Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
B. J. Ortiz Wholesale Corp. uses the LIFO method of inventory costing. In the current year, profi t at B. J. Ortiz is running unusually high. The corporate tax rate is also high this year, but it is scheduled to decline significantly next year. In an effort to lower the current year's net income and to take advantage of the changing income tax rate, the president of B. J. Ortiz Wholesale instructs the plant accountant to recommend to the purchasing department a large purchase of inventory for delivery 3 days before the end of the year. The price of the inventory to be purchased has doubled during the year, and the purchase will represent a major portion of the ending inventory value
( a) What is the effect of this transaction on this year s and next year s income statement and income tax expense? Why?
( b) If If B. J. Ortiz Wholesale had been using the FIFO method of inventory costing, would the president give the same directive ?
( c) Should the plant accountant order the inventory purchase to lower income? What are the ethical implications of this order?
xy and z are partners sharing profits in 432in future they wanted to share profits equally.on that datetheir boos shows
on 714 the corporation sold 25000 shares of 5 par value common stock for 30 per share. please give the journal entry to
Over the past 75 years, we have observed that investments with the highest average annual returns also tend to have the highest standard deviations of their annual returns.
In November and December 2010, Lane Co., a newly organized magazine publisher, received $90,000 for 1,000 three-year subscriptions at $30 per year, starting with the January 2011 issue. Lane included the entire $90,000 in its 2010 income tax retur..
What internal controls components are commonly found among the revenue and payroll cycles? What components are unique to each cycle? - Answer 150-200 words.
corio corporation reports that at an activity level of 2600 units its total variable cost is 117390 and its total fixed
paul woonan a self employed accountant is married and enrolls in a non-group health insurance plan. the plan costs 7710
carlsen company manufactured 6000 units of a component part that is used in its product and incurred the following
clear sky sailmakers manufactures sails for sailboats. the company has the capacity to produce 15000 sails per year but
mohave corp. makes several varieties of beach umbrellas and accessories. it has been approached by a company called
the balance sheet that follows indicates the capital structure for nealon inc. flotation costs are a 15 percent of
jim shoe chief executive officer of jolsen international a multinational textile conglomerate has recently een
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd