounts payable to thegovernment.
One of the initiatives of the Federal government in recent years was to increase the taxation paid by high income earners, while at the same time, not instituting any “tax hikes”. One way this was accomplished was to reduce the basic personal tax credit for individuals with income greater than $151,978 up to an income level of $216,511. In the following situation, you the taxpayer have an income level of $200,709. calculate and present your reduced non-refundable personal tax credit amount below.
Which is an incorrect statement regarding taxes? *
a. Taxes are necessary for the continued existence of the government.
b. The obligation to pay tax does not rest upon the privilege enjoyed by or the protection afforded to the citizen of the government but upon the necessity of money for the support of the state.
c. There should be personal benefit enjoyed from the government before one is required to pay tax.
d. Taxes should be collected without unnecessary delay but its collection should not be tainted with arbitrariness.
e. Answer not given
Chapter 9 Solutions
FUND FINCL ACCT (LL) W/CONNECT >IB<
Ch. 9 - Define long-lived assets. What are the two common...Ch. 9 - Under the cost principle, what amounts should be...Ch. 9 - What is the term for recording costs as assets...Ch. 9 - 4. Waste Management, Inc., regularly incurs costs...Ch. 9 - Distinguish between ordinary repairs and...Ch. 9 - Describe the relationship between the expense...Ch. 9 - Why are different depreciation methods allowed?Ch. 9 - In computing depreciation, three values must be...Ch. 9 - Prob. 9QCh. 9 - After merging with Northwest Airlines, Delta...
Ch. 9 - A local politician claimed, to reduce the...Ch. 9 - What is an asset impairment? How is it accounted...Ch. 9 - What is book value? When equipment is sold for...Ch. 9 - Prob. 14QCh. 9 - Prob. 15QCh. 9 - FedEx Corporation reports the cost of its aircraft...Ch. 9 - Prob. 17QCh. 9 - Prob. 18QCh. 9 - (Supplement 9A) How does depletion affect the...Ch. 9 - (Supplement 9B) Over what period should an...Ch. 9 - Prob. 1MCCh. 9 - Prob. 2MCCh. 9 - Prob. 3MCCh. 9 - A company wishes to report the highest earnings...Ch. 9 - Barber, Inc., depreciates its building on a...Ch. 9 - Thornton Industries purchased a machine on July 1...Ch. 9 - ACME. Inc., uses straight-line depreciation for...Ch. 9 - What assets should be amortized using the...Ch. 9 - Prob. 9MCCh. 9 - The Simon Company and the Allen Company each...Ch. 9 - Classifying Long-Lived Assets and Related Cost...Ch. 9 - Prob. 2MECh. 9 - Prob. 3MECh. 9 - Computing Book Value (Straight-Line Depreciation)...Ch. 9 - Computing Book Value (Units-of-Production...Ch. 9 - Computing Book Value (Double-Declining-Balance...Ch. 9 - Calculating Partial-Year Depreciation Calculate...Ch. 9 - Recording Asset Impairment Losses After recording...Ch. 9 - Recording the Disposal of a Long-Lived Asset...Ch. 9 - Reporting and Recording the Disposal of a...Ch. 9 - Prob. 11MECh. 9 - Prob. 12MECh. 9 - Computing and Evaluating the Fixed Asset Turnover...Ch. 9 - (Supplement 9A) Recording Depletion for a Natural...Ch. 9 - Prob. 15MECh. 9 - Prob. 1ECh. 9 - Prob. 2ECh. 9 - Determining Financial Statement Effects of an...Ch. 9 - Prob. 4ECh. 9 - Determining Financial Statement Effects of...Ch. 9 - Computing Depreciation under Alternative Methods...Ch. 9 - Computing Depreciation under Alternative Methods...Ch. 9 - Prob. 8ECh. 9 - Demonstrating the Effect of Book Value on...Ch. 9 - Evaluating the Impact of Estimated Useful Lives of...Ch. 9 - Calculating the Impact of Estimated Useful Lives...Ch. 9 - Prob. 12ECh. 9 - Prob. 13ECh. 9 - Computing and Interpreting the Fixed Asset...Ch. 9 - Computing Depreciation and Book Value for Two...Ch. 9 - Prob. 16ECh. 9 - Prob. 17ECh. 9 - Computing Acquisition Cost and Recording...Ch. 9 - Prob. 2CPCh. 9 - Analyzing and Recording Long-Lived Asset...Ch. 9 - Computing Acquisition Cost and Recording...Ch. 9 - Recording and Interpreting the Disposal of...Ch. 9 - Prob. 3PACh. 9 - Prob. 4PACh. 9 - Computing Acquisition Cost and Recording...Ch. 9 - Recording and Interpreting the Disposal of...Ch. 9 - Analyzing and Recording Long-Lived Asset...Ch. 9 - Prob. 4PBCh. 9 - Accounting for Operating Activities (Including...Ch. 9 - Prob. 1SDCCh. 9 - Prob. 2SDCCh. 9 - Ethical Decision Making: A Mini-Case Assume you...Ch. 9 - Critical Thinking: Analyzing the Effects of...Ch. 9 - Prob. 7SDCCh. 9 - Accounting for the Use and Disposal of Long-Lived...
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- The county of Edgerton is facing a General Fund deficit in 2018 because actual tax collections are lagging behind estimates. At a staff meeting, the village manager tells the chief of public works that the chief will need to terminate one employee in April to help keep the budget in balance. The chief of public works says: “I have a better idea. You know that state grant the finance commissioner put into a Special Revenue Fund because it could be used only for planting trees along the highways? Why don’t I just tell one of my boys to fill out his timesheets so that the time he spends changing street light bulbs is charged against the Special Revenue Fund? Neither our finance commissioner nor the state will ever know the difference.” How should the village manager respond?arrow_forwardWhich of the following is not an underlying objective of the income tax laws? A. Income tax laws enable the government to regulate the health of the economy. B. Income tax laws are designed to converge with U.S. GAAP rules. C. Income tax laws enable the government to assist certain members of society who are viewed as deserving help. D. Income tax laws are designed to raise money for the operation of the federal government.arrow_forwardChoose the best answer from the four choices Assuming that a government will collect its sales taxes in sufficient time to satisfy the “available” criterion, it would ordinarily recognize revenue from sales taxes in its governmental fund statements When the underlying sales transaction takes place On the date the merchant must remit the taxes to the government On the date the merchant must file a tax return When the taxes are received by the government Assuming that a government will collect its sales taxes in sufficient time to satisfy the “available” criterion, it would ordinarily recognize revenue from sales taxes in its government‐wide statements When the underlying sales transaction takes place On the date the merchant must remit the taxes to the government On the date the merchant must file a tax return When the taxes are received by the governmentarrow_forward
- The government called uponitsresidents and citizens to pay taxes to the government so that thegovernment can carry outits functions. Mr. Juan refuses to pay the taxes. According to him, he does not care whether the government shall continue to exist or not. Is the contention of Mr. Juan justified?arrow_forward1. In many cases, property taxes comprise a significant source of revenue and cash receipts for a government. If prperty tax cash colletions typically occur during one or two collection periods, how do governments manage working capital needs? 2. while governments are not required to issue interim financial reports, what role does interim financial reporting play in local government administration?arrow_forwardStudents are asked to access the link given below and explain how Amazon manages to avoid paying Federal Income Taxes? Explain what other methods/ or ways businesses can use to avoid paying income taxes and how? Your explanation needs to satisfy the questionarrow_forward
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