Answer:
correct option is B. $10
Explanation:
given data
state income tax refund = $900
interest over payment = $10
solution
we know that Federal and the state income tax refund is an excluded from taxpayer taxable income to extent
so that here refund will not reduces amount of tax for given earlier year
so here amount of state tax refund and the interest is taxable in Clark 2020 federal income tax return is $10
so here correct option is B. $10
Answer:
FIFO
Explanation:
FIFO inventory system means the first purchased inventory are the first to be sold.
The LIFO inventory system means the last purchased inventory are the first to be sold.
The average cost inventory system means that the average cost of inventories are used as the cost of the goods sold.
For example, if a business has a beginning inventory of 5 biros at $2 each. On the first of December, the business purchased 10 pens at $2.50. On the 10th, 5 pens were purchased at $3. 15 pens are sold at $5 each. If the FIFO inventory system is used, the cost of goods sold would be = (5×$2)+(10×$2.50) = $35
Total revenue = $75
Net profit = $40.
If the LIFO inventory system is used, the cost of goods sold =(10 × $2.50) + (5×$3) = $40
Net profit = $35
The net profit is higher using the FIFO method.
I hope my answer helps you
A. Because principal is the director of a school, so that wouldn't make much sense would it?
<span>I believe that based on the information given , Lawson's should purchase three lots. This will ensure that they are able to make a profit. If they do not have the product they can not profit from it. If they have too much product, they can run a sale to break even after the season.</span>
Exact interest means that there are 365 days in a year
Now use the formula of simple interest
I=p×r×(t/365)
I interest earned 2000
P amount of the loan 7300
R interest rate 0.08
T time t days
Solve the formula for t to get
T=[I÷(pr)]×365
T=(2,000÷(7,300×0.08))×365
T=1,250 days
Hope it helps!
