Answer: b. $14,000
Explanation:
Taxes are 30%. If the LIFO amount will result in $900 more being paid in taxes then that means that $900 is 30% of the increase in income from LIFO.
Increase is therefore;
900 = x * 30%
x = 900/30%
x = $3,000
Income before tax using LIFO;
= FIFO income + increase in income
= 11,000 + 3,000
= $14,000
A sales representative calls on a prospective business customer only to find that the customer has an established relationship with another supplier that seems to be working well. the customer is not interested in considering other suppliers. the customer is currently in a STRAIGHT REBUY situation.
Answer: $47,989,000
Explanation:
Total Paid-in capital = Preferred stock + Paid-in capital in excess of par value - preferred stock + Common stock + Paid-in capital in excess of par value - common stock
= 420,000 + 69,000 + 20,000,000 + 27,500,000
= $47,989,000
