Answer: d. All of these choices are correct.
Explanation:
The Distributable Net income is the taxable income acquired by a person who is a beneficiary to a trust from that trust. It is therefore the maximum amount that they should report for taxation purposes when they receive distributions from their trusts.
It also specifies the character of the distribution and is the maximum amount that the fiduciary can deduct for distribution income purposes from their taxable income.
Answer:
$24,779
Explanation:
In order to calculating the ending inventory using the conventional retail inventory method. we required to do the following computations which are shown below:
Using cost method
Goods available for sale:
= Beginning inventory + Purchases
= $11,700 + $130,016
= $141,716
Using retail method
Ending inventory
= Beginning inventory + Purchases + Net markups - Net markdowns - sales revenue
= $19,700 + $169,800 + $101,00 - $6,800 - $157,900
= $34,900
Now
Cost to retail ratio = $141,716 ÷ ($19,700 + $169,800 + $101,00)
= $141,716 ÷ $199,600
= 0.71
So,
Estimated ending inventory at cost:
= Estimated ending inventory at retail × Cost to retail ratio
= $34,900 × 0.71
= $24,779
Answer:
The Interest should be posted as an Income as Other Income in the Income Statement.
Explanation:
Interest income is the amount received by an entity from another usually a Bank for the use of its funds.
The recognition of Interest Income will be determined by the type of business of the entity. For income to be identified as under Business Operation income, it means it must be a huge source of revenue or part of its daily operations. A healthcare business is not in the business of loaning funds neither does it earns it major revenue from Bank deposits.
Hi there
First find Predetermined oH rate
Predetermined oH rate is
total estimated overhead divided by
estimated direct labor
Predetermined oH rate=
450,000÷180,000
=2.5
the amount of overhead to be allocated to finished goods inventory if there is $20,000 of total direct labor cost in the jobs in the finished goods inventory is
2.5×20,000
=50,000. ...answer
Good luck!