The amount that ACME Partnership should report as ordinary income is $83,000.
Data and Calculations:
Sales Revenue = $200,000
Cost of goods sold = 115,000
Gross profit = $85,000
Administrative expenses 2,000
Operating income = $83,000
Interest expense 13,000
Taxable income $70,000
Charitable contributions 2,000
Long-term capital gain 10,000
The operating income is the ordinary income before determining the eligibility of the charitable deductions and the long-term capital gain.
Thus, the ordinary income of ACME Partnership is $83,000.
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<span>The answer is "$900".
A company purchased 100 units for $30 each on January 31.
</span><span>it purchased 400 units for $20 each on February 28.</span><span>
it sold a total of 470 units for $110 each from march 1 through December 31.
method used = </span><span> last-in, first-out inventory costing method
it means last 400 units from February and 70 units from January were sold.
So, only 30 units left from January that are for $30 each.
Thus, </span><span> the amount of ending inventory on December 31 = 30 x $30 =$900</span>
Answer:
A.$23,109.09
B.$114,829.09
C. 22.1%
Explanation:
a.
Interest expense 95,118
Interest (income) (9,144)
Other non-operating (income), net 23,517
($95,118 - $9,144 – $23,517)
= $62,457 ×37%
=$23,109.09
b.
Provision for income taxes $91,720 +$23,109.09 =$114,829.09
c.
$114,829.09/519,233
= 0.22 ×100
= 22.1%
Answer:
Third-party Logistics is the term used to describe outsourcing of logistics.
Explanation:
