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 $315 greater if the LIFO assumption were used, what would be the amount of income before taxes under the LIFO assumption?

8050

Explanation:

he amount of income before taxes under the LIFO assumption would be:

8050 calculated as follows:

Income tax under FIFO: 7000*.30 = 2100

Income Tax under LIFO = 2100 + 315= 2415

Income before taxes under LIFO = 2415/.30 = 8050

answer2/345y

explanation:

the correct answer is:

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the war powers resolution (1973) is a federal law designed to limit the u.s. president’s ability to initiate or intensify military actions abroad without the approval of the congress.

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it requires the president to notify congress within 48 hours of sending armed forces to military action.