Exam (elaborations)
ACCOUTING 333 CHAPTER 2 QUIZ (ACCOUTING333CHAPTER2QUIZ)
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ACCOUTING 333 CHAPTER 2 QUIZ A current asset is best defined as: o the market value of all assets currently owned by the firm. o an asset the firm expects to purchase within the next year. o the amount of cash on hand the firm currently shows on its balance sheet. o cash and other assets owned by the firm that will convert to cash within the next year. o the value of fixed assets the firm expects to sell within the next year 2. Given the tax rates as shown, what is the average tax rate for a firm with taxable income of $126,500? o 21.38% o 23.88% o 25.76% o 34.64% o 39.00% Tax = .15($50,000) + .25($25,000) + .34($25,000) + .39($126,500 - 100,000) = $32,585 Average tax rate = $32,585/$126,500 = .2576, or 25.76%
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Institution
Salt Lake Community College
Course
ACCOUTING 333
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Salt Lake Community College
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ACCOUTING 333
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accouting 333 chapter 2 quiz a current asset is best defined as o the market value of all assets currently owned by the firm o an asset the firm expects to purchase within the next year o the amoun
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