Lemony Company made sales of $38,000 million during 2018. Cost of goods sold for the year totaled $16,340 million. At the end of
2017, Lemony’s inventory stood at $1,800 million, and Lemony ended 2018 with inventory of $2,000 million. Compute Lemony’s gross profit percentage and rate of inventory turnover for 2018.Begin by computing Lemony’s gross profit percentage for 2018.
The gross profit percentage can be calculated by dividing the gross profit by sales. Inventory turnover can be calculated by dividing the cost of goods sold by the average inventory, in this case average inventory is not given in the question. Average inventory can be calculated by dividing the sum of opening and closing inventory with 2.
Gross profit = (Sales - Cost of goods sold) / Sales x 100
Gross profit = (38,000 - 16,340) /38000 x 100%
Gross profit = 21,660/38,000 x 100
Gross profit = 57%
Inventory turnover = Cost of goods sold / Average inventory
a. A nonresident alien can be an S corporation shareholder. (However, generally, we can't see non resident aliens owning shares, but it is not illegal.)
c. An S corporation can have more than 100 shareholders, since families are treated as a single shareholder.
A nonresident alien is a person who is not a U.S. citizen and does not pass the green card or substantial presence tests used to determine tax status and citizenship. Foreign Students are a good example for this.
these non residents usually do not hold ownership in corporations.
The term "S corporation" means a "small business corporation".
S corporations limit is 100 members, however, since the family members are treated as "individual one person", the number 100 could change in the practical scenario.
The option d is obviously wrong!
Option b is incorrect as well. Corporations and Partnerships can not own stake in S corporations.
The known key difference in between the leading and lagging strand can be described as that leading strand is referred to as DNA strand, that tends to grows continuously during the process of DNA replication on the other hand lagging strand is known as DNA strand, which tends to grow discontinuously by formulating the segments referred to as the Okazaki fragments.