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Sonbull [250]
3 years ago
13

A company's Inventory balance at the end of the year was $204,200 and $218,000 at at the beginning of the year. Its Accounts Pay

able balance at the end of the year was $102,000 and $96,200 at the beginning of the year, and its cost of goods sold for the year was $738,000. The company's total amount of cash payments for merchandise during the year equals:
Business
1 answer:
dalvyx [7]3 years ago
6 0

Answer:

$718,400

Explanation:

For computation of total amount of cash payments first we need to find out the decrease in merchandise, purchases and increases in accounts payable which is shown below:-

Decrease in merchandise = Balance at the beginning of the year - Balance at the end of the year

= $218,000 - $204,200

= $13,800

Purchases = Cost of goods sold - Decrease in merchandise

= $738,000 - $13,800

= $724,200

Increase in Accounts Payable = Accounts Payable balance at the end of the year - Accounts payable at the beginning of the year

= $102,000 - $96,200

= $5,800

Cash paid for merchandise = Purchases - Increase in Accounts Payable

= $724,200 - $5,800

= $718,400

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A company can carryback losses up to 3 years. This means that the company can use its 525,000 2015 loss to obtain a credit for income taxes paid in the previous 3 years, 2012-2014. The calculation is as follows:

2012 Carryback: 150,000 x .35 = 52,500

2013 Carryback: 150,000 x .35= 52,500

2014 Carryback: 150,000 x .35 = 52,500

The check that Book Binder receives will be 52,500 x 3 = 157,500.

Its tax liability in 2015 will be zero, and its loss eligible for carryforward will be 525,000-450,000=75,000, since it has already carried back $450,000 of its loss (2012-2014 income).

Its liabilities in future years will be:

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3 years ago
The total factory overhead for Big Light Company is budgeted for the year at $403,750. Big Light manufactures two different prod
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Answer:

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<u>Night light</u>

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