The cash balance at the beginning of the year is $5,000. Over the year the cash from operations was $10,000 and and the cash from/tofinancing was zero. If the cash balance at the end of the year was $6,000 what was the amount of expenditures (cash outflow) on grossfixed assets?$16,000$8,000O $6,000O $4,000QUESTION 4Consider the following schedule of marginal taxes.Marginal Tax Rate Income ranges0 to $10,275$10,275 to $41,775$41,775 to $89,07510%12%22%Compute the average tax rate for an income of $63,000.O12%O 13%14%15%

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QUESTION 4 Consider the following schedule of marginal taxes. Marginal Tax Rate Income range 10% 12% 22% s0 to $10,275 $10,275 to $41,775 $41,775 to $89,075 Compute the average tax rate for an income of $63,000. O 12% O 13% O 14% O 15%

QUESTION 4 Consider the following schedule of marginal taxes. Marginal Tax Rate Income range 10% 12% 22% s0 to $10,275 $10,275 to $41,775 $41,775 to $89,075 Compute the average tax rate for an income of $63,000. O 12% O 13% O 14% O 15%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

Question

The cash balance at the beginning of the year is $5,000. Over the year the cash from operations was $10,000 and and the cash from/to
financing was zero. If the cash balance at the end of the year was $6,000 what was the amount of expenditures (cash outflow) on gross
fixed assets?
$16,000
$8,000
O $6,000
O $4,000
QUESTION 4
Consider the following schedule of marginal taxes.
Marginal Tax Rate Income range
s0 to $10,275
$10,275 to $41,775
$41,775 to $89,075
10%
12%
22%
Compute the average tax rate for an income of $63,000.
O12%
O 13%
14%
15%

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