Answer:
Answer for the question:
On January 1, 2018, Ameen Company purchased major pieces of manufacturing equipment for a total of $54 million. Ameen uses straight-line depreciation for financial statement reporting and deducted 100% of the equipment’s cost for income tax reporting in 2018. At December 31, 2020, the book value of the equipment was $48 million. At December 31, 2021, the book value of the equipment was $40 million. There were no other temporary differences and no permanent differences. Pretax accounting income for 2021 was $68 million. Required: 1. Prepare the appropriate journal entry to record Ameen’s 2021 income taxes. Assume an income tax rate of 25%. 2. What is Ameen’s 2021 net income?
Is given in the attachment.
Explanation:
Answer:
A) The cost of inventory sold in the current year.
Explanation:
Cost of Goods Sold: It refers to the cost both associated with the sold product, direct and indirect costs are both included.
At the end of the year COGS is subtracted from the sales in dollars, to identify if the products are in profit or loss.
Answer is d. all of the above
This can vary from person to person. I would say false.