ncome tax was $200,000 for the year. Income tax payable was $20,000 at the beginning of the year and $30,000 at end of the year. Cash payments for income tax reported on the cash flow statement using the direct method is: A.$200,000 B.$220,000 C.$230,000 D.$190,000 Conversion costs are a.direct materials and factory overhead b.direct materials and indirect labor c.factory overhead and direct labor d.direct materials and direct labor

ncome tax was $200,000 for the year. Income tax payable was $20,000 at the beginning of the year and $30,000 at end of the year. Cash payments for income tax reported on the cash flow statement using the direct method is: A.$200,000 B.$220,000 C.$230,000 D.$190,000 Conversion costs are a.direct materials and factory overhead b.direct materials and indirect labor c.factory overhead and direct labor d.direct materials and direct labor

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter22: S Corporations

Section: Chapter Questions

Problem 16CE

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B. Considering the following information, please prepare income statements using both traditional and contribution formats Items Amount (Tk.) Sales 7,50,000.00 Direct materials 2,47,000.00 Direct wages 87,000.00 Salary 36,000.00 Factory Rent 40,000.00 Electricity 12,600.00 Depreciation 28,000.00 Insurance 22,000.00 Utilities 27,000.00 Conveyance 24,000.00
Direct labour Sales Selling expenses Raw (direct) materials on hand: January 1 December 31 General and administrative expenses Finished goods: January 1 Work-in-process: January 1 December 31 Direct materials purchases Depreciation: factory Indirect labour Indirect materials used Marketing promotions Factory taxes Utilities Courier costs (office) Miscellaneous plant overhead Plant repairs and maintenance Customer service costs Fire insurance: factory equipment Materials handling costs $ 30,000 400,000 50,000 8,000 4,000 18,000 25,000 19,000 18,000 47,000 20,000 3,000 7,000 1,500 11,000 20,000 900 4,000 9,000 3,000 3,000 8,000
In the quarter ended 31 March 20X2, C had sales taxable outputs, net of sales tax, of $90,000 and taxable inputs, net of sales tax, of $72,000. If the rate of sales tax is 10%, how much sales tax is due? A $1,800 receivable B $2,000 receivable C $1,800 payable D $2,000 payable
Using the following information. a. Beginning cash balance on March 1, $81,000. b. Cash receipts from sales, $305.000. c. Cash payments for direct materials, $130.000. d. Cash payments for direct labor. $79,000. e. Cash payments for overhead, $38.00. f. Cash payments for sales commissions, $7000 g. Cash payments for interest, $130 (1% of beginning loan balance of $13,000) h. Cash repayment of loan, $13.000. Prepare a cash budget for March for Gado Company. GADO COMPANY Cash Budget March Total cash available Less: Cash payments for Total cash payments $4 Loan activity Loan balance, end of month %24 K Prev earch
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a. Beginning cash balance on March 1, $73,000. b. Cash receipts from sales, $309,000. c. Cash payments for direct materials, $137,000. d. Cash payments for direct labor, $70,000. e. Cash payments for overhead, $42,000. f. Cash payments for sales commissions, $7,000 g. Cash payments for interest, $110o (1% of beginning loan balance of $11,000) h. Cash repayment of loan, $11,00o. Prepare a cash budget for March for Gado Company. GADO COMPANY Cash Budget March Total cash available Less: Cash payments for Total cash payments Preliminary cash balance Loan activity Ending cash balance Loan balance, end of month
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