Chavin Company Had the Following Results During August: Net Operating

question 141

Multiple Choice

Chavin Company had the following results during August: net operating income,$220,000; turnover,5; and ROI 25%.Chavin Company's average operating assets were:

• A) $880,000
• B) $44,000
• C) $55,000
• D) $1,100,000

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Definitions:

Payroll Tax

A tax imposed on employers or employees, and is typically calculated as a percentage of the salaries that employers pay their staff.

Tax Shifting

The process whereby the economic burden of a tax is passed on from one group to another.

Income Tax

A tax levied by governments on individuals or entities based on their income or profits, varying according to earnings levels.

Corporation Income Tax

A tax imposed on the net income of a corporation, calculated based on the company's profit.