Vulcan Company is a monthly depositor whose tax liability for March 20- is $2,505. 1. What is the due date for the deposit of these taxes? April 15 2. Assume that no deposit was made until April 29 (14 days late). Compute the following penalties. Assume a. Penalty for failure to make timely deposit. 125.5 X b. Penalty for failure to fully pay tax. %24 12.53 V C. Interest on taxes due and unpaid (assume a 6% interest rate). 4.80 X d. Total penalty imposed. 142.58 X Feedback TOheck My WWork 1. Determine correct due date of monthly deposit. 2. a. Determine penalty for Failure to Make Timely Deposit: $ b. Determine penalty for Failure to Fully Pay Tax: $. C. Determine annual interest rate (based on 365 days): $. d. Equals the total penalty imposed: $ per month
Vulcan Company is a monthly depositor whose tax liability for March 20- is $2,505. 1. What is the due date for the deposit of these taxes? April 15 2. Assume that no deposit was made until April 29 (14 days late). Compute the following penalties. Assume a. Penalty for failure to make timely deposit. 125.5 X b. Penalty for failure to fully pay tax. %24 12.53 V C. Interest on taxes due and unpaid (assume a 6% interest rate). 4.80 X d. Total penalty imposed. 142.58 X Feedback TOheck My WWork 1. Determine correct due date of monthly deposit. 2. a. Determine penalty for Failure to Make Timely Deposit: $ b. Determine penalty for Failure to Fully Pay Tax: $. C. Determine annual interest rate (based on 365 days): $. d. Equals the total penalty imposed: $ per month
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Accounting
Transcribed Image Text:Vulcan Company is a monthly depositor whose tax liability for March 20-- is $2,505.
1. What is the due date for the deposit of these taxes?
April 15 V
2. Assume that no deposit was made until April 29 (14 days late). Compute the following penalties. Assume a
a. Penalty for failure to make timely deposit.
125.5 X
b. Penalty for failure to fully pay tax.
12.53 V
C. Interest on taxes due and unpaid (assume a 6% interest rate).
4.80 X
d. Total penalty imposed.
142.58 X
Feedback
Check My Work
1. Determine correct due date of monthly deposit.
2.
a. Determine penalty for Failure to Make Timely Deposit:
b. Determine penalty for Failure to Fully Pay Tax: $
C. Determine annual interest rate (based on 365 days): $
d. Equals the total penalty imposed: $
per month
Chedk My Wok2more Check My Work uses remaining.
%24
%24
%24
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