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Dima020 [189]
2 years ago
5

Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2018. On that date, the cost of the inventory on ha

nd was $15,000 and its retail value was $18,750. Information for 2018 and 2019 is as follows:Ending Inventoryat Retail Retail PriceIndex Cost-to-RetailPercentageDate12/31/18 $ 25,000 1.25 82 %12/31/19 $ 28,600 1.30 85 %Required:
1. What is the cost-to-retail percentage for the inventory on hand at 1/1/18?
2. Calculate the inventory value at the end of 2018 and 2019 using the dollar-value LIFO retail method.
Business
1 answer:
GalinKa [24]2 years ago
3 0

Answer:

1) 80%

2) The inventory value using the dollar-value LIFO retail method:

At the end of 2018 : $26,250  

At the end of 2019: $24,600

Explanation:

1. The cost-to-retail percentage for the inventory on hand at 1/1/18 = inventory on hand of $15,000/ retail value of $18,750 x 100% = 80%

2. Please see the calculation for question 2 in excel attached

Download xlsx
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3 years ago
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Antonio and Barbara are partners who share income in the ratio of 1:2 and have capital balances of $40,000 and $70,000 at the ti
NikAS [45]

Answer: c. $20,000

Explanation:

The Loss on Realization is monies accrued after assets have been sold off at less than their original value and in Calculating it, the following formula is used,

Loss on realization = Total Capital Balances after payment of liabilities minus - balance

Slotting in the figures therefore we have,

Loss on realization = $40,000 + $70,000 - $80,000

= $30,000 was the total loss on Realization

Seeing as Antonio and Barbara are partners who share income in the ratio of 1:2 we allocate to Barbara as follows,

Barbara = $30,000 * 2/(1+2)

= $20,000

Therefore option C is correct.

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3 years ago
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You enforce the rules, state you did correctly count the amount of money, no exceptions.
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3 years ago
Last winter, your service fraternity volunteered at an elementary school in a lower income neighborhood in your city. You notice
sesenic [268]

Answer:

A) Persistent.

C) Hard-working.

D) Creative.

Explanation:

In the given situation, it is mentioned that an individual wants to start a business that deals in hats and mittens so the needs of the children could be fulfilled. But for that,  we need to find out a cofounder that should be have following traits and characteristics

a. Persistent: The person should be trying his best o achieve it rather than escape from it

b. he should be hardworking so that every child's need could be fulfillled

c. He should be creative or we can say who bring innovative ideas to the firm so that the people get attracted to the company products so that the sale of the firm could rise up

6 0
3 years ago
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.

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