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3 years ago

Companies can and often do use different costing methods for financial reporting and tax reporting. An exception to this is the:

Business

1 answer:

nignag [31]3 years ago

7 0

Answer:

LIFO conformity rule.

Explanation:

LIFO refers to the Last in first out method. In this inventory system, the firm sells last units at first stage and then sells according to that

According to the given situation, the LIFO conformity rule requires that the taxpayer follow the same inventory cost flow as used for tax reporting purposes in the financial statement.

Therefore the correct answer is LIFO conformity rule.

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Presented below are the components in Gates Company’s income statement. Determine the missing amounts. Sales Revenue Cost of Goo

Mumz [18]

Answer:

(a) $52,300; $9,200

(b) $33,600; $10,000

Explanation:

(a) Sales Revenue = $82,400

Cost of Goods Sold = ?

Gross Profit = $30,100

Operating Expenses = ?

Net Income = $20,900

Gross profit = Sales revenue - Cost of goods sold

$30,100 = $82,400 - Cost of goods sold

Cost of goods sold = $82,400 - $30,100

= $52,300

Net income = Gross margin - Operating expenses

Operating expenses = Gross margin - Net income

= $30,100 - $20,900

= $9,200

(b) Sales Revenue = $110,600

Cost of Goods Sold = $77,000

Gross Profit = ?

Operating Expenses = ?

Net Income = $23,600

Gross profit = Sales revenue - Cost of goods sold

= $110,600 - $77,000

= $33,600

Operating expenses = Gross margin - Net income

= $33,600 - $23,600

= $10,000

Cost of Goods Sold = $75,100

Gross Profit = $87,200

Operating Expenses = $47,700

Net Income = ?

Gross profit = Sales revenue - Cost of goods sold

Sales revenue = Gross profit + Cost of goods sold

= $87,200 + $75,100

= $162,300

Net income = Gross margin - Operating expenses

= $87,200 - $47,700

= $39,500

4 0

3 years ago

You own a small deli that produces sandwiches, soups, and other items for customers in your town. Which of the following is a de

dexar [7]

Answer: You renovate the second floor of your building to increase the size of the dining room.

Explanation:

4 0

3 years ago

By january 2014 the us population had grown to 317.3 million and the us federal debt was a reported $17.3 trillion. calculate th

Fudgin [204]

Per capita means per person. You would take the total debt and divide by the number of people. That will give you federal debt per capita.

3 0

3 years ago

Josiah, the new Director of HR for a growing marketing firm announces that they will implement "Integrated Talent Management" in

katrin [286]

Answer:

The correct answer is d. Use of analytics and techniques which connect multiple processes associated with employee development and career management.

Explanation:

Integrated talent management is basically a process of continuous improvement, in this case of the marketing team. Employees enter a career plan where the company offers all the guarantees so that their performance in their functions is better and better, for this it is necessary to implement a policy that defines the way in which the strategy will be addressed, communicating it to all old and new employees so that they are aware of the growth processes and the different possibilities offered.

4 0

3 years ago

Consider Emily's balance statement:

notsponge [240]

Answer:

see below

Explanation:

A balance sheet is prepared following the accounting principles of assets equal to liabilities plus equity. Assets are left side while equity and liabilities on the other.

Assets are valuable that a business owns. Liabilities refer to the debts or loans of the business. It is what the business owes others. Equity is the owner's contribution to the business.

In this balance sheet, Emily has confused assets and liabilities.

The column labeled as liabilities represents assets. She should change that. This column should be the topmost column. She has interchanged the labels for liabilities and assets. The difference between assets and liabilities should be equity.

8 0

3 years ago

Read 2 more answers