Where a gift is made during the calendar year in which the donor dies, the last date for paying the tax required shall be the last date, including extensions, for filing the estate tax return under chapter 217 with respect to such donor.

8 0

3 years ago

The following two errors were made in the physical inventory counts: 1. 2012 ending inventory was overstated by $33,000. 2. 2013

timofeeve [1]

Answer:

2013: $490,000 2012: $561,000

Question:

Errors in inventory count the following information was taken from the record of Spencer Enterprises

2013 2012

Beginning Inventory $63,000 $83,000

Cost of goods purchased $548,000 $508,000

Cost of goods available for sale $611,000 $591,000

Ending inventory $93,000 $63,000

Cost of goods sold $518,000 $528,000

The following two errors were made in the physical inventory counts:

1. 2012 ending inventory was overstated by $33,000

2. 2013 ending inventory was understated by $28,000.

Compute the correct cost of goods sold for both 2012 and 2013.

Explanation:

Computation of cost of goods sold for the year 2016 and 2015

Particulars 2013 2012

Beginning inventory $63,000 $83,000

Cost of goods purchased $548,000 $508,000

Cost of goods available for sale $611,000 $591,000

Ending inventory (corrected) $121,000 $30,000

Cost of goods sold (corrected) $490,000 $561,000.

note:

In 2013 new ending inventory = $93,000 + $28,000 = $121,000

In 2012 new ending inventory = $63,000 - $33,000 = $30,000

Beginning inventory + Cost of goods purchased = Cost of goods available for sale

Cost of goods available for sale - Ending inventory = Cost of goods sold

3 0

3 years ago

A taxi crashed into a telephone pole. The taxi's passenger commenced a negligence action against the taxi driver, properly servi

andrew-mc [135]

Answer:

If the court denies the motion, the most likely reason is that vicarious liability cannot be established against the taxi owner because the driver is an independent contractor.

Explanation:

While an employer is vicariously liable for the negligent acts of its employees when carried out "in the course of employment," the taxi driver is an independent contractor, and his acts cannot be made good by the taxi owner. Secondly, since a verdict had already been entered in his favor against the taxi driver, the passenger's claim for damages will be adequately met by the first judgment.

8 0

3 years ago

Cemptex Corporation prepares its statement of cash flows using the indirect method to report operating activities. Net income fo

Lady bird [3.3K]

Answer:

711,300

Explanation:

Net cash generated from operating activities can be calculated by deducting and adding back the cash and non-cash items respectively from the net income for the year. Such as depreciation will be added back in net income due to it is a non-cash expense

Net Income 624,000

Depreciation and amortization 87,000

Decrease in accounts receivable 22,000

Increase in inventories (9,200)

Increase prepaid expenses (8,500)

Increase in salaries payable 10,000

Decrease in income taxes payable (14,000 )

Net cash generated from operating activities 711,300

7 0

4 years ago