Answer: $20,000
Explanation:
From the question, we are told that Liddy Corp. began constructing a new warehouse for its operations in the current year and that Liddy incurred interest of $10,000 on a working capital loan, and an interest on a construction loan for a warehouse of $70,000. The interest that was computed on the average accumulated expenditures for the warehouse construction was $60,000.
To calculate the amount of interest that Liddy should expense for the year, we add the $10,000 Liddy interest that Liddy incurred on a working capital loan plus the interest on the construction loan for the warehouse of $70,000. We then subtract the expenditure of $60,000 from the value gotten. This will be:
= $10,000 + $70,000 - $60,000
= $20,000
The amount of interest should Liddy expense for the year is $20,000.
Answer:
80,000
Explanation:
Cost data of the month of May was taken from Terrence manufacturing company
The manufacturing cost incurred during the month can be calculated as follows
= wages of production workers + raw materials + materials handling + factory rent + factory insurance + depreciation of factory equipment
= 28,000 + 47,000 + 1,500 + 2,000 + 500 + 1,000
= 80,000
Hence the manufacturing cost incurred during the month is 80,000
Answer:
Here no loss would be recognized by Julian on the transfer of shares and his basis inn Apricot corporation would be $400,000.
Explanation:
In the case of transfer of share made by Julian ( from Lemon company to Apricot company ) , no loss would be recognized by him, as the loss or gain would have been recognized only when the sale was made but that didn't happened.
His basis in the Apricot corporation would be equal to his tax basis in the Lemon company, so therefore his basis is equal to $400,000.
Answer:
See below
Explanation:
Given the above details, post closing ending balance of retained earnings would be calculated by
= Debit balance in the retained earning + credit in the retained earnings - Credit balance in the retained earnings
= $308,800 + $99,000 - $347,400
= $60,400
