1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
andriy [413]
3 years ago
7

During 2017, Williamson Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2016 and 2015 (William

son’s first year of operations) under FIFO was $160,000 and $180,000, respectively. Pretax income using weighted-average pricing in the prior years would have been $145,000 in 2016 and $170,000 in 2015. In 2017, Williamson reported pretax income (using weighted-average pricing) of $180,000. Show comparative income statements for Williamson, beginning with "Income before income tax," as presented on the 2017 income statement. (The tax rate in all years is 30%.)
Business
1 answer:
sergeinik [125]3 years ago
8 0

Answer:

Explanation:

Comparative income statements for Williamson is presented below:

Particulars                                  2017                2016               2015

Income before income tax       $180,000      $145,000        $170,000

Less:Income tax                        $54,000        $43,500         $51,000

Net income                                $126,000      $101,500        $119,000  

The income tax is computed below:

For 2017

= $180,000 × 30%

= $54,000      

For 2016

= $145,000 × 30%

= $43,500    

For 2015

= $170,000 × 30%

= $51,000                            

You might be interested in
Clyde is a cash-method taxpayer who reports on a calendar-year basis. This year Paylate Corporation has decided to pay Clyde a y
sergey [27]

Answer:

A) $1,000: the constructive receipt doctrine states that if the income is not subject to limitations or restrictions, then it should be taxed as soon as it was available, not necessarily when it was received.  

B) $100: he only received $100, this year, the rest was given to him on the following year.

C) $1,000: since Clyde received the mail before the end of the year, the constructive receipt doctrine applies.

D) $0: the constructive receipt doctrine does not apply due to the restriction of the check being postdated.

4 0
3 years ago
"other things being​ equal, which market structure would produce the least output and the highest average product​ price
weqwewe [10]

Answer:

The answer is monopoly.

Explanation:

Monopoly is a market type where there is only one producer that is capable of manufacturing a certain product. In this type of market, the producer is capable of producing the smallest amount of products and setting the price that the consumers should pay to purchase the product. The former is possible mainly because the company is capable of knowing how many products do they need to manufacture to achieve the target profit – their sales projection tends to be more accurate than other companies that operate in a different market type.

5 0
3 years ago
A taxpayer understated the tax liability by $10,000. The total tax liability was $50,000. No disclosure of the return position w
posledela

Answer:

2,000

Explanation:

To calculate how much of an accuracy related penalty the tax payer will be assessed, we use the following method.

3 0
3 years ago
The nato nations have agreed that in the case of an attack against a member nation??
monitta
All other member nations will help defend it
4 0
3 years ago
Read 2 more answers
A small-scale consulting firm in Hawaii was struggling financially because it was unable to generate enough capital to run its b
Sergio039 [100]

Answer:

The correct answer is relationship era.

Explanation:

The economic history of the United States has its roots in the European settlements of the 16th, 17th and 18th centuries. The American colonies progressed from marginally successful colonial economies to 13 small independent agricultural economies that joined in 1776 to form the United States of America. In 230 years, the United States grew into an immense, integrated and industrialized economy that accounts for more than a quarter of the world economy. The main causes of its expansion were the existence of a large unified market, a political-legal support system, vast areas of highly productive agricultural land, large natural resources (especially wood, coal and oil) and an entrepreneurial spirit and commitment to invest in material and human capital. The economy has maintained high peaks, attracting immigrants by millions from around the world. Technological and industrial factors also played an important role.

8 0
3 years ago
Other questions:
  • Current maturities of long-term debt: permit a more accurate determination of working capital. represent cash that has been set
    14·1 answer
  • 7. Plush Furniture sells imported rosewood dining tables. The cost of one mode
    10·1 answer
  • Recently passed rules for defining academic progress and graduation rates for ncaa division i teams shift more responsibility fo
    9·1 answer
  • A perfectly competitive industry exists under which of the following conditions? I. The product sold is similar across firms. II
    7·1 answer
  • Security frameworks establish behavior expectations and define policy. Policies cannot address every scenario employees will fac
    14·1 answer
  • At the beginning of Year 2, Better Corp.'s accounting records had the following general ledger accounts and balances. BETTER COR
    11·1 answer
  • An investment offers $6,200 per year for 20 years, with the first payment occurring one year from now. If the required return is
    8·1 answer
  • Match the descriptions to the appropriate accounting terms.
    8·1 answer
  • The purpose of business aviation is to provide safe, efficient, and convenient air transportation to support the mission and goa
    7·1 answer
  • Costs that are shared by multiple cost objects in a company are known as ______ costs.
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!