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Aliun [14]
3 years ago
15

Both Schedules M-1 and M-3 require taxpayers to identify book-tax differences as either temporary or permanent. T/F

Business
1 answer:
FinnZ [79.3K]3 years ago
8 0

Answer:

The correct answer is False.

Explanation:

Schedule M-1 is required when the gross income of corporations or their total assets at the end of the year is greater than $ 250,000.

Schedule M-3 asks certain questions about the financial statements of the corporation and reconciles the net income (loss) of the financial statements for the corporation (or group of consolidated financial statements, if applicable).

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Number of units produced 3,100 Number of units sold 2,400 Unit sales price $ 350 Direct materials per unit $ 60 Direct labor per
Dima020 [189]

Answer:

See explanation section.

Explanation:

Requirement 1

                                        Crystal Cold’s

                        Absorption Costing Income Statement

                         For the year ending, December 20YY

Sales revenue  ($2,400 units × $ 350) = $840,000

Less: Cost of goods sold

Direct materials ($2,400 units × 60) = $144,000

Direct labor ($2,400 units × 50) = $120,000

Variable manufacturing overhead ($2,400 units × 11) = $26,400

Fixed manufacturing overhead = $232,500

Total cost of goods sold = $522,900

Gross profit = $317,100

Less: Selling, General & Administrative expenses

                Variable SG&A = $33,600

                Fixed SG&A = $64,000

Total SG&A  = $97,600

Net Income = $219,500

Requirement 2

                                      Crystal Cold’s

                        Variable Costing Income Statement

                       For the year ending, December 20YY

Sales revenue  ($2,400 units × $ 350) = $840,000

Less: Variable product cost

Direct materials ($2,400 units × 60) = $144,000

Direct labor ($2,400 units × 50) = $120,000

Variable manufacturing overhead ($2,400 units × 11) = $26,400

Variable selling expense $33,600

Total variable expenses = $324,000

Contribution margin = $516,000

Less: Fixed expenses

         Fixed manufacturing overhead = $232,500

         Fixed selling expense                = $64,000

Total fixed expense                              = $296,500

Net Income                                            = $219,500

3 0
3 years ago
How publish Fiverr gig without taking a test?
Alja [10]

Answer:

I don't know

Explanation:

I am out of my mind

Sorry.

7 0
3 years ago
Firms that sell luxury products, custom-made products, and services often take the time to significantly modify their products i
ololo11 [35]

Answer:

one-to-one marketing

Explanation:

one-to-one marketing includes

-know your customers

-differentiate your customers

-improve customer interactions

-customize the product to the customer.

8 0
3 years ago
Moral hazard occurs when:
satela [25.4K]
1) Moral hazard occurs when the individual does not tell the others all the risks associated with their actions, so the correct answer is:
D. an individual knows more about his or her actions than other people do.

for the second one:

the money lent will be x

so we have :

x+10%x=1000
(the money lent and the interest are 1000 together)

so: 110%x=1000

\frac{110}{100} x=1000

\frac{11}{10} x=1000
11x=1000
x=1000\11
x=909.09 - so they correct answer is A!

x=


3 0
4 years ago
Marketing in foreign markets can require altering the goods or services offered to meet the taste of local customers. therefore,
ziro4ka [17]

<u>Global marketing mix</u> that includes different strategies and types of ads based on the target market.

8 0
3 years ago
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