Lollar inc is a giant provider of home furnishings the

Reference no: EM13607680

Lollar, Inc., is a giant provider of home furnishings. The company uses the FIFO inventory method. The following information was taken from the company's recent financial statements:

Cost of goods sold $ 1,850,000
Income before taxes 125,000
Income taxes expense (and payments) 52,500
Net income 72,500
Net cash provided by operating activities 123,250

The financial statements also revealed that had Lollar been using LIFO, its cost of goods sold would have been $1,865,000. The company's income taxes and payments amount to approximately 40 percent of income before taxes.

b. Assuming that Lollar had been using LIFO, compute the following amounts for the current year.

Income before taxes $ __________
Income taxes expense $ __________
Net income $ __________
Net cash provided by operating activities $ __________

Reference no: EM13607680

Questions Cloud

Find the monthly mortgage payment including taxes and : find the monthly mortgage payment including taxes and insurance. mortgage 66500 interest rate 6 term of loan 10 years

Peluso company a manufacturer of snowmobiles is operating : peluso company a manufacturer of snowmobiles is operating at 70 of plant capacity. pelusos plant manager is

Jk software jks a public company with quarterly reporting : jk software jks a public company with quarterly reporting signed a contract with jr gardens on november 1 2009. the

A 1-cm-thick layer of water stands on a horizontal slab of : a 1-cm-thick layer of water stands on a horizontal slab of glass. a light ray in the air is incident on the water 55

Lollar inc is a giant provider of home furnishings the : lollar inc. is a giant provider of home furnishings. the company uses the fifo inventory method. the following

Find the focal length of the lens that produces the image : consider an object with s12cm that produces an image with s115cm. note that whenever you are working with a physical

Assume a normal distribution with a mean of 70 and a : assume a normal distribution with a mean of 70 and a standard deviation of 12. what limits would include the middle 65

A invoice has done value 100 for 10 units 10 per unit but : a invoice has done value 100 for 10 units 10 per unit but supplied 11 units 1 unit as discount and also collect 100

Suppose a spherical metallic satellite 07 m in diameter : space vehicles traveling through earths radiation belts can intercept a significant number of electrons. the resulting

User Account

All Pages