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satela [25.4K]
3 years ago
7

Flip Flop, Inc. treated interest on uncertain tax liabilities as interest expense and penalties as part of selling, general and

administrative expenses in the prior year. How can Flip Flop treat interest and penalties this year
Business
1 answer:
borishaifa [10]3 years ago
3 0

Answer:

Flip Flop Inc can still treat Interests as Interest expense and treat penalties as Fees, dues, and subscriptions.

Explanation:

Interest expense is a non-operating expense shown on the income statement. It represents interest payable on any borrowings – bonds, loans, convertible debt or lines of credit. It is essentially calculated as the interest rate times the outstanding principal amount of the debt

Penalties can be categorized under deductible expenses called Fees, dues, and subscriptions.

Levies and other fees paid to an accountant or bank; memberships fees to professional organizations, subscriptions to industry publications and funds paid as penalties are all deductible.

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Answer:

$480,000

Explanation:

Calculation to determine what total relevant costs to make the part internally are

First step is to calculate Relevant cost per unit:

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Fixed manufacturing overhead ($15 × 0.40) $6

Relevant manufacturing cost $48

Now let determine the Total relevant costs to make the part internally

Total relevant costs to take the part internally=($48 × 10,000)

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Therefore total relevant costs to make the part internally are $480,000

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3 years ago
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The process of developing or being developed.
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Should a speaker minimize his or her use of nonverbal communication?
Katyanochek1 [597]

no they should not   100% correct

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2 years ago
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Mary, a student at a community college in New York, is in the United States on a student visa that allows her to remain in the U
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Answer:

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b. There are differences in the way crime is measured.

Explanation:

  • The option a is not correct as it is not true that England doesn't have any crime statistics that are available to civilians.
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