Nu Company reported the following pretax data for its first year of operations. Net sales 2,880 Cost of goods available for sale 2,500 Operating expenses 700 Effective tax rate 20% Ending inventories: If LIFO is elected 850 If FIFO is elected 1,150 What is Nu's net income if it elects LIFO? Multiple Choice $424 $530 $830 $664

Nu Company reported the following pretax data for its first year of operations. Net sales 2,880 Cost of goods available for sale 2,500 Operating expenses 700 Effective tax rate 20% Ending inventories: If LIFO is elected 850 If FIFO is elected 1,150 What is Nu's net income if it elects LIFO? Multiple Choice $424 $530 $830 $664

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter22: S Corporations

Section: Chapter Questions

Problem 16CE

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Net sales	2,880
Cost of goods available for sale	2,500
Operating expenses	700
Effective tax rate	20%
Ending inventories:
If LIFO is elected	850
If FIFO is elected	1,150

Similar questions

Nu Company reported the following pretax data for its first year of operations. Net sales 2,960 Cost of goods available for sale 2, 480 Operating expenses 830 Effective tax rate 20% Ending inventories: If LIFO is elected 940 If FIFO is elected 1, 150 What is Nu's net income if it elects LIFO? Multiple Choice $800 $ 640 $472 $590
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10. Nu Company reported the following pretax data for its first year of operations. Net sales 2,800 Cost of goods available for sale 2,500 Operating expenses 880 Effective tax rate 25 % Ending inventories: If LIFO is elected 820 If FIFO is elected 1,060 What is Nu's net income if it elects FIFO? a. 480 b. 360 c. 1360 d. 180
Nueva Company reported the following pretax data for its first year of operations. Net sales 7,530 Cost of goods available for sale 5, 750 Operating expenses 1,718 Effective tax rate 15% Ending inventories: If LIFO is elected 630 If FIFO is elected 809 What is Nueva's net income if it elects FIFO?
Nu Company reported the following pretax data for its FIRST year of operations: Net Sales $2,800 Cost of goods available for sale 2,500 Operating expenses 880 Effective tax rate 40% Ending inventory: if FIFO is elected 1,060 if LIFO is elected 820 What is Nu Company’s net income if it elects FIFO? What is Nu Company’s net income if it elects LIFO?
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Calculate the net income after corporate income tax is paid for Quarter 1 from the following income statement. Use a corporate income tax rate of 21%. Q1 (x1000) Q2(x1000) Net Sales 115 125 COGS (30) (31) Gross Profit 85 94 Overhead (32) (41) Pre-tax Income 53 53 Net Income = $[?] Multiply your result by 1000 before entering. For example: 1.23 (x1000) = $1,230. %3D Enter Copyright 2003 - 2021 Acellus Corporation. All Rights Reserved,
The following is the income statement belongs to Excel Star LLC for the year ending 31 December 2020: Excel Star LLC Income Statement for the year ending 31December 2020 Net Sales OMR 25000 Cost of Goods Sold 7000 Gross Profit 18000 Operating Expenses 8000 Operating Income 10000 Other Income: Interest Income ____4000 Profit Before Tax OMR 14000 If the company pays an income tax expense on its profit at 30%, determine the amount of tax payable Select one: a. 10000 OMR b. 9800 OMR c. 4200 OMR d. 18200 OMR
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