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Answer:
Option C Both statements are correct.
Explanation:
An S Corporation is not liable for taxes under US tax system, the taxable income of the company is included in the income of shareholders for the year. So if the company is S company then the share of taxable income attributable to Jennifer is 60% of the total Taxable Income which is $48,000 for the year. So the statement 1 is correct.
If the company is taxed under US tax system which means it is C Corporation, then its taxable income will not be included in the income of its shareholders because it would be double taxed for the year. The only income that will be included in the shareholder's income will be the dividends that the shareholder will receive. So the taxable income for the year would be $18000 which is the dividend income for the year. So the statement 2 is also correct.
Answer:
units completed and ending work in process.
Explanation:
In order to find out the equivalent units we consider the completed units and the ending work in process units.
In mathematically,
= Units transferred × completion percentage + ending work in process units × completion percentage
By considering the units transferred and the ending work in process units after taking the completion percentage we can easily calculate the equivalent units so that the allocation of the manufacturing cost could be done
Answer:
$27,250
Explanation:
The computation of incremental income or loss on reworking the units is shown below:-
For computing the incremental income or loss on reworking the units first we need to follow some steps which is shown below:-
Incremental revenue per unit = Selling price after rework - Selling price as scrap
= $22.00 - $5.60
= $16.40
Total Incremental Revenue = Incremental revenue per unit × Total defective units
= $16.40 × 2,500
= $41,000
Total rework costs = Total defective units × Defects per unit
= 2,500 × $5.50
= $13,750
Now,
Incremental income or loss on reworking the units = Total Incremental Revenue - Total rework costs
= $41,000 - $13,750
= $27,250
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Hope this helped!