Answer:
The corporation's current earnings and profits for 20X3 would be $603,000
Explanation:
The computation of the current earnings and profits are shown below:
= Taxable income - federal income taxes - disallowed penalty + insurance proceeds
= $800,000 - $272,000 - $25,000 + $100,000
= $603,000
The federal income tax refund would not be considered in the computation part. Hence, it is ignored.
Answer:
Lily and Daisy
Explanation:
Joint product Flowers per harvest Proportion Joint cost allocation
Tulip 10 20% (10/50) $6 ($30*20%)
Lily 20 40% (20/50) $12 ($30*40%)
Daisy 20 40% (20/50) $12 ($30*40%)
Totals 50 100% $30
As per above results, both Lily and Daisy received the largest proportion of joint cost.
Answer:
Talk to me I am here .
Explanation:
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Answer:
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