Answer:
$109,000
Explanation:
The accounting equation for the cost of goods sold
COGS = opening finished good + purchases - Closing finished goods
In a manufacturing firm, purchases are also referred to as manufacturing costs.
For Leslie manufacturing:
beginning finished inventory =$40,000
costs of goods manufactured = $ 144,000
Ending finished inventory = $ 45,000
cost of manufacturing for the period:
=$40,000 +$114,000- $45,000
=$109,000
Answer:
(B) The firm issued common stock in 2018
Explanation:
Given that the firm's common stock doubled from $1,000 to $2,000 from 2017 to 2018, it is reasonable to assume that the firm issued common stock in 2018.
Option A is incorrect as the firm's net income was likely lower and, more likely, negative in 2018. A decline in retained earnings from 2017 to 2018 by $340 suggests that the firm likely made a net loss of $340 in 2018.
Option C is incorrect because market prices of a firm's own common stock are not accounted for in its shareholders' equity. Only the book value are account for.
Option D is incorrect because the net income in 2018 was likely negative due to the year-on-year decline in the retained earnings
Option E is incorrect as we cannot ascertain it the firm has more equity than debt because sufficient information to reach that conclusion was not provided.
A <u>financial analyst</u> is responsible for evaluating and recommending proposed long-term investments.
<h3>Who is a financial analyst?</h3>
A financial analyst is a person who has gained long-term experience in handling personal and public finances. The wealth of experience that they have acquired over the years has equipped them with the ability to give sound advice to people who seek financial advice.
When people also want to make long-term investments that require huge amounts of money, then they will also need the services of a financial analyst.
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fifo uses the oldest cost for cost of goods sold on the income statement and the newest cost for inventory on the balance sheet.
FIFO is an inventory accounting system that means first in, first out. This means that the first goods that are bought are the first that are assumed to be sold and the newest goods are assumed to remain in inventory.
For example, if you purchase 1 unit of a good at $3 on 1/3/21 and a second unit of the good at $5 on 31/03/21. Only one unit of the good is sold If the FIFO method is used, the cost of good sold would be $3 and the ending inventory would be $5.
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32.12 % is Susie's average tax rate.
Calculations for the above answer
Tax rate Slabs Income Taxable at slab Income Taxable at next slabs Tax($)
10% $0 to $14200 14200 751800 1420
12% $14201 to $54200 40000 711800 4800
22% $54201n to $86350 32150 679650 7073
24% $86351 to $164900 78550 601100 18852
32% $164901 to $209400 44500 556600 14240
35% $29401 to $ 523600 314200 242400 109970
37% $523601 or more 242400 0 89688
Total Tax(A) 246043
Total Income(B) 796000
Average Tax rate {(a/b)x 100} 32.12 .
The simplest way to calculate your effective tax rate is to divide your income tax expense by your pre-tax profit (or income). Tax expense is usually the last item before the bottom line (net income) of the income statement.
This difference is due to the 12 months of inflation from September 2020 to August 2021 used to calculate the adjustment.
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