What would be amount of income before taxes under lifo, Accounting Basics

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What would be amount of income before taxes under lifo

The accountant at Cedric Company has determined that income before income taxes amounted to $7,000 using the FIFO costing assumption. If the income tax rate is 30% and the amount of income taxes paid would be $225 greater if the LIFO assumption were used, what would be the amount of income before taxes under the LIFO assumption?

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Accounting Basics: What would be amount of income before taxes under lifo

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What would be amount of income before taxes under lifo

Reference No:- TGS0705402

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : How to amortize the bond premium

Q : How readily assets can be converted

Q : What bid price should you set for the contract

Q : Discussing the options blalock

Q : What would be amount of income before taxes under lifo

Q : What is amount of income tax that the company has paid

Q : Compute cindy neuers gross earnings and net pay

Q : Prepare the entry to record january payroll tax expense

Q : What entry should be made at the time

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What would be amount of income before taxes under lifo

Reference No:- TGS0705402

Recent Questions Asked Accounting Basics

Q : How to amortize the bond premium

Q : How readily assets can be converted

Q : What bid price should you set for the contract

Q : Discussing the options blalock

Q : What would be amount of income before taxes under lifo

Q : What is amount of income tax that the company has paid

Q : Compute cindy neuers gross earnings and net pay

Q : Prepare the entry to record january payroll tax expense

Q : What entry should be made at the time

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