In Its First Year of Operations Acme Corp

question 30

Multiple Choice

In its first year of operations Acme Corp. had income before tax of $400,000. Acme made income tax payments totaling $150,000 during the year and has an income tax rate of 40%. What is the balance in income tax payable at the end of the year?

• A) $160,000 credit.
• B) $150,000 credit.
• C) $10,000 credit.
• D) $10,000 debit.

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Definitions:

Productively

Relating to or in a manner that results in a significant output or contribution, especially in terms of work or economic activity.

Statistician

A professional who specializes in the collection, analysis, interpretation, and presentation of quantitative data.

Unemployment Rate

The proportion of the workforce that is unemployed and actively searching for work.

Null Hypotheses

The presumption that there is no significant difference or effect, typically the starting point for statistical testing.