Homework Answers
Answer: $2,420
Calculations:
| FIFO | |
| Net income after taxes | $59,470 |
| Add: Income tax [$59,470 x 30/70] | $25,487.14 |
| Income before income taxes (A) | $84,957.14 |
| LIFO | |
| Net income after taxes | $51,000 |
| Add: Income tax [$59,470 x 30/70] | $21,857.14 |
| Income before income taxes (B) | $72,857.14 |
| Difference in income before income taxes (A-B) | $12,100 |
| x Bonus % | 20% |
| Amount of bonus higher if FIFO adopted instead of LIFO | $2,420 |
Add Answer to:
The manager of Tamarisk is given a bonus based on net income before taxes. The net...
Blossom Company began operations in 2018 and for simplicity reasons, adopted weighted average pricing for inventory....
Blossom Company began operations in 2018 and for simplicity reasons, adopted weighted average pricing for inventory. In 2020, in accordance with other companies in its industry, Blossom changed its inventory pricing to FIFO. The pretax income data is reported below. Year 2018 2019 2020 Weighted- Average $382.100 398,700 421,100 FIFO $398,800 426,900 466,900 (a) Your answer is correct What is Blossom's net income in 2020? Assume a 35% tax rate in all years. Net Income $ $ 303485 eTextbook and...
6- Kingbird has the following inventory data: Nov. 1 Inventory 34 units @ $6.80 each 8...
6- Kingbird has the following inventory data: Nov. 1 Inventory 34 units @ $6.80 each 8 Purchase 137 units @ $7.35 each 17 Purchase 68 units @ $7.20 each 25 Purchase 103 units @ $7.50 each A physical count of merchandise inventory on November 30 reveals that there are 114 units on hand. Ending inventory under FIFO is $1649. $819. $852. $1681. 7- Marigolds has the following inventory data: Nov. 1 Inventory 23 units @ $4.70 each 8 Purchase 94...
please help with answers for Income Tax Expense and Net Income/loss? second question. Current Attempt in...
please help with answers for Income Tax Expense and
Net Income/loss?
second question.
Current Attempt in Progress Suppose in its income statement for the year ended June 30, 2022. The Clorox Company reported the following condensed data (dollars in millions). Salaries and wages expenses Depreciation expense Sales revenue Interest expense Advertising expense Sales returns and allowances $ 460 90 9.630 161 Research and development expense Income tax expense Loss on disposal of plant assets Cost of goods sold Rent expense...
In its income statement for the year ended December 31, 2022, Cheyenne Corp.reported the following condensed...
In its income statement for the year ended December 31, 2022, Cheyenne Corp.reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $520,800 Loss on disposal of plant assets 1,125,180 Sales revenue 80,940 Income tax expense 74,100 Sales discounts 353,400 Utilities expense $95,190 2,519,400 28,500 182,400 125,400 (a) Your Answer Correct Answer Your answer is correct. Prepare a multiple-step income statement. (List other revenues before other expenses.) Cheyenne Corp. Income Statement...
need help pls --/25 Question 6 View Policies Current Attempt in Progress Kingbird Inc. reported income...
need help pls
--/25 Question 6 View Policies Current Attempt in Progress Kingbird Inc. reported income from continuing operations before taxes during 2020 of $818,700. Additional transactions occurring in 2020 but not considered in the $818,700 are as follows. 1. The corporation experienced an uninsured flood loss in the amount of $96,000 during the year. 2. At the beginning of 2018, the corporation purchased a machine for $61,200 (salvage value of $10,200) that had a useful life of 6 years....
1. M EWUIN View Policies Current Attempt in Progress Condensed balance sheet and income statement data...
1. M EWUIN View Policies Current Attempt in Progress Condensed balance sheet and income statement data for Bridgeport Corporation are BRIDGEPORT CORPORATION Balance Sheets December 31 2022 2021 2020 Cash Accounts receivable (net) Other current assets Investments Plant and equipment (net) $32,000 $22,000 $20,000 52,000 47,000 50,000 93,000 98,000 67,000 58,000 73,000 48,000 500,000 370,000 358,000 $735,000 $610,000 $543,000 $ 87,000 $82,000 $72,000 148,000 88,000 53,000 323,000 313,000 303,000 177,000 127,000 115,000 $735,000 $610,000 $543,000 Current liabilities Long-term debt Common...
Marin Inc.’s CFO has just left the office of the company president after a meeting about the draft SFP at April 30, 2020, and income statement for the year then ended. (Both are reproduced below.) “Our liquidity position looks healthy,” the president had
Marin Inc.’s CFO has just left the office of the company president after a meeting about the draft SFP at April 30, 2020, and income statement for the year then ended. (Both are reproduced below.) “Our liquidity position looks healthy,” the president had remarked. “Look at the current and acid-test ratios, and the amount of working capital we have. And between the goodwill write off and depreciation, we have almost $23 million of non-cash expenses. I don’t understand why you’ve been...
Blossom Company began operations in 2018 and for simplicity reasons, adopted weighted average pricing for inventory. In 2020, in accordance with other companies in its industry, Blossom changed its inventory pricing to FIFO. The pretax income data is reported below. Year 2018 2019 2020 Weighted- Average $382.100 398,700 421,100 FIFO $398,800 426,900 466,900 (a) Your answer is correct What is Blossom's net income in 2020? Assume a 35% tax rate in all years. Net Income $ $ 303485 eTextbook and...
please help with answers for Income Tax Expense and
Net Income/loss?
second question.
Current Attempt in Progress Suppose in its income statement for the year ended June 30, 2022. The Clorox Company reported the following condensed data (dollars in millions). Salaries and wages expenses Depreciation expense Sales revenue Interest expense Advertising expense Sales returns and allowances $ 460 90 9.630 161 Research and development expense Income tax expense Loss on disposal of plant assets Cost of goods sold Rent expense...
In its income statement for the year ended December 31, 2022, Cheyenne Corp.reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $520,800 Loss on disposal of plant assets 1,125,180 Sales revenue 80,940 Income tax expense 74,100 Sales discounts 353,400 Utilities expense $95,190 2,519,400 28,500 182,400 125,400 (a) Your Answer Correct Answer Your answer is correct. Prepare a multiple-step income statement. (List other revenues before other expenses.) Cheyenne Corp. Income Statement...
need help pls
--/25 Question 6 View Policies Current Attempt in Progress Kingbird Inc. reported income from continuing operations before taxes during 2020 of $818,700. Additional transactions occurring in 2020 but not considered in the $818,700 are as follows. 1. The corporation experienced an uninsured flood loss in the amount of $96,000 during the year. 2. At the beginning of 2018, the corporation purchased a machine for $61,200 (salvage value of $10,200) that had a useful life of 6 years....
1. M EWUIN View Policies Current Attempt in Progress Condensed balance sheet and income statement data for Bridgeport Corporation are BRIDGEPORT CORPORATION Balance Sheets December 31 2022 2021 2020 Cash Accounts receivable (net) Other current assets Investments Plant and equipment (net) $32,000 $22,000 $20,000 52,000 47,000 50,000 93,000 98,000 67,000 58,000 73,000 48,000 500,000 370,000 358,000 $735,000 $610,000 $543,000 $ 87,000 $82,000 $72,000 148,000 88,000 53,000 323,000 313,000 303,000 177,000 127,000 115,000 $735,000 $610,000 $543,000 Current liabilities Long-term debt Common...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago