All categories

2 years ago

What is a fiscal year?

Business

1 answer:

stealth61 [152]2 years ago

6 0

Fiscal year is a 12 month calendar year reserved for the government.

Answer: Option B

<u>Explanation:</u>

In the business concern, corporate company, government and individual followed fiscal year plans. Fiscal year cover the twelve months of the period and also it is divided as four quarters. Year is not calculated from the calendar year from Jan to Dec it is from Oct to Nov.

This calendar is used and adjustable for the administrators, executives, managers, partnerships and individuals, suitable for most companies, corporate, non-profit, public etc for corresponding the fiscal year.

You might be interested in

Rob operates a small plumbing supplies business as a sole proprietor. In 2018, the plumbing business has gross business income o

iragen [17]

Answer:

a. Taxable income before the QBI deduction = $408,000

b. QBI = $154,000

c. Net QBI deduction = $29,126

Explanation:

a. Taxable income statement

Marie wage income $250,000

Business income

($421,000 - $267,000) $154,000

Long term capital gain

($13,000 + $15,000) $28,000

Total income $432,000

Less: Standard deduction $24,000

Taxable income before the QBI deduction $408,000

b. Rob and Marie's QBI

Statement Showing QBI

Gross income $421,000

Less: Business income $267,000

QBI $154,000

c. Rob and Marie's QBI deduction

QBI deduction percentage × QBI

= 20% × $154,000

= $30,800

20% × ($408,000 - $28,000)

= $76,000

whichever less

Before phaseout QBI Deduction = $30,800

Net QBI deduction = Allowable QBI deduction - Phaseout reduction

= $30,800 - $1,674

= $29,126

4 0

2 years ago

If local shell gasoline stations look at bp stations' prices as the primary method of determining its own prices, shell is using

djyliett [7]

<span>If local shell gasoline stations look at bp stations' prices as the primary method of determining its own prices, shell is using</span> competition-based pricing.
In this we considers costs have not much value and consider to be less important than competitor's prices, means competitor's price is important.

4 0

2 years ago

Refer to the following selected financial information from McCormik, LLC. Compute the company's current ratio for Year 2. Year 2

swat32

Answer: 3.39

Explanation: Current ratio can be defined as a liquidity ratio which is used by the accountants the evaluate the ability of the company to pay its short term obligations. It can be computed as follows :-

$current\ ratio=\frac{curret\ assets}{current\ liabilities}$