Taylor Corporation reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. The company’s records under this system reveal the following inventory layers at the beginning of 2021 (listed in chronological order of acquisition):

During 2021, 30,000 units were purchased for $25 per unit. Due to unexpected demand for the company’s product, 2021 sales totaled 40,000 units at various prices, leaving 15,000 units in ending inventory.

Required:

1. Calculate the amount to report for cost of goods sold for 2021.
2. Determine the amount of LIFO liquidation profit that the company must report in a disclosure note to its 2021 financial statements. Assume an income tax rate of 25%.
3. If the company decided to purchase an additional 10,000 units at $25 per unit at the end of the year, how much income tax currently payable would be saved?

Indigo manufactures and sells swimsuits for $40.00 each. The estimated income statement for 2017 is as follows:

1) Compute the contribution margin per swimsuit and the number of swimsuits that must be sold to break even. (Round contribution margin per swimsuit to 2 decimal places, e.g. 15.25 and break even swimsuits to 0 decimal places, e.g. 125.)

2) What is the margin of safety in the number of swimsuits?

3) Compute the contribution margin ratio and the breakeven point in revenues. (Round contribution margin ratio to 3 decimal places, e.g. 0.256 and breakeven point to 0 decimal places, e.g. 125.)

4) What is the margin of safety in revenues? (Round answer to 0 decimal places, e.g. 125.)

5) Suppose next year’s revenue estimate is $150,000 higher. What would be the estimated pretax earnings?

6) Assume a tax rate of 30%. How many swimsuits must be sold to earn after-tax earnings of $230,000? (Round answer to 0 decimal places, e.g. 125.)

John Johnson has been working on Swifty Paints' cash budget for the coming year. Based on his projections for March, the beginning cash balance will be $45,700; cash collections will be $600,000; and cash disbursements will be $634,000. Swifty Paints desires to maintain a $43,000 minimum cash balance. The company has a 6% open line of credit with its bank, which provides short-term borrowings in $500 increments. All borrowings are made at the beginning of the month, and all repayments are made at the end of the month (in $500 increments). When partial payments are made against the line of credit, accrued interest applicable to the full amount due through that date is paid along with the partial principal repayment.

Presented is information pertaining to the cash flows of three mutually exclusive investment proposals:

Proposal A                     Proposal B             Proposal C

Initial investment…………………………….................$60,000                           $60,000                  $60,000

Cash flow from operations

Year 1………………………………...............................50,000                               30,000                     60,000

Year 2………………………………................................6,000                                30,000          

Year 3………………………………...............................29,000                               25,000          

Disinvestment………………………………......................0                                       0                               0

Life (years)………………………………….....................3 years                              3 years                       1 year

Required

1. Rank these investment proposals using the payback period, the accounting rate of return on initial investment, and the present value criteria. Assume that the organization’s cost of capital is 12 percent. Round calculations to four decimal places.
2. Explain the difference in rankings. Which investment would you recommend?

An inexperienced accountant for Sarasota Corp. showed the following in the income statement: income before income taxes $359,000 and unrealized gain on available-for-sale securities (before taxes) $88,800. The unrealized gain on available-for-sale securities and income before income taxes are both subject to a 28% tax rate. Prepare a correct statement of comprehensive income.

Molly and Mark are wife and husband and earned salaries this year of $12,000 and $64,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Mark and Molly also paid $2,500 of qualifying moving expenses, and Marc paid alimony to a prior spouse in the amount of $1,500. Mark and Molly have a 10-year-old son, Matt, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $1,000 child tax credit for Matt. Mark and Molly paid $6,000 of expenditures that qualify as itemized deductions and they had a total of $5,500 in federal income taxes withheld from their paychecks during the course of the year. What is Molly and Mark’s gross income? What is Molly and Mark’s adjusted gross income? What is the total amount of Molly and Mark’s deductions from AGI? What is Molly and Mark’s taxable income? What is Molly and Mark’s taxes payable or refund due for the year (use the tax rate schedules)? Complete the first two pages of Molly and Mark’s Form 1040 (download forms from the IRS website). 2018 TAX LAW

Explain in details how misconduct in workplace effects on having:

1- Actual FInancial loss

2- Cost of investigation have to be borne

3- Loss of share in the market

4- Revocation of special grant or privilege (if any) by government

"Winning the Jackpot!"

It’s probably one of the most fun ideas to think about - winning the lottery! So, let’s have some fun. Suppose you win the Powerball when the jackpot is at $300,000,000. You are given the option of a lump sum payment or an annuity. The lump sum means receiving the entire cash value at once, but the lump sum will be less than the $300,000,000. The annuity will be paid out in 30 payments over 29 years, which increase by 5% each year to keep up with the cost of living.

• In light of the above scenario, would you take the lump sum payout? Or would you take an annuity, and receive the payments over time? Provide a rationale for your response.

The amount shown as Fund balance (unassigned) has not changed since the year started. The amount shown as appropriations includes the amounts appropriated for transfers. Property tax invoices are mailed out on January 10 and are due to be paid on February 10. Property owners that have not paid their taxes are classified as delinquent on March 10.

Assess the financial condition of the village based on the information given in. Include a discussion of the village's quick ratio, number of days’ cash on hand, and budgetary cushion in developing your conclusion.

please help me answer this question

on January 1, 2014 baseline Corp. issued $20,000,000 of 12 %, Twenty-year bonds at 102. the bonds are callable at 105. Interest on the bond is payable annualy. Baseline uses the Stright-line method to amortize bond premium or discount. On january1, 2018, Baseline Called 5,000,000 of the issue and retired the bond.

Required

a) prepare the journal entry to record the issuance of the bonds on January 1, 2014

b) prepare the journal entry to record the retirement of the bonds on january 1, 2018.

Rooney Chemical Company makes three products, B7, K6, and X9, which are joint products from the same materials. In a standard batch of 374,000 pounds of raw materials, the company generates 78,000 pounds of B7, 156,000 pounds of K6, and 140,000 pounds of X9. A standard batch costs $2,992,000 to produce. The sales prices per pound are $4, $8, and $14 for B7, K6, and X9, respectively.

Required

1. Allocate the joint product cost among the three final products using weight as the allocation base.

2. Allocate the joint product cost among the three final products using market value as the allocation base.

examine the entrepreneurial activities that are needed for drawing up the strategies of a new business

Bill had the following gains and losses on asset sales: $500 gain on stock held 11 months; a $2,300 gain on land held two years; $1,900 loss on gold coins held two years; $1,200 gain on antique toys held three years; and a $1,300 loss on investment land held six months. Determine Bill’s (A) net capital gain or loss, (B) the capital gains rate that applies to each asset sale, (C) the capital gain rate(s) that would apply to the final net capital gain, and (D) Bill’s taxable income and income tax assuming Bill is married, has no dependents, files a joint return with his wife using the standard deductions, and their only income is Bill’s salary of $240,000.

describe any two contribution of entrepreneurs to society

StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March:

Additional information for the month of March follows:

StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March:

Required:
1. Based on the above information, prepare a cost of goods manufactured report.

2. Based on the above information, prepare an income statement for the month of March.

StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: