One of the goals of Reaganomics was to encourage private investment through tax cuts for businesses and the wealthy encourage pr
2 answers:
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Answer:
$16,440.
Explanation:
Please find attached the data used in answering this question
LIFO means last in first out. It means that it is the last purchased inventory that is the first to be sold.
the ending inventory would consist of earlier purchased goods
total sales is 20800
total purchases = 26,000
ending inventory = 26,000 - 20800 = 5200
this price of the ending inventory = 3200 x 3.2) + (2000 x 3.1) = $16,440.
Answer:
Flip's taxable income for the current year is $2,10,000.
Explanation:
Given information:
Advertising Expenses = $50,000
Cost of Goods Sold = $660,000
Other Operating Expenses = $390,000
Sales = $1,830,000
Wages and Salaries = $520,000
Capital Gain = $15,000
The formula for taxable income is
Taxable income for corporation = Gross Sales - cost of goods sold - operating expense - Interest expense - Tax deduction/ credit
Where,
Operating expense = Advertising Expenses + Wages and Salaries + Other Operating Expenses
Using this formula we get
Therefore, Flip's taxable income for the current year is $2,10,000.