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enot [183]
2 years ago
14

It is December​ 31, the end of the​ year, and the controller of Saxton Corporation is applying the​ lower-of-cost-or-market (LCM

) rule to inventories. Before any​ year-end adjustments, the company reports the following​ data: LOADING...​(Click the icon to view the​ data.) Saxton determines that the net realizable value of ending inventory is $48,000. Show what Saxton should report for ending inventory and for cost of goods sold. Identify the financial statement where each item appears. Financial statement where item is reported Balance to be reported Inventory Balance Sheet Cost of goods sold Income Statement 393000
Business
1 answer:
Varvara68 [4.7K]2 years ago
8 0

The inventory that will be reported on the balance sheets is $43000 while the cost of goods sold is $455000

Your question is incomplete. A similar question will be used on guiding you. Let's assume the following figures:

  • The <em>net realizable value of ending inventory</em> = $43000
  • <em>Historical cost of ending inventory</em> = $58000
  • <em>Cost of goods sold</em> = $440000

To know the inventory amount that will be reported on the balance sheets, you've to select the lowest between the net realizable value of the ending inventory and the<em> historical cost</em> of ending inventory. The lowest is $43000.

The<em> cost of goods sold</em> that'll be reported will be:

= $440,000 + $15,000

= $455,000

Read related link on:

brainly.com/question/24952762

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Steve Conyers and Chelsy Poodle formed a partnership, dividing income as follows: Annual salary allowance to Poodle of $146,160.
Ahat [919]

Answer:

Conyers = $38,580

Poodle = $222,420

Explanation:

Annual salary allowance to Poodle of $146,160.

Interest of 6% on each partner's capital balance on January 1.

Any remaining net income divided to Conyers and Poodle, 1:2.

net income $261,000

distribution of interests:

  • Conyers = $54,000 x 6% = $3,240
  • Poodle = $93,000 x 6% = $5,580

drawings (annual salary allowance):

  • Poodle = $146,160

remaining income = $261,000 - $146,160 - $3,240 - $5,580 = $106,020

  • Conyers (1/3) = $35,340
  • Poodle (2/3) = $70,680

total distributed:

  • Conyers = $3,240 + $35,340 = $38,580
  • Poodle = $5.580 + $146,160 + $70,680 = $222,420
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Willow Corp. (a C corporation) reported taxable income before the net operating loss deduction (NOL) in the amount of $100,000 i
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Willow Corp NOL carryover to 2021 (year 4) is $10,000

<h3>How to calculate Willow Corp NOL carryover to year 4</h3>

  • Year 3 income = $100,000

Carry forward losses:

  • Year 1 = $50,000
  • Year 2 = $40,000

Total carry forward losses = $50,000 + $40,000

= $90,000

Eligible carry forward loss = $100,000 × 80%

= $100,000 × 0.8

= $80,000

Willow Corp tax liability in year 3 = $100,000 - $80,000 × 21%

= $20,000 × 21%

= 20,000 × 0.21

= $4,200

Willow Corp NOL carryover to year 4 = Total carry forward losses - Eligible carry forward loss

= $90,000 - $80,000

= $10,000

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In the context of employee engagement, it is observed that the highly engaged employees feel a deep connection to their company.
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How would you describe the savings rate in america compared with other industrialized countries?
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