BR
Bailey Ratliff
Answers (6)
BR
Answered
An economy's natural rate of unemployment refers to the amount of unemployment that the economy normally experiences.
On Jul 21, 2024
True
BR
Answered
Gabi just bought a pottery store. She knows from the previous owner that almost 60 percent of her sales take place during the Christmas holiday season, with the other 40 percent of sales evenly distributed over the rest of the year. Gabi will probably use a ________ advertising schedule.
A) continuous
B) flighting
C) pulsing
D) penetrating
E) purposeful
A) continuous
B) flighting
C) pulsing
D) penetrating
E) purposeful
On Jul 19, 2024
C
BR
Answered
Parent Ltd owns 20% of S1 Ltd and 80% of S2 Ltd.In addition,S2 Ltd owns 70% of S1 Ltd.The total NCI in S1 Ltd is:
A) 10%.
B) 14%.
C) 24%.
D) none of the above.
A) 10%.
B) 14%.
C) 24%.
D) none of the above.
On Jun 21, 2024
C
BR
Answered
Some stressors can cause both absenteeism and presenteeism.
On Jun 19, 2024
True
BR
Answered
Tyler Company reported the following summarized annual data at the end of 2016: Sales revenue $1,000,000 Cost of goods sold ∗600,000‾ Gross margin 400,000 Operating expenses 280,000‾ Income before income taxes $120,000\begin{array}{lr}\text { Sales revenue } & \$ 1,000,000 \\\text { Cost of goods sold }{ }^{*} & \underline{ 600,000} \\\text { Gross margin } & 400,000 \\\text { Operating expenses } & \underline{280,000} \\\text { Income before income taxes } & \$ 120,000\end{array} Sales revenue Cost of goods sold ∗ Gross margin Operating expenses Income before income taxes $1,000,000600,000400,000280,000$120,000
"Based on an ending FIFO inventory of $240,000\$ 240,000$240,000 .
The income tax rate is 30%. The controller of the company is considering a switch from FIFO to LIFO. He has determined that on a LIFO basis the ending inventory would have been $150000.
Instructions
(a) Restate the summary information on a LIFO basis.
(b) What effect if any would the proposed change have on Tyler's income tax expense net income and cash flows?
(c) If you were an owner of this business what would your reaction be to this proposed change?
"Based on an ending FIFO inventory of $240,000\$ 240,000$240,000 .
The income tax rate is 30%. The controller of the company is considering a switch from FIFO to LIFO. He has determined that on a LIFO basis the ending inventory would have been $150000.
Instructions
(a) Restate the summary information on a LIFO basis.
(b) What effect if any would the proposed change have on Tyler's income tax expense net income and cash flows?
(c) If you were an owner of this business what would your reaction be to this proposed change?
On May 22, 2024
(a) Restate to a LIFO basis:
Sales revenue $1,000,000 Cost of goods sold* 690,000‾ Gross margin 310,000 Operating expenses 280,000‾ Income before income taxes $30,000‾\begin{array}{lr}\text { Sales revenue } & \$ 1,000,000 \\\text { Cost of goods sold* } & \underline{ 690,000} \\\text { Gross margin } & 310,000 \\\text { Operating expenses } & \underline{280,000} \\\text { Income before income taxes } & \underline{\$ 30,000}\end{array} Sales revenue Cost of goods sold* Gross margin Operating expenses Income before income taxes $1,000,000690,000310,000280,000$30,000
*Ending inventory would be $90000 less ($240000 - $150000 = $90000) under LIFO thereby increasing cost of goods by $90000.
(b) The taxes on the FIFO basis would be:
$120000 ×.30 = $36000
Leaving Net Income of $84000 ($120000 - $36000 = $84000).
The taxes on the LIFO basis would be:
$30000 ×.30 = $9000
Leaving Net Income of $21000 ($30000 - $9000 = $21000).
Switching to the LIFO basis will result in $27000 less income tax expense and less net income of $63000. The cash effect is $28000 ($36000 - $9000 = $27000) saved in taxes if LIFO were used.
(c) Owners of the business may favor the LIFO basis since more cash will be available for use in the business. LIFO results in more cash being retained in the business since less is paid out for income taxes.
Sales revenue $1,000,000 Cost of goods sold* 690,000‾ Gross margin 310,000 Operating expenses 280,000‾ Income before income taxes $30,000‾\begin{array}{lr}\text { Sales revenue } & \$ 1,000,000 \\\text { Cost of goods sold* } & \underline{ 690,000} \\\text { Gross margin } & 310,000 \\\text { Operating expenses } & \underline{280,000} \\\text { Income before income taxes } & \underline{\$ 30,000}\end{array} Sales revenue Cost of goods sold* Gross margin Operating expenses Income before income taxes $1,000,000690,000310,000280,000$30,000
*Ending inventory would be $90000 less ($240000 - $150000 = $90000) under LIFO thereby increasing cost of goods by $90000.
(b) The taxes on the FIFO basis would be:
$120000 ×.30 = $36000
Leaving Net Income of $84000 ($120000 - $36000 = $84000).
The taxes on the LIFO basis would be:
$30000 ×.30 = $9000
Leaving Net Income of $21000 ($30000 - $9000 = $21000).
Switching to the LIFO basis will result in $27000 less income tax expense and less net income of $63000. The cash effect is $28000 ($36000 - $9000 = $27000) saved in taxes if LIFO were used.
(c) Owners of the business may favor the LIFO basis since more cash will be available for use in the business. LIFO results in more cash being retained in the business since less is paid out for income taxes.
BR
Answered
Metasearch engine directories use human editors to categorize and evaluate websites.
On May 20, 2024
False