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]
4 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]4 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
There are two steps for XYZ bakery to make their bread. One is to prepare the dough and bake the loaves, and the other one is to
Allushta [10]

Answer:

a. Potential Packing Output/hr = (50 loaves/20 min) * 60 min = 150 loaves.

However, the production of 50 loaves takes 60 mins, so the packaging remains idle for 40 mins and the Actual Packing Output/hr = 50 loaves.

Hence, Capacity Utilization = (Actual Output/Potential Output) *100% = (50/150)*100% = 33.33%

b) Production output = 50 loaves/hr = 50 loaves/60 mins

Packing Output = 50 loaves/20 mins

So, to make both the capacities equal, the XYZ Bakery can simultaneously operate three batches to prepare the dough and bake i.e 150 loaves/60 mins for both production as well as packing.

6 0
3 years ago
Over the last several decades, power in supply chains has increasingly been shifting to?
Masja [62]

Over the last several decades, power in supply chains has increasingly been shifting to retailers.

A retailer, sometimes known as a merchant, is a business that sells products directly to customers, such as groceries, vehicles, or apparel, with the intention of making a profit. This business may run both online and in a physical location.

The supply chain's consumer-facing component is represented by retailers, with whom most consumers have regular interactions. They are available in numerous varieties, designs, and sizes.

A producer, wholesaler, or another distributor often sells their products to retailers, who subsequently resale them to the general market. Large retailers like Walmart and Target acquire products in bulk from producers or wholesalers, but local grocers or tiny, family-run pharmacies can also buy from these places or from smaller suppliers.

To learn more Retailers refer to:

brainly.com/question/28066195

#SPJ4

7 0
2 years ago
In a transaction that qualifies under Section 351, Buster transfers an asset with a basis of $50,000 and a fair market value of
AVprozaik [17]

Answer:

$0

Explanation:

The basis for a Section 351 transfer = fair market value of the property - assumed liabilities = $80,000 - $75,000 = $5,000

Since Buster controls Bronco Corporation (he owns 100%) and he exchanged the property for common stock, no gain or loss should be recognized, neither by Buster or the corporation. All that must be recognized is the new basis for the asset ($5,000).

4 0
3 years ago
Read 2 more answers
Bonner Metals wants to issue new 20-year bonds for some much-needed expansion projects. The company currently has 8.5 percent bo
11Alexandr11 [23.1K]

Answer: 8.99%

Explanation:

The coupon rate on the new bonds if the firm wants to sell them at par will be calculated thus:

Par value = 1000

Selling value = 959

Maturity = 16 × 2 = 32

Coupon = 8.5% = 8.5% × 1000 = $85

Semiannual PMT = $85/2 = $42.5

The coupon rate on the new bonds will be:

= Rate(32, 42.5, -959, 1000) × 2

= 8.99

Coupon rate = 8.99%

3 0
3 years ago
In which situation could Sara be considered a mentor?
lana [24]

Answer:

B) Sarah provided feedback to a classmate

Explanation:

She is using her kowledge to help someone else, definition of a mentor

brainliest is appreciated

5 0
3 years ago
Read 2 more answers
Other questions:
  • Hueblue software, an application provider to the gaming industry, decided to enhance its portfolio by developing motion-control-
    10·1 answer
  • A company manufactures various-sized plastic bottles for its medicinal product. The manufacturing cost for small bottles is $75
    7·1 answer
  • What can you conclude is the reason why secondary data is desirable
    14·1 answer
  • During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Pur
    13·1 answer
  • Kallton is a multinational communications and information technology corporation. Its principal products are mobile telephones a
    9·1 answer
  • Read the first paragraph of "The Effectiveness<br> of Capital." What do you think productive means?
    9·1 answer
  • Brooke and Sandy both attend the same college and have the same expenses for tuition, books, and supplies. However, Brooke is a
    6·1 answer
  • Bloom Company management predicts that it will incur fixed costs of $269,000 and earn pretax income of $337,900 in the next peri
    14·1 answer
  • Auto insurance is NOT what ?
    8·2 answers
  • Evaluate the potential of acquisitions of a) Santa Isabel and b) Royal Ahold? What do you recommend?
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!