Computation of the estimated inventory at retail on a LIFO basis
Cost ($)
Beginning inventory 16,800.00 24,800.00
Purchases 50,800.00 79,800.00
Freight - in 4,300.00 -
Purchase returns (3,500.00) (4,400.00)
Add: Net markups - 2,900.00
Less: Net markdowns: - (5,900.00)
Goods available for sale (excluding beginning inventory) 51,600.00 72,400.00
Goods available for sale (including beginning inventory) 68,400.00 97,200.00
Less: sales
Net sales 72,400.00
Add back employee discount 2,500.00 (74,900.00)
Ending inventory, at retail 22,300.00
Answer:
A budget constraint is the amount of goods and service that a person or firm can purchase given their income.
In this case, the budget constraint of Sam and Amanda is determined by their income: that is to say, their monthly grocery budget, which is $100 per month.
Because a dozen organic egg costs $5, and a frozen pizza costs $10, if we suppose that Sam Amanda will spend half their income on each item, their budget constraint will allow them to buy the following amounts:
$50 / $5 = 10 dozen organic eggs
$50 / $10 = 5 frozen pizzas.
Answer:
a. Riflebird Company is a <u>SOLE proprietorship</u> (Roger did not make any withdrawals from the business). Roger reports <u>$45,000</u> net operating profit and <u>$10,000 </u>long-term capital loss on his tax return.
Sole proprietorships are not taxed directly ,they are pass through entities. Their sole proprietor is taxed, and since individuals get taxed differently for ordinary income than capital income, they must segregate them.
b. Riflebird Company is a C corporation (no dividends were paid during the year). Roger reports <u>$35,000</u> net operating profit and <u>$0</u> long-term capital loss on his tax return.
Corporations do not segregate capital gains from ordinary income, so they must include them together in their income taxes.
Normally when you "lease" something on credit then you have to pay interest. So if you save the money over a course of a year instead of leasing on credit, you would most likely not pay as much. So, C, would be my best guess.
Credit unions are not-for-profit financial cooperatives. Whose earnings are paid back to members in the form of higher saving rates and lower loan rates.Banks are for profit businesses with earning paid to stockholders only.