PLEASE HELP ME!!

Assume General Electric Company reports the following footnote in its 10-K report. December 31 (In millions) 2016 2015 Raw mater

True [87]

Answer:

$ 244 million

Explanation:

Calculation for how much has GE saved in taxes by choosing LIFO over FIFO method for costing inventory

Tax rate Amount (In millions)

LIFO $ 10,315.00 35% =$ 3,610.25

FIFO $ 11,012.00 35% =$ 3,854.20

Savings in taxes $ (697.00) $ (243.95)

Hence,

Savings in taxes=$ 3,610.25 million-$ 3,854.20 million

Savings in taxes=($243.95 million)

Savings in taxes=($ 244 million) Approximately

Therefore the amount that GE saved in taxes by choosing LIFO over FIFO method for costing inventory will be $ 244 million

6 0

2 years ago

Crane Company purchased land as a factory site for $1300000. Crane paid $110000 to tear down two buildings on the land. Salvage

Marizza181 [45]

Answer:

a. $‭1,420,000‬

b. $‭4,514,800‬

Explanation:

When it comes to fixed assets, all costs that directly helped make the asset available for use are to be capitalized.

Cost of Land

= Purchase Value + Cost Incurred to Tear Down 2 Buildings + Legal Fees + Title Insurance Cost + Assessment Cost - Salvage

= 1,300,000 + 110,000 + 5,000 + 3,500 + 9,500 - 8,000

= $‭1,420,000‬

Cost of Building

= Architect's Fees + Liability Insurance Cost + Excavation Cost + Contractor's Payment + Interest Cost

= 46,000 + 3,800 + 15,000 + 4,200,000 + 250,000

= $‭4,514,800‬

4 0

3 years ago

Truman applies for a job at Skylight Canopy Corporation for which he is well qualified, but for which he is rejected. Skylight c

Blizzard [7]

Answer:

The correct answer is: a protected class.

Explanation:

A protected class is a group of people legally protected from employment discrimination who share similar characteristics such as religion, race, gender, age or disability. The United States Department of Justice is the agency in charge of enforcing this type of anti-discriminatory law.

4 0

3 years ago

When resources are scarce, power differences across subunits are _________; when resources are plentiful, subunit power differen

lilavasa [31]

Answer:

The correct answer is letter "A": magnified, reduced.

Explanation:

Scarcity does not only represent individuals having to sacrifice some of their needs to fulfill others because resources are limited. Scarcity can also represent the reason for dispute between social levels. When resources are scarce and one social stratum has more access to it, differences will increase. The opposite happens when the resources are allocated properly between them: differences are likely to be reduced.

4 0

3 years ago

The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2016, included the following

Maurinko [17]

Answer:

Net income = $364,000

Earning per share (EPS) = $0.36 per share.

Explanation:

A continuous multiple-step statement of comprehensive income is a form of income statement shows in a categorical and continuous manner operating income, i.e. the profit earned from the primary activities of an entity through buying and selling merchandise, other income and expenses, and net income.

For this question, continuous multiple-step statement of comprehensive income can be prepared as follows:

Lindor Corporation

Multiple-step Statement of Comprehensive Income for 2016

Details $ 

Sales revenue 2,300,000

Cost of goods sold 1,400,000

Gross profit 900,000

Operating expenses:

Selling and administrative expenses (420,000)

Operating income 480,000

Non operating income and exp.:

Unrealized holding gains on inv. sec. 80,000

Interest expense (40,000)

Income before tax 520,000

Income tax (30% * $520,000) (156,000)

Net income  364,000 

EPS (364,000 / 1,000,000) 0.36

8 0

3 years ago