Prepare appropriate reversing entry (ies) of Company P.

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Chapter 15, Problem 6CE

To determine

Prepare appropriate reversing entry (ies) of Company P.

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year Apricot, Inc., has accumulated earnings and profits at the end of the of $275,000. Apricot pays a salary and bonus of $200,000 to Donald, its CEO. Apricot's taxable income before the salary and bonus is $225,000. The IRS classifies $75,000 of the salary and bonus as unreasonable. Calculate Apricot's taxable income after the reclassification. a. $25,000 b. $100,000 c. $125,000 d. $225,000 e. None of the above

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Marin Company follows the practice of pricing its inventory at the lower- of-cost-or-market, on an individual-item basis. Cost Cost to Ite Estimated Cost of Norm Qua m per Replac Selling Completion al ntity No. Unit e Price and Dsposal Profit 1320 1,400 $ 3.81 $ 3.57 $ 5.36 $0.42 $1.49 1333 1,100 3.21 2.74 4.17 0.60 0.60 1426 1,000 5.36 4.40 5.95 0.48 1.19 1437 1,200 4.28 3.69 3.81 0.30 1.07 1510 900 2.68 2.38 3.87 0.95 0.71 1522 700 3.57 3.21 4.52 0.48 0.60 1573 3,200 2.14 1.90 2.98 0.89 0.60 1626 1,200 5.59 6.19 7.14 0.60 1.19 From the information above, determine the amount of Marin Company Inventory. The amount of Marin Company inventory $