Answer:
Tax in FIFO method= 0.3*8,740=2,622
Tax in LIFO method= 0.3*8,100= 2,430
Difference- 2,622-2,430=192
Using the FIFO method will result in $192 more in tax than the LIFO method
Explanation:
Answer:
Reverse redlining
Explanation:
Reverse redlining means the practice that target the neighborhood specially the non-white for the greater prices or lended the non-fair terms like lending used for predatory with respect to the subprime mortgage
So as per the given situation, it is the reverse redlining as it is targetted to the borrowers or the areas having high cost loans
So, the same should be considered
Answer:
Credit to Prepaid insurance for $400 and Debit to Insurance expense for $400
Explanation:
The journal entry is given below:
Insurance expense ($4800 × 1 ÷ 12) $400
Prepaid Insurance $400
(To record insurance expense)
Here the insurance expense is debited as it increased the expense and credited the prepaid insurance as it decreased the assets
Answer and Explanation:
Magnus Co should refer to FAS 160/ARB-51-9
Retained earnings are profits of the business after deduction of dividend. It is located in the equity section of the statement of financial position/balance sheet of the reporting entity
Calculated retained earnings +profit/loss for the year - dividends
A
A subsidiary must be consolidated and reported by an entity with an interest in it if it has a majority stake in the company of over 50 percent voting shares
FAS 160 has replaced ARB 51
The answer
cultural diffusion
