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Jennifer T.
Tax Manager at Regional Accounting Firm
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Microsoft Suite
TutorMe
Question:

In Microsoft Excel, what is the formula to calculate present value?

Jennifer T.
Answer:

=PV(rate,nper,pmt,[fv],[type])

Personal Finance
TutorMe
Question:

What is the difference between a marginal tax rate and an effective tax rate?

Jennifer T.
Answer:

The marginal tax rate is the rate of tax paid on a dollar of additional income, whereas the effective tax rate is the amount of tax paid divided by total taxable income.

Accounting
TutorMe
Question:

When preparing consolidated financial statements, what are some typical elimination entries related to any held equity-method investments?

Jennifer T.
Answer:

In preparing consolidated financial statements, you should always eliminate any intercompany transactions, which may include items such as rents, management fees, sales, and/or cost of sales. You should also eliminate any subsidiary income posted to the parent company, and all subsidiary equity accounts.

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