Case A Case B Case C Beginning inventory, raw material ? $20,000 $15,000 Ending inventory, raw material $90,000 ? $30,000 Purchases of raw material 100,000 85,000 ? ... Direct material 70,000 95,000 Direct labor ? 100,000 125,000 Manufacturing overhead 250,000 ? 160,000 Total manufacturing costs 520,000 345,000 340,000 Beginning inventory, work in process 35,000 20,000 ? Ending inventory, work in process ? 35,000 5,000 Cost of goods manufactured 525,000 ? 350,000 Beginning inventory, finished goods 50,000 40,000 ? Cost of goods available for sale ? 370,000 Ending inventory, finished goods ? ? 25,000 Cost of goods sold 545,000 330,000 ? Sales . ? ? 480,000 Gross margin 255,000 170,000 ? Selling and administrative expenses ? 75,000 Income before taxes 150,000 90,000 Income tax expense 40,000 45,000 ? Net income ? 55,000

Case A Case B Case C Beginning inventory, raw material ? $20,000 $15,000 Ending inventory, raw material $90,000 ? $30,000 Purchases of raw material 100,000 85,000 ? ... Direct material 70,000 95,000 Direct labor ? 100,000 125,000 Manufacturing overhead 250,000 ? 160,000 Total manufacturing costs 520,000 345,000 340,000 Beginning inventory, work in process 35,000 20,000 ? Ending inventory, work in process ? 35,000 5,000 Cost of goods manufactured 525,000 ? 350,000 Beginning inventory, finished goods 50,000 40,000 ? Cost of goods available for sale ? 370,000 Ending inventory, finished goods ? ? 25,000 Cost of goods sold 545,000 330,000 ? Sales . ? ? 480,000 Gross margin 255,000 170,000 ? Selling and administrative expenses ? 75,000 Income before taxes 150,000 90,000 Income tax expense 40,000 45,000 ? Net income ? 55,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following information came from an IRS audit of a sole proprietor named John Doe. Using the “Cash T” approach, compute the probable over/understatement of income as computed by the IRS agent. Schedule C gross receipts ........................$112,610 Cost of goods sold ...................................... 65,414 Schedule C total cash expenses ................. 30,023 Rental income .........................................…. 5,318 Rental expenses (all cash) .....................….. 6,330 Beginning bank account balance ................. 7,873 Ending bank account balance ..................... 17,265 Insurance proceeds received (taxable) ……. 4,300 Principal payments on rental property loan… 2,894 Personal living expenses ............................. 26,550 Personal auto expenses ................................ 9,788 Social security benefits received …………….. 6,500 Gifts of cash received from relatives ……………
Patriot Corporation reports the following results for the current year: View the current year results. Read the requirements. Requirement a. What are Patriot's taxable income and income tax liability for the current year? Begin by computing Patriot's taxable income. (If an input field is not used in the table, leave the input field empty; do not select a label or enter a zero.) Gross income Minus: Taxable income Requirements a. What are Patriot's taxable income and income tax liability for the current year? b. How would your answers to Part a change if Patriot's short-term capital loss is $12,000 instead of $2,000? Print Done - X Current Year Results Gross profits on sales Long-term capital gain Long-term capital loss Short-term capital gain Short-term capital loss Operating expenses Print $ 159,000 7,000 8,000 9,000 2,000 70,000 Done X
Using the tax table, determine the amount of taxes for the following situations: (Do not round intermediate calculations. Round your answers to 2 decimal places.) a. A head of household with taxable income of $59,500. Tax amount b. A single person with taxable income of $35,800. Tax amount c. Married taxpayers filing jointly with taxable income of $71,100. Tax amount
Please do not Give image format
1. Which of the following must be included in the gross income of the recipient in 2021? a.Unemployment compensation b.Child support payments c.Welfare payments d.Gifts e.All of these choices are included in gross income. 2. All of the following must be included in gross income, except: a.Gambling winnings b.Jury duty fees c.Dividends d.Gifts e.Partnership income 3. All of the following amounts are excluded from gross income, except: a.Gifts b.Veterans' benefits c.Tips and gratuities d.Child support payments e.Scholarship grants for tuition
8.All of the following components are shown in the income statement net of applicable income taxes EXCEPT Group of answer choices A.cumulative effect of a change in accounting principle. B.extraordinary gain or loss. C.discontinued operations. D.gain or loss on sale of plant assets.