Hemming Co. reported the following current-year purchases and sales for its only product

Hemming Co. reported the following current-year purchases and sales for its only product. Required Hemming uses a periodic inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO and (b) LIFO. Compute the gross margin for each method. (Round amounts to cents.)

You just graduated and you owe $20,000 on your student loans. Your monthly payment is $185.50

You just graduated and you owe $20,000 on your student loans. Your monthly payment is $185.50. The interest rate is 4.5%, compounded monthly. How many years until you have it paid off?

a. 8.98 years b. 10.72 years c. 11.58 years d. 11.95 years e. 15.22 years

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The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company

The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company.

                                                                                                                 

Advertising expense      $              28,750                   Direct labor         $              675,480                  

Depreciation expense—Office equipment                           7,250                     Income taxes expense                 233,725                  

Depreciation expense—Selling equipment                          8,600                     Indirect labor                     56,875    

Depreciation expense—Factory equipment                        33,550                   Miscellaneous production costs                                  8,425      

Factory supervision                         102,600                                 Office salaries expense                                 63,000    

Factory supplies used                    7,350                     Raw materials purchases                              925,000                  

Factory utilities                                 33,000                   Rent expense—Office space                      22,000    

Inventories                                                         Rent expense—Selling space                     26,100    

Raw materials, December 31, 2016                           166,850                                 Rent expense—Factory building                                 76,800    

Raw materials, December 31, 2017                           182,000                                 Maintenance expense—Factory equipment                         35,400    

Work in process, December 31, 2016                       15,700                   Sales                      4,462,500              

Work in process, December 31, 2017                       19,380                   Sales salaries expense                   392,560                  

Finished goods, December 31, 2016                         167,350                                                                                  

Finished goods, December 31, 2017                         136,490        


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During the year just​ ended, Shering​ Distributors, Inc., had pretax earnings from operations

During the year just​ ended, Shering​ Distributors, Inc., had pretax earnings from operations of $ 488 comma 000$488,000. In​ addition, during the year it received $ 28 comma 000$28,000 in income from interest on bonds it held in Zig Manufacturing and received $ 28 comma 000$28,000 in income from dividends on its 6 %6% common stock holding in Tank​ Industries, Inc. Shering is in the 34 %34% tax bracket and is eligible for a 70 %70% dividend exclusion on its Tank Industries stock.

a. Calculate the​ firm's tax on its operating earnings only.

b. Find the tax and the​ after-tax amount attributable to the interest income from Zig Manufacturing bonds.

c. Find the tax and the​ after-tax amount attributable to the dividend income from the Tank​ Industries, Inc., common stock.

d.​ Compare, contrast, and discuss the​ after-tax amounts resulting from the interest income and dividend income calculated in parts b. and c.

e. What is the​ firm's total tax liability for the​ year?

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