John Forgot to File His Tax Return by April 15

question 8

Multiple Choice

John forgot to file his tax return by April 15.He did not file an extension.John finally filed his tax return on June 30 and had a remaining tax liability of $1,500.What is John's failure to file penalty? Assume he made all his payments on time.

• A)$375.
• B)$225.
• C)$233.
• D)$300.

---

Definitions:

Current Ratio

A financial metric used to assess a company's ability to pay off its short-term liabilities with its short-term assets.

Year-End Balance Sheet

A financial statement that shows a company's assets, liabilities, and equity at the last day of the fiscal year, providing a snapshot of its financial condition.

Data

Information collected and used for analysis or decision making, often in a structured form.

Common Size Percentages

Ratios used in financial analysis that express each line item on a financial statement as a percent of a base amount, facilitating comparison.