Train Corporation is an S corporation that is owned equally by Carlos and Diane at the beginning of the year. On April 21 (the 111th day of Train's tax year) of the current year, Carlos sells all of his Train Corporation stock to Andre. How many days will be used when computing Carlos's share of S corporation income for this year (a non-leap year), assuming that a special income allocation
election is not made?
A) 110
B) 111
C) 254
D) 255
B) 111
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Which of the following include only current assets?
a. Accounts receivable, cash, inventory, office supplies b. Cash, accounts payable, inventory, office supplies c. Cash, land, accounts receivable, inventory d. Accounts receivable, cash, furniture, office supplies
Memphis Company anticipates total sales for April, May, and June of $800,000, $900,000, and $950,000 respectively. Cash sales are normally 25% of total sales. Of the credit sales, 30% are collected in the same month as the sale, 65% are collected during the first month after the sale, and the remaining 5% are not collected. Compute the amount of cash received from total sales during the month of June.
A. $592,500. B. $561,500. C. $817,500. D. $890,000. E. $652,500.
Standardized wages tied to jobs rather than individuals, reduces ______________________ flexibility.
Fill in the blank(s) with the appropriate word(s).
Which of the following amounts could differ if a company, using the LIFO inventory costing method, shifts from a periodic inventory system to a perpetual inventory system?
A) ending merchandise inventory B) sales revenue C) purchases D) purchase returns