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NeTakaya
3 years ago
10

Which inventory method reflects the most recent costs of inventory on the balance sheet? What implications might this have that

would be relevant for users of the financial statements to know?
Business
1 answer:
dalvyx [7]3 years ago
8 0

Answer:

Which inventory method reflects the most recent costs of inventory on the balance sheet?

LIFO

What implications might this have that would be relevant for users of the financial statements to know?

This will mean that the profitability ratios will be smaller under LIFO .

The profitability ratios include profit margin, return on assets, and return on stockholders' equity.

Explanation:

LIFO, the most recent costs of products purchased (or manufactured) are the first costs to be removed from inventory and matched with the sales revenues reported on the income statement. This means that the oldest costs remain in inventory.

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Whispering Winds Corporation owns equipment that cost $64,800 when purchased on April 1, 2013. Depreciation has been recorded at
Aleonysh [2.5K]

Answer:

(a) update depreciation for 2018

Debit ; Depreciation $10,800

Credit Accumulated Depreciation  $10,800

(b) record the sale

Debit : Cash $12,960

Debit : Accumulated Depreciation $62,100

Credit : Profit and Loss $10,260

Credit : Equipment at Cost $64,800

Explanation:

(a) update depreciation for 2018

Recognize deprecation

(b) record the sale

Recognize proceeds from sale and profit or loss from sale

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3 years ago
A description of how a particular society distributes its resources to produce goods and services is the definition
Amiraneli [1.4K]

Answer:∈

Explanation:

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3 years ago
Connie has AGI of $90,000 and owns rental property generating a $27,000 loss. She actively manages the property. Her deductible
Sedbober [7]

Answer and Explanation:

Her deductible loss is $27,000.

8 0
3 years ago
Park & company was recently formed with a $6,900 investment in the company by stockholders in exchange for common stock. the
yKpoI14uk [10]

<u>Calculation of Total Assets:</u>

Total assets based on the given transactions can be calculated as follows:


Cash Received from Investors $6,900

Add: Amount Borrowed from Local Bank $3,900

Add: Supplies Purchased on account $1,190

Add: Equipment purchased $6,900

Less: Cash Paid for purchase of equipment -$2,190


Total Assets = $16,700


Hence based on the given transactions, the company's total assets are <u>$16,700</u>





7 0
4 years ago
Workplace CrossWord Help:
elena55 [62]

Answer:

Hazard Control

Explanation:

Hazard control can be defined as the a worldwide accepted system that is setup by industries or companies to ensure the reduction or elimination of work hazards.

It is usually passed across to managers through training and the managers in turn ensure that the employees are trained as well thus ensuring that the practices become standard practices in the organization.

cheers

4 0
3 years ago
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