Ruijinzhang3142
15.04.2020 •
Business
The accountant at Novak Corp. has determined that income before income taxes amounted to $13400 using the FIFO costing assumption. If the income tax rate is 30% and the amount of income taxes paid would be $1100 greater if the LIFO assumption were used, what would be the amount of income before taxes under the LIFO assumption?
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Ответ:
The correct answer is $17,066.67.
Explanation:
According to the scenario, the computation of the given data are as follows:
Income before Income tax, FIFO = $13,400
Tax rate = 30%
So, Income tax amount, FIFO = $13,400 × 30% = $4,020
So, Tax amount, LIFO = $4,020 + $1,100 = $5,120
We can calculate the income before taxes by using following method,
Income before taxes, LIFO = $5,120 ÷ 30%
= $17,066.67
Ответ:
The 3rd one is correct
Explanation: