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Rzqust [24]
3 years ago
7

Bramble Corp. uses the FIFO method for internal reporting purposes and LIFO for external reporting purposes. The balance in the

LIFO Reserve account at the end of 2017 was $318000. The balance in the same account at the end of 2018 is $486000. Bramble’s Cost of Goods Sold account has a balance of $2300000 from sales transactions recorded during the year. What amount should Bramble report as Cost of Goods Sold in the 2018 income statement?
Business
1 answer:
AlladinOne [14]3 years ago
5 0

Answer:

$2,468,000

Explanation:

LIFO reserve = “Allowance to Reduce Inventory to LIFO” = the difference between the inventory method used for internal reporting purposes and LIFO.

LIFO effect = the change in the Allowance balance from one period to the next = the adjustment that companies must make to the accounting records.

Dr Cost of Goods Sold $168,000

($486,000- $318,000)

Cr Allowance to Reduce Inventory to LIFO $168,000

$2,300,000 +$168,000 =$2,468,000

Therefore the amount that Bramble should report as Cost of Goods Sold in the 2018 income statement is $2,468,000

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On April 23, Mrs. Y purchased a taxi business from Mr. M for a $60,000 lump-sum price. The business consisted of a two-year-old
vladimir2022 [97]

Answer:

Follows are the solution to the given points:

Explanation:

In point a:

It must allocate \$19000 for both the taxicab and \$41,000 for the rest of the license, the client list, and the company name registered.

Its cost of intangible material could be amortized for 180 months starting in April. (\frac{41,000}{180}) \times 9\ \ months = \$2,050 is her amortization deduction.

She could also use Section 179 to decrease her taxable money to \$17,890 (\$36,890 - \$19,000) but include her deduction.

Her taxable annual income is \$15,840 (\$17,890 - \$2,050).

In point b:

They must allocate \$19,000 for the taxi and\$41,000 for their licenses, the customer list as well as the business by interacting with people register. Its cost of the material could be depreciated for 180 months, starting in April.

(\frac{41,000}{180}) \times 9\ \ months = \$2,050  is her amortization deduction.

The taxable income here = \$0 (from \  \$17,100 -\$19,000) = -1,900.

Section 179 could be requested if another income is earned on the tax return (such as W-2 wages).

As all Section 179 is unpaid with other earned income, it is carried forward into the next year.

3 0
3 years ago
at what point described below will producer surplus most likely drop to zero for a firm? a.) when the firm is taking a significa
kherson [118]

(B) When revenue equals opportunity and variable cost, then the producer surplus most likely drops to zero for a firm.

<h3>What is revenue?</h3>
  • The total income derived from the sale of products or services pertaining to a business's core operations is referred to as revenue.
  • Because it appears at the top of the income statement, revenue, which is also known as gross sales, is frequently referred to as the "top line."
  • A company's overall earnings or profit are referred to as income or net income.
  • Although both revenue and profit are positive indicators for your company, they are not the same thing.
  • The producer surplus for a firm will probably reach zero when revenue equals opportunity costs and variable costs.

Therefore, (B) when revenue equals opportunity and variable cost, then the producer surplus most likely drops to zero for a firm.

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3 0
1 year ago
ackson Inc. listed the following data for 2019: Budgeted factory overhead $1,530,000 Budgeted direct labor hours 90,000 Budgeted
Anastaziya [24]

Answer: $36 per machine hour

Explanation:

Assuming Jackson Inc. applied overhead based on machine hours, the firm's predetermined overhead rate for 2019 would be calculated by dividing the budgeted factory overhead by the budgeted machine hours. This will be:

= $1,530,000 / 42,500

= $36 per machine hour

5 0
3 years ago
tax-free investments are so called because the interest or other income paid to their owners is federal, and, perhaps, state tax
attashe74 [19]

A tax-exempt mutual fund typically holds municipal bonds and different authorities' securities. This type of fund can offer tax blessings, alongside simplified diversification across special styles of government securities. Before you make investments, recollect how plenty of a go back a tax-exempt fund may additionally provide.

Tax-deferred money owed allows income to develop tax unfastened till you withdraw the cash. Tax-loose method no taxes are imposed on income or withdrawals at any time.

With a tax-deferred investment, you pay federal profits taxes while you withdraw money out of your investment, instead of paying taxes up the front. Any profits your contributions produce while invested also are tax deferred.

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6 0
1 year ago
Given
Usimov [2.4K]

Total interest=$489.58

Balance after 100th day=$5,819.44

Balance after 180th day=$2,448.77

Final payment=$2,489.58

Compute the total interest, the balances on the 100th and 180th days as well as the final payment of the loan?

In the first place, ordinary interest means simple interest, in other words, the simple interest approach would be used in computing the interest due at every point in time.

Interest=loan balance*interest rate*number of days that interest is due/360 days

Interest on 100th day=$11,500*10%*100/360

Interest on 100th day=$319.444444

balance after 100th day=initial principal+ interest-partial payment

balance after 100th day=$11,500+$319.444444 -$6,000

balance after 100th day=$5,819.444444

Note it has been 80 days since the payment of the last interest on 100th

interest on 180th day=$5819.444444 *10%*80/360

interest on 180th day=$129.320988

balance of the loan on the 180th day=$5,819.444444+$129.320988-$3,500

balance of the loan on the 180th day=$2,448.765432

The final payment would be the balance as of the 180th day plus the interest for the last 60 days(180th-240th)

final interest=$2,448.765432*10%*60/360

final interest =$40.812757

Final payment=$2,448.765432+$40.812757

Final payment=$2,489.58

Total interest=$319.444444+$129.320988+$40.812757

Total interest=$489.58

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brainly.com/question/10710550

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7 0
2 years ago
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