Kodak Is a Beginning Tax Researcher

question 82

Essay

Kodak is a beginning tax researcher.He knows that the 1ˢᵗ step of the research process is to get an understanding of the facts surrounding the transaction being researched.Describe the two basic types of facts,the sources of facts for a research project,and any advice that may help Kodak.

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Definitions:

Invoice Amount

The total sum of money requested by a vendor from a purchaser for goods delivered or services provided.

Merchandise

Goods that are bought and sold in any business, particularly in retail.

Freight Charge

The cost incurred for transporting goods between places, typically charged by carriers for shipments.

Net Income

The total profit of a company after all expenses, taxes, and costs have been subtracted from total revenue; also known as net earnings or net profit.