Business, 21.12.2019 07:31 eboneecook8704
Orono corporation manufactured inventory in the united states and sold the inventory to customers in canada. gross profit from the sale of the inventory was $300,000. title to the inventory passed fob: destination. how much of the gross profit is treated as foreign source income for purposes of computing the corporation's foreign tax credit in the current year?
a. $0
b. $300,000
c. $150,000
d. the answer cannot be determined with the information provided.
Answers: 1
Business, 22.06.2019 10:30
Trecek corporation incurs research and development costs of $625,000 in 2017, 30 percent of which relate to development activities subsequent to ias 38 criteria having been met that indicate an intangible asset has been created. the newly developed product is brought to market in january 2018 and is expected to generate sales revenue for 10 years. assume that a u.s.–based company is issuing securities to foreign investors who require financial statements prepared in accordance with ifrs. thus, adjustments to convert from u.s. gaap to ifrs must be made. ignore income taxes. required: (a) prepare journal entries for research and development costs for the years ending december 31, 2017, and december 31, 2018, under (1) u.s. gaap and (2) ifrs. (c) prepare the entry(ies) that trecek would make on the december 31, 2017, and december 31, 2018, conversion worksheets to convert u.s. gaap balances to ifrs.
Answers: 1
Business, 22.06.2019 13:30
Presented below is information for annie company for the month of march 2018. cost of goods sold $245,000 rent expense $ 36,000 freight-out 7,000 sales discounts 8,000 insurance expense 5,000 sales returns and allowances 11,000 salaries and wages expense 63,000 sales revenue 410,000 instructions prepare the income statement.
Answers: 2
Business, 22.06.2019 21:00
Reagan corporation is a wholesale distributor of truck replacement parts. initial amounts taken from reagan's records are as follows:
Answers: 1
Business, 23.06.2019 02:30
Harmon inc. produces joint products l, m, and n from a joint process. information concerning a batch produced in may at a joint cost of $75,000 was as follows:
Answers: 3
Orono corporation manufactured inventory in the united states and sold the inventory to customers in...
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