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Category > Accounting Posted 06 Aug 2017 My Price 12.00

Acme, Inc

Acme, Inc., a domestic corporation, manufactures goods at its U.S. factory for sale in the United States and abroad. Acme has established an IC-DISC. During the current year, Acme’s qualified export receipts are $4,000, and the related cost of goods sold is $2,400.

Acme has $1,200 of selling, general and administrative (SG&A) expenses related to the qualified export receipts. Acme’s gross receipts from domestic sales are $96,000, the related cost of goods sold is $65,600, and the related SG&A expenses are $18,800. In sum, Acme’s results for the year (before considering any income allocated to its IC-DISC via a commission payment), are as follows:

 

 

Total

Qualified export receipts

Other sales

Gross receipts

$100,000

$4,000

$96,000

Cost of goods sold

 

 

 

(direct material and labor)

-68,000

-2,400

-65,600

Gross profit

$32,000

$1,600

$30,400

SG&A

-20,000

-1,200

-18,800

Net income

$12,000

$400

$11,600

What is the maximum amount of income that Acme can allocate to its IC-DISC? (Assume combined taxable income equals the $400 of net income from qualified export receipts.)

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 10:08 PM My Price 12.00

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