ACCT 324 Week 4 Midterm exam 2019 2020

1. Question : (TCO 9) Trent files his tax return 35 days after the due date. Along with the return, Trent remits a check for $8,000, which is the balance of the tax owed. Disregarding the interest element, Trent's total failure to file and to pay penalties are: Student Answer: $80. $720. $800. $880. None of the above Instructor Explanation: Following the procedure set forth in Example 15, the penalty is determined as follows: Failure to pay penalty [1/2%...