The answer is not $158,425. Metlock Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is informationfor the month of May.Inventory, May 1Purchases (gross)Freight-inSales revenueSales returnsPurchase discounts(a)$149,100683,20028,700998,60076,50011,000* Your answer is incorrect.Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales.The estimated inventory at May 31tA$158425

Name: The answer is not $158,425. Metlock Company uses the gross profit meth
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Description: The answer is not $158,425. Metlock Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is informationfor the month of May.Inventory, May 1Purchases (gross)Freight-inSales revenueSales returnsPur

The gross profit is calculated as the difference between sales and cost of goods sold. The ending…

Answered: Inventory, May 1 Purchases (gross)…

Business

Accounting

Inventory, May 1 Purchases (gross) Freight-in Sales revenue $149,100 683,200 28,700 998,600

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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For the next two questions, a "+" sign is optional for any answer that is a net cash inflow, but a "-" sign is mandatory for any answer that is a net cash outflow. Reebok Ltd is purchasing a $7.7 million machine, which will cost the firm an additional $46,000 to have the machine transported and installed ready for use. The machine is depreciated to a value of zero over a tax life of 4 years via the straight-line method. It will also be worthless in the salvage market at this time. The machine is expected to generate incremental revenues of $4.4 million per year for the firm while also causing incremental costs of $1.6 million per year. Reebok's marginal tax rate is 37.5%. You are forecasting incremental free cash flows for Reebok Ltd (a) What is the incremental free cash flow associated with the new machine at t=0? The free cash flow at t=0 will be $ (Round your answer to the nearest dollar) (b) What is the annual incremental free cash flows each year from t=1 to t=4? The annual free…
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A tracked dozer was purchased new for $1,300,000. At EOY5, the contractor sold it for $320,000. According to MACRS, the contractor owes tax on $_____, within a tolerance of $100. [Digits only. No thousands separator.]
Problem 06-40 (Static) [LO 6-11] Margaret, a married taxpayer filing a joint return, engaged in two business activities this year, Business A earned $400,000 of profit. Business B incurred a loss of $(995,000) Required: How much of Margaret's net business loss is not currently deductible? Note: Negative amount should be entered with a minus sign. Answer is complete but not entirely correct. $(95,000) Margaret's excess business loss not currently deductible
I am reposting it because the answers were wrong. Can someone please help me with correct answers for required 2 and 3. Thank you! Dixon Development began operations in December 2021. When lots for industrial development are sold, Dixon recognizes income for financial reporting purposes in the year of the sale. For some lots, Dixon recognizes income for tax purposes when collected. Income recognized for financial reporting purposes in 2021 for lots sold this way was $16 million, which will be collected over the next three years. Scheduled collections for 2022–2024 are as follows: 2022 $ 4 million 2023 7 million 2024 5 million $ 16 million Pretax accounting income for 2021 was $28 million. The enacted tax rate is 35%. Required:1. Assuming no differences between accounting income and taxable income other than those described above, prepare the journal entry to record income taxes in 2021.2. Suppose a new tax law, revising the tax rate from 35% to…
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Suppose the company plans to use a building that it owns to house the project. The building could be sold for $5 million after taxes and real estate commissions. How would that fact affect your answer? The potential sale of the building represents an opportunity cost of conducting the project in that building. Therefore, the possible after-tax sale price must be charged against the project as a cost. The potential sale of the building represents an opportunity cost of conducting the project in that building. Therefore, the possible before-tax sale price must be charged against the project as a cost. The potential sale of the building represents an externality and therefore should not be charged against the project. The potential sale of the building represents a real option and therefore should be charged against the project. The potential sale of the building represents a real option and therefore should not be charged against the project. -Select-IIIIIIIVV
Provide complete solutions: a. Ranran - ₱220,000; Sansan - ₱160,000; Tantan - ₱220,000 b. Ranran - ₱150,000; Sansan - ₱160,000; Tantan - ₱170,000 c. Ranran - ₱150,000; Sansan - ₱160,000; Tantan - ₱220,000 d. Ranran - ₱176,666; Sansan - ₱176,666; Tantan - ₱176,668