Last Year the Return on Total Assets in Justin Company

question 97

Multiple Choice

Last year the return on total assets in Justin Company was 8.5%.The total assets were $2,900,000 at the beginning of the year and $3,100,000 at the end of the year.The tax rate was 30%, interest expense totaled $110,000, and sales were $5,200,000.Net income for the year was

• A) $145,000.
• B) $222,000.
• C) $332,000.
• D) $178,000.

Analyze the impact of excise taxes on market equilibrium, including changes in price and quantity.

Recognize the elasticity of demand and supply and its role in determining tax incidence.

Understand how excise taxes affect consumer surplus, producer surplus, and deadweight loss.

Identify the relationship between tax rates and tax revenue in the context of elasticity.

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Definitions:

Intrusive

Unwanted or disturbing thoughts, images, or urges that enter the mind, often causing distress or discomfort.

Clarification

A technique used in counseling and communication to make sure that the speaker's message is understood correctly by asking for more information or for the message to be repeated in a clearer manner.

Paraphrase

The rewording or rephrasing of a text or passage to achieve clearer understanding.

Reflection

The process of thoughtfully considering one's actions, feelings, or experiences, often used in learning or therapeutic contexts.