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rodikova [14]
3 years ago
12

Lent Corporation converts to S corporation status in 2018. Lent had been using the LIFO inventory method and held a LIFO invento

ry value of $510,000 (FIFO value of $650,000). How much tax must be added to the C corporation tax liability for the year before the S election in 2019?
Business
1 answer:
Licemer1 [7]3 years ago
7 0

Answer:

The tax that must be added to the C corporation tax liability for the year before the S election = $49000*1/4=$12250

The rest of the three instalments of $12250 each will be paid with Lent Corporation's next three tax returns

Explanation:

FIFO Value/basis =$650000

LIFO value/basis =$510000

Difference =$140000

35% Tax =$140000*35% = $49000

The tax that must be added to the C corporation tax liability for the year before the S election = $49000*1/4=$12250

The rest of the three instalments of $12250 each will be paid with Lent Corporation's next three tax returns

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Answer:

a. not change; improve

Explanation:

Balance of trade is the difference in value over a period of time between a country’s imports and exports of goods and services,  usually expressed in the unit of currency of a particular country (e.g., dollars for the United States, yen for the Japan).

Balance of payments record the receipts and payments of the residents of the country in their transactions with residents of other countries.

A Japanese insurance company purchases U.S. government securities. From the perspective of the United States, the balance of trade with Japan will not change and the balance of payments with Japan will improve.

7 0
3 years ago
What type of promotion takes place at trade shows?
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B. Personal Selling

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4 0
3 years ago
Read 2 more answers
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Cerrena [4.2K]

Answer:

$112,500

Explanation:

                                                 July       August         September  October

Credit Sales(90000*75%)       67,500  

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                   (120,000*75%)                                          90,000

Cash Sales (120,000*25%                                            30,000

<em>Total Cash expected to be collected in September will be;</em>

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Cash  Sales of September $30,000

Total cash expected to be collected in September =$112,500

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Answer:

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Thus, for a house that cost $100,000 today, given a 3% inflation rate, it would cost (100,000 * 1.03 = ) $103,000 after a year.

This means, $100,000 today will have the same value as $103,000 one year later.

Therefore, repayments, which will likely be a fixed sum every year, will have a lower purchasing power as the year progresses.

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