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Harrizon [31]
2 years ago
7

In the current year, Tanager Corporation (a calendar year C corporation) had operating income of $480,000 and operating expenses

of $390,000. In addition, Tanager had a long-term capital gain of $55,000 and a short-term capital loss of $40,000. a. Compute Tanager's taxable income and tax for the year.
Business
1 answer:
Dominik [7]2 years ago
8 0

Answer: See explanation

Explanation:

Tanager's taxable income would be calculated as:

= Operating income - Operating expense + Long term gain + Short term loss

= $480,000 - $390,000 + $55,000 - $40,000

= $105,000

Tanager's tax for the year will be:

= $105,000 × 21%

= $105,000 × 0.21

= $22,050

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A process cost system would be used for all of the following products except computer chips. motion pictures. chemicals. soft dr
denpristay [2]

One thing that a process cost system cannot be used for from the given options is Motion pictures.

<h3>What is process costing?</h3>

This is a method of allocating cost that is based on the same item being mass-produced such that there is no discernable difference between the goods that were produced.

Motion pictures cannot be mass produced which is why they cannot use process costing, Every motion picture is unique and so something more specific is needed to apportion their cost.

Find out more on process costing at brainly.com/question/17129908

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5 0
1 year ago
Rolette Clemens is a financial institution that provides loans to businesses. It rejects a textile company's request for a loan
Kamila [148]

Answer:

Balance sheet

Explanation:

Balance sheet: In the balance sheet, the assets, liabilities, and stockholder equity is recorded. In this the accounting equation is used which is shown below:  

Total assets = Total liabilities + stockholder equity  

The debit and credit side of the balance sheet should always be equal and balanced.  

Moreover, it always is prepared on the specified date.

It analyzes the financial profitability, position, performance of the business organization

4 0
3 years ago
EB4.
avanturin [10]

Answer:

Fixed and Variable cost:

Fixed cost are the costs which cannot be changed with change in the level of goods and services sold or produced.

Variable cost are the costs which changes with change in the level of output produced and sold.

Product and Period cost:

Product costs are the costs which are incurred for making the product such as direct material, factory overhead and direct labor, etc.

Period costs refers to the cost which are incurred for a certain period of time. It is normally associated with the time period than with any type of transactional event.

Therefore, the classification of items is as follows:

(a) Variable cost - Product cost

(b) Variable cost - Product cost

(c) Fixed cost - Period cost

(d) Fixed cost - Period cost

(e) Fixed cost - Period cost

(f) Fixed cost - Period cost

(g) Variable cost - Product cost

(h) Fixed cost - Period cost

(i)  Fixed cost - Period cost

6 0
2 years ago
The Chilton Corporation specializes in manufacturing one type of desk lamp. Chilton allocates variable manufacturing overhead co
docker41 [41]

Answer:

Variable manufacturing overhead rate variance = 80,000 favorable

Explanation:

Given:

Overhead rate variance = $1.70 per hour

Total machine hour = 160,000 hour

Actual overhead costs = $192,000

Find:

Variable manufacturing overhead rate variance

Computation:

Variable manufacturing overhead rate variance = [Standard overhead rate - Actual overhead rate]Actual hour

Variable manufacturing overhead rate variance =[1.7 - (192,000 / 160,000)]160,000

Variable manufacturing overhead rate variance = [1.7 - (1.2)]160,000

Variable manufacturing overhead rate variance = [0.5]160,000

Variable manufacturing overhead rate variance = 80,000 favorable

6 0
2 years ago
Suppose an investment project is projected to provide $198,000 in revenues if the project is undertaken. the investment will cos
Dominik [7]
<span>Yes. By investing $180,000 and having a revenues of $198,000, the company would earn $18,000 (before tax) from this project investment. Assuming that the $180,000 investment already factored in time/labor and the projected $190,000 revenues is very likely to occur.</span>
7 0
3 years ago
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