1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
SashulF [63]
3 years ago
7

The accountant at Novak Corp. has determined that income before income taxes amounted to $13400 using the FIFO costing assumptio

n. If the income tax rate is 30% and the amount of income taxes paid would be $1100 greater if the LIFO assumption were used, what would be the amount of income before taxes under the LIFO assumption?
Business
1 answer:
Blizzard [7]3 years ago
5 0

Answer:

The correct answer is $17,066.67.

Explanation:

According to the scenario, the computation of the given data are as follows:

Income before Income tax, FIFO = $13,400

Tax rate = 30%

So, Income tax amount, FIFO = $13,400 × 30% = $4,020

So, Tax amount, LIFO = $4,020 + $1,100 = $5,120

We can calculate the income before taxes by using following method,

Income before taxes, LIFO = $5,120 ÷ 30%

= $17,066.67

You might be interested in
When the economy is at equilibrium, a) inventories must equal zero. B) there are no leakages. C) leakages equal aggregate demand
jeyben [28]

Answer:D) leakages equal injections

Explanation:

6 0
2 years ago
Jackson motors tells sue, a consumer, that bliss automobiles are made with metal bodies when they are in fact made of fiberglass
Step2247 [10]

Jackson motors tells sue, a consumer, that bliss automobiles are made with metal bodies when they are in fact made of fiberglass. This would be considered a fraudulent misrepresentation.

Under contract law, a plaintiff can recover compensatory damages against any defendant when the court finds that the defendant has committed  a fraudulent misrepresentation. Courts will  find that a defendant has committed a fraudulent misrepresentation when following factors have been met:

a representation was made by the defendant, the representation  which was made was false

that when it is made, the defendant knew that the representation made by him was false.

that the fraudulent misrepresentation was made with the intention so that the plaintiff rely on it.

To know more about fraudulent misrepresentation here:

brainly.com/question/13808699

#SPJ4

8 0
1 year ago
) suppose that currency in circulation is $600 billion, the amount of checkable deposits is $900 billion, and excess reserves ar
Inessa05 [86]
Money supply = Currency in circulation + Checkable deposits.=600 + 900 = 1500 Billion

Current deposit ratio = Currency in Circulation/ Checkable deposits. = 600/900 = .667

Excessive reserve ratio = Excess Reserves/Checkable deposits.= 15/900 = .0167

Money multiplier = (1 + C)/(rr + ER + C)= (1 + .667)/ (.0278 + .0167 + .667) = 2.343
4 0
3 years ago
Read 2 more answers
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,050 in assets in exchange for i
hoa [83]

Answer:

$3,260

Explanation:

Preparation of December statement of cash flows for Ernst Consulting

ERNST CONSULTING Income Statement

For Month Ended October 31

REVENUES

Consulting fees earned $17,450

Total revenues $17,450

EXPENSES

Rent expense $4,530

Salaries expense $8,090

Telephone expense $880

Miscellaneous expenses $690

Total expenses $14,190

Net income $3,260

($17,450-$14,190)

Therefore December statement of cash flows for Ernst Consulting will be $3,260

5 0
2 years ago
Happy Maids cleans commercial buildings. In March, Happy Maids started and completed two jobs, Job 1000 and Job 1001. The job co
vodomira [7]

Answer:

C :Job 1000, $1,860; Job 1001, $3,100

Explanation:

The computation of the total cost is shown below:

For Job 1000:

= Direct materials + Direct labor hours × wage rate per hour × Direct labor hours × overhead rate per hour

= $1,200 + 30 × $15 + 30 × $7

= $1,200 + $450 + $210

= $1,860

For Job 1001:

= Direct materials + Direct labor hours × wage rate per hour × Direct labor hours × overhead rate per hour

= $2,000 + 50 × $15 + 50 × $7

= $2,000 + $750 + $350

= $3,100

5 0
3 years ago
Other questions:
  • A farmer sells $25,000 worth of apples to individuals who take them home to eat, $50,000 worth of apples to a company that uses
    7·1 answer
  • Resource markets are LEAST LIKELY to sell
    8·2 answers
  • Is there a trade-off between standardization and innovation? how are the two related in most companies?
    13·1 answer
  • The Securities Investor Protection Corporation is a government agency charged with administering the liquidation of failed secur
    10·1 answer
  • Given the following information, determine net income. The retained earnings balance on January 1, 2018, equals $58,000; dividen
    15·1 answer
  • A method of concealing receivables skimming by crediting one account while abstracting money from a different account is known a
    10·1 answer
  • The cash conversion cycle is computed as:
    11·1 answer
  • (02.10 LC) What strategy works best to get out of a rut?
    11·2 answers
  • If the average aggregate inventory value is $100,000 and the cost of goods sold is $450,000, which of the following is inventory
    9·1 answer
  • Starbucks is opening a location in China every 15 hours, and just opened its largest location in the world in Shanghai. Which me
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!