You are the vice president of finance of sunland corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended march 31, 2020. these schedules appear below. sales ($5 per unit) cost of goods sold gross margin schedule 1 $148,800 $131,306 $17,494 schedule 2 148,800 137,034 11,766 the computation of cost of goods sold in each schedule is based on the following data. units cost per unit total cost beginning inventory, january 1 10,650 $4.30 $45,795 purchase, january 10 8,650 4.40 38,060 purchase, january 30 6,650 4.50 29,925 purchase, february 11 9,650 4.60 44,390 purchase, march 17 11,650 4.70 54,755 karen white, the president of the corporation, cannot understand how two different gross margins can be computed from the same set of data. as the vice president of finance, you have explained to ms. white that the two schedules are based on different assumptions concerning the flow of inventory costs, i. e., fifo and lifo. schedules 1 and 2 were not necessarily prepared in this sequence of cost flow assumptions. prepare two separate schedules computing cost of goods

Bridgeport company began operations at the beginning of 2018. the following information pertains to this company. 1. pretax financial income for 2018 is $115,000. 2. the tax rate enacted for 2018 and future years is 40%. 3. differences between the 2018 income statement and tax return are listed below: (a) warranty expense accrued for financial reporting purposes amounts to $7,500. warranty deductions per the tax return amount to $2,200. (b) gross profit on construction contracts using the percentage-of-completion method per books amounts to $94,700. gross profit on construction contracts for tax purposes amounts to $67,100. (c) depreciation of property, plant, and equipment for financial reporting purposes amounts to $61,800. depreciation of these assets amounts to $75,700 for the tax return. (d) a $3,600 fine paid for violation of pollution laws was deducted in computing pretax financial income. (e) interest revenue recognized on an investment in tax-exempt municipal bonds amounts to $1,500. 4. taxable income is expected for the next few years. (assume (a) is short-term in nature; assume (b) and (c) are long-term in nature.) (a) prepare the reconciliation schedule for 2017 and future years. (b) prepare the journal entry to record income tax expense for 2017. (c) prepare the income tax expense section of the income statement beginning with “income before income taxes.” (d) determine how the deferred taxes will appear on the balance sheet at the end of 2017.

Select the correct answer. sarah works in a coffee house where she is responsible for keying in customer orders. a customer orders snacks and coffee, but later, cancels th snacks, saying she wants only coffee. at the end of the day, sarah finds that there is a mismatch in the snack items ordered. which term suggest data has been violated? a. security b. integrity c. adding d. reliability e. reporting

Kimberly has been jonah in preparing his personal income tax forms for a couple of years. jonah's boss recommended kimberly because she had done a good job setting up the company's new accounting system. jonah is very satisfied with kimberly's work and feels that the fees she charges are quite reasonable. kimberly would be classified as a(n) (a) independent auditor (b) private accountant (c) public accountant (d) accounting broker