1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Elanso [62]
3 years ago
14

Assume General Electric Company reports the following footnote in its 10-K report. December 31 (In millions) 2016 2015 Raw mater

ials and work in process $ 5,527 $ 5,042 Finished goods 5,152 4,806 Unbilled shipments 333 402 11,012 10,250 Less revaluation to LIFO (697) (661) $10,315 $ 9,589 The company reports its inventories using the LIFO inventory costing method. Assume GE has a 35% income tax rate. As of the 2016 year-end, how much has GE saved in taxes by choosing LIFO over FIFO method for costing inventory
Business
1 answer:
True [87]3 years ago
6 0

Answer:

$ 244 million

Explanation:

Calculation for how much has GE saved in taxes by choosing LIFO over FIFO method for costing inventory

Tax rate Amount (In millions)

LIFO $ 10,315.00 35% =$ 3,610.25

FIFO $ 11,012.00 35% =$ 3,854.20

Savings in taxes $ (697.00) $ (243.95)

Hence,

Savings in taxes=$ 3,610.25 million-$ 3,854.20 million

Savings in taxes=($243.95 million)

Savings in taxes=($ 244 million) Approximately

Therefore the amount that GE saved in taxes by choosing LIFO over FIFO method for costing inventory will be $ 244 million

You might be interested in
Axe company sponsors a 401(k) profit sharing plan with no employer match, but the company did make noncontributory employer cont
il63 [147K]

Answer:

$30,000

Explanation:

Given the following information:

Employer Contributions = $9,000

Employee Contributions = $12,000

Earnings = $4,000 + $5,000

Jack should be given 100% of his contributions and the earnings of those contributions due to the vesting schedule, which he is entitled to because he has only worked for 6 years.

8 0
3 years ago
What is the first item you are considering borrowing money or taking out credit for?
pashok25 [27]
A mask...This California Fire has affected are air quality so much
6 0
3 years ago
Read 2 more answers
Yellow-dog contracts A. give workers the right to be represented by a union. B. give a non-union worker the right to enjoy union
mario62 [17]

Answer:

The correct answers is: Give firms the right to require a worker not to join a union as a condition of employment.

Explanation:

A Yellow-dog contract <u>is an illegal contract that contains employment agreements with the condition that workers could not join labor unions or if they were already in a union, they had to resign their memberships or lose their jobs.</u>

It was believed that employers and their workers should be free to negotiate labor agreements between themselves without interference from the government.

Employers challenged labor union opposition to yellow dog contracts by asserting that the agreements were negotiable and workers were not forced to sign them. According to the unions, few workers who refused to sign the anti-union employment agreements were hired.

<u>In the year 1932, the labor unions managed to get Congress to pass legislation, outlawing yellow dog contracts.</u>

8 0
4 years ago
Firms prefer FDI to licensing because FDI_____.
Neko [114]

Answer:

B) provides the firm with direct ownership to its foreign assets

Explanation:

When a multinational enterprise (MNE) is considering investing in foreign country they usually decide to do it through foreign direct investment (FDI). They do this because FDI ensures that the MNE is the direct owner of the assets and can freely decide what to do with them.

5 0
4 years ago
"When the dollar appreciates, U.S." exports increase, while imports decrease. b. exports and imports increase. c. exports decrea
Zina [86]

Answer:

C) Exports decrease, imports increase

Explanation:

If the US dollar appreciates, the US dollar has now more value per unit of foreign currency than before. For example, suppose that today 1 US dollar buys 0.8 Euro, and tomorrow, Europe is hit by a financial crisis, and the US dollar appreciates, and buys 1.2 Euro. The US dollar has appreciated, has become more expensive, becomes now more euros are needed to buy 1 US dollar.

When the US dollar gains value, domestic goods become more expensive compared to foreign goods, and this promotes imports, and reduces exports.

This is the reason why China keeps a depreciated currency: China is an export economy and the cheap Chinese currency makes exports cheaper, and imports more expensive.

5 0
4 years ago
Other questions:
  • Healthier, more educated workers tend to be more productive. Greater overall productivity per hour worked is a fundamental compo
    15·1 answer
  • Think about an important current event that you may have heard about recently. Describe at least two economic effects that the e
    7·1 answer
  • A monopolist practicing (perfect) price discrimination has :
    11·1 answer
  • Flare, an electronics company, created a low-cost, handheld washer that could run on solar-powered battery. The product was also
    11·1 answer
  • Brian, Kirk, and Jim established a partnership with equal capital contributions. However, Kirk provided an additional contributi
    8·1 answer
  • Jeremiah flies an airplane for 2.7 hours at an average speed of 304.6 miles per hour. How far did Jeremiah fly?
    10·1 answer
  • the principal represents an amount of money deposited in a savings account subject to company interest...find how much money wil
    13·1 answer
  • Jay-Zee Company makes an in-car navigation system. Next year, Jay-Zee plans to sell 20,000 units at a price of $340 each. Produc
    10·1 answer
  • Mutual fund A earned 10 percent while B earned 8 percent. The standard deviations of the returns were 7 percent and 4 percent, r
    13·1 answer
  • Coronado Industries purchased equipment in 2019 at a cost of $912000. Two years later it became apparent to Coronado Industries
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!