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Question - The manager of Whispering is given a bonus based on net income before taxes. The net income after taxes is $54220 for FIFO and $45400 for LIFO. The tax rate is 30%. The bonus rate is 20%. How much higher is the manager's bonus if FIFO is adopted instead of LIFO?
A. $2520
B. $17640
C. $8820
D. $12600
On January 1, 2023, 2,000 bonds were converted into common shares. Prepare the journal entry to recognize the conversion transaction
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Pudding company has current assets of 1,500,000 with a current ratio of 1.2 and a quick ratio of 0.9. How much is puddings current liabilities.
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