Determined that income before income taxes

Assignment Help Financial Accounting
Reference no: EM13754978

The accountant at Paige Company has determined that income before income taxes amounted to $8,400 using the FIFO costing assumption. If the income tax rate is 20% and the amount of income taxes paid would be $380 greater if the LIFO assumption were used, what would be the amount of income before taxes under the LIFO assumption?

Reference no: EM13754978

Questions Cloud

Operations costing and process costing system : What is the difference between operations costing and process costing system? How does a company decide whether to use a job order or process costing system?
How does company forecast demand for its finished products : How does the company forecast the demand for its finished products? Is the company able to meet the demand of its product with current inventory levels?
Inventory turnover ratio : The following information was available for Pete Company at December 31, 2013: beginning inventory $90,000; ending inventory $70,000; cost of goods sold $656,000; and sales $900,000. Pete's inventory turnover ratio in 2013 was
Create a hierarchy chart depicting the chosen situation : Create a hierarchy chart depicting the chosen situation. Develop a flowchart and provide a brief explanation for it. Develop an algorithm and provide a brief explanation for it
Determined that income before income taxes : The accountant at Paige Company has determined that income before income taxes amounted to $8,400 using the FIFO costing assumption. If the income tax rate is 20% and the amount of income taxes paid would be $380 greater if the LIFO assumption were u..
Produces seat covers for automobiles : TIM Manufacturing Company produces seat covers for automobiles. There are two models: Custom and Standard. The covers are sold in two, states, Texas and Arizona. Three materials are used, designated as A, B, C. There are two producing departments--Cu..
Describing the some of the issues you might face : Assignment: Write a 3-to 4-page paper describing the some of the issues you might face when maintaining security in a company that has offices in multiple countries
Job functions that are needed to support information system : Discuss the job functions that are needed to support the intended information system used by the organization. Include a description about how an organization can determine the effectiveness of an information system
Write paper that discuss the experience of industrialization : Write paper that discuss the experience of industrialization. I want you to focus and reflect on these differences in their attitudes towards industrialization and experiences, and possible reasons for them.

Reviews

Write a Review

 

Financial Accounting Questions & Answers

  Compute the companys average unit cost of production

The current information is based on a computer company who sells their devices at $320 per unit. Based on the information provided, the company carries its finished goods inventory at an average cost of production and as of January 1st has no work in..

  Illustrate what is the value of nebula stock to an investor

Nebula currently pays a dividend of $0.50 per share. Illustrate what is the value of Nebula stock to an investor who requires a 14 percent rate of return?

  Issuing par stock and cash dividends

On January 29, Quality Marble Inc., a marble contractor, issued for cash 75,000 shares of $10 par common stock at $23, and on May 31, it issued for cash 100,000 shares of $4 par preferred stock at $6. Illustrate the effects on the accounts and financ..

  Conversion-personal use to business use

Alice starts a taxi service and decides to use her personal car as the first taxi in her new business. the car will be used solely for business purposes. The car had an original cost of $20,000 and fair market value at the date of conversion to busin..

  Cecile is required to act as a guarantor for the loan

One of your wealthy clients, Cecile, invests $100,000 for sole ownership of an electing S corporation's stock. The corporation is in the process of developing a new food product. Have the corporation borrow the $100,000 from a local bank. Cecile is r..

  What will be the new net income next period

Apple Corp sold 80,000 units providing a profit of $60,000. The unit margin of safety for the period was 40,000 units. If the company increases its ad expenses next period by $20,000, its sales will increase to 100,000 units. What will be the new net..

  Journalize enid co. entries to record the purchase

Enid Co., a women's clothing store, purchased $7,500 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Enid Co. returned $1,200 of the merchandise, receiving a credit memorandum.

  Record the journal entries necessary on crain''s books

Record the journal entries necessary on Crain's books for 2005 assuming that Crain uses the equity method to account for its investment in Downey.

  Prepare journal entries to record these merchandise

A company that uses the perpetual inventory system purchased $8,500 worth of inventory on September 25. Terms of the purchase were 2/10, n/30. The invoice was paid in full on October 4. Prepare the journal entries to record these merchandise trans..

  Journalize the adjusting entry required as of december

Journalize the adjusting entry required as of December 31 - if the adjusting entry in (a) were omitted, which items would be erroneously stated on

  Find the reorder pointscrumptious spices manufactures a

find the reorder point.scrumptious spices manufactures a special blend of beef marinade. the company buys one of the

  Evaluate the company''s total required production

Evaluate the company's total required production in units of finished product for the whole three month period ending September 30.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd