Last year, Whisp Nation collected total tax revenues of $1.8 billion and spent $2.1 billion on various public services. The country currently owes $6.5 billion to investors who hold its bonds and other debt obligations. What was the country's deficit for the year?
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What was the country's deficit for the year
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- Answer this Accounting MCQOver the past year, Ionia's money supply increased by $6 billion, $4 billion in bonds were sold to the public, an unused military base was sold for $3billion, and the government spent $20 billion. 1. Ionia had a budget a.surplus b.deficit 2. Determine the amount of Ionia's budget deficit or surplus ($ billion) 3. Determine the amount of Ionia's tax revenue for the year.($billion)Government tax revenue is $500,000,000. It's spending is $575,000,000. Is the government running a surplus, a balanced budget, or a deficit? If it is not running a balanced budget, how large is the imbalance?
- A state decided to increase its sales tax from 6.25% in 2010 to 6.5% in 2011. If the total value of goods sold in the state was $4 million in 2010 and $3.9 million in 2011, which of the following statements best describes the change in sales tax revenue of the state from 2010 to 2011? A) From 2010 to 2011, the sales tax revenue increased by $3,500. B) From 2010 to 2011, the sales tax revenue increased by $2,000. C) From 2010 to 2011, the sales tax revenue decreased by $2,500. D) From 2010 to 2011, the sales tax revenue decreased by $7,500.A company recently reported $9.7 million of net income. Its EBIT was $15.5 million, and its federal tax rate was 24% (ignore any possible state corporate taxes). What was its EBT? What was its Tax liability? What was its interest expense?In the year 2018, a corporation made $20.4 Million in revenue, $2.42 Million of operating expenses, and depreciation expenses of $7.37 Million. The state income tax rate is 1010% and the federal income tax rate is 21%. How much (a) state income tax, and (b) federal income tax will this corporation pay in this tax year? Assume that the state income tax is a tax-deductable expence when filing federal income tax. The approximate state income tax rate is $ The approximate federal tax is $ The combined effective income tax rate is The ATCF for the year 2018 is $ Million (Round to three decimal places.) _Million. (Round to three decimal places.) (Round to the nearest decimal.) Million (Round to three decimal places.)
- A company recently reported $9.8 million of net income. Its EBIT was $15 million, and its federal tax rate was 22%(ignore any possible state corporate taxes).What was its EBT? Blank 1What was its Tax liability? Blank 2What was its interest expense? Blank 3The Wendt Corporation reported $45 million of taxable income. Its federal tax rate was 21% (ignore any possible state corporate taxes). What is the company's federal income tax bill for the year? Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000. Round your answer to the nearest dollar. $ Assume the firm receives an additional $1 million of interest income from some bonds it owns. What is the additional tax on this interest income? Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000. Round your answer to the nearest dollar. $ Now assume that Wendt does not receive the interest income but does receive an additional $1 million as dividends on some stock it owns. Recall that 50% of dividends received are tax exempt. What is the additional tax on this dividend income? Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000. Round your…In the year 2018, a corporation made $18.5Million in revenue, $2.1 Million of operating expenses, and depreciation expenses of $6.9 Million. The state income tax rate is 10% and the federal income tax rate is 21%. The approximate state income tax rate is 3 decimals The approximate federal tax is The combined effective income tax rate is The ATCF for the year 2018 is 3 decimals Nearest decimal 3 decimal places
- Angelina is buying a home for $332,000. She has a $57,000 down payment and the bank has offered her a 30-year fixed rate mortgage at 4.98%. What will be Angelina's monthly mortgage payment? Round your answer to two decimal places.The Massoud Consulting Group reported net income of $1,354,000 for its fiscal year ended December 31, 2021. In addition, during the year the company experienced a positive foreign currency translation adjustment of $240,000 and an unrealized loss on debt securities of $80,000. The company’s effective tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income is displayed net of tax.Required:Prepare a separate statement of comprehensive income for 2021.What is the dollar amount of taxes paid on these financial accounting question?
