Answer:
See below
Explanation:
A.
Work in process inventory Dr $16,450
------------- Raw material inventory
$7,150 + $9,300 Cr $16,450
B.
Work in process inventory Dr $11,650
Factory labor
-----------------$3,850 + $7,800 Cr $11,650
C.
Work in process inventory Dr $15,000
Manufacturing overhead
$5,200 + $9,800 Cr $15,000
Answer:
Correct answer is $4,000
Explanation:
During the purchase on April 2, Icon Co. should recognize the gross amount of $4,000 purchases. Unless it is clearly stated in the problem that Icon Co. uses net method in recording discounts, said discount will be recognized and recorded upon payment of the purchases that falls into the discounted period of contract. Purchase returns will be recognized on the day the company made it.
Answer:the first one is correct
and the second one
Explanation:
Answer:
$444,000
Explanation:
current earnings and profits = (taxable income - income taxes) - meals expense + tax exempt income = ($600,000 - $155,000) - $3,000 + $2,000 = $444,000
Disallowed expenses are expenses made by an individual or company that the IRS doesn't allow to be deducted, e.g. meals. Tax exempt income is income that is not taxed by the IRS, e.g. DRD includes at least 70% of dividends received.
Deferred gains or unearned revenues are considered a liability and are not included in the income statement.
