Chapter 6, Problem 2RP

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Accounting

What is the average collection period for accounts receivable in days on these financial accounting question?

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Subject = General Account

General accounting question

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1. Steve works in an insurance office and in 2013 was provided with uniforms by her employer which cost $15,000. Which of the following tax treat of the uniform allowance is incorrect? A. Any amount exceeding $5739 is taxable at a rate of 25% B. She cannot claim uniform and laundry allowance C. The amount is added to her salary and taxed at 25% D. If the company provided uniform allowance, then it would regarded as a taxable benefit   2. Which of the following is false in describing a contract of service A. Individual can conduct business on his/her own account B.Tools, materials and work place are provided by the payer C. Individual is subject to the supervision, direction and control of another person D. Contract is a legally binding exclusive service agreement between the performer and payer.   3. What year was the tax threshold system established in Jamaica? A.1960 B.1986 C.1990 D.1953   4. Mr. Williams did a presentation explaining Adam Smith’s initial Canons of Taxation to his…