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monitta
3 years ago
5

Anka Company uses the LIFO inventory costing method for both its tax reporting purposes and its financial reporting purposes. An

ka Company’s inventories are reported at $1,004 million on its balance sheet. In its footnotes, Anka Company is required to report the amount at which inventories would have been reported under FIFO method. The difference between these two numbers is commonly referred to as what? A. LCM disclosures B. LIFO holding gain C. LIFO liquidation D. LIFO reserve
Business
1 answer:
katovenus [111]3 years ago
4 0

Answer:

C. LIFO liquidation

Explanation:

Benson Company uses the LIFO inventory costing method for both its tax reporting purposes and its financial reporting purposes. In its footnotes, Benson Company is required to report the amount at which inventories would have been reported under FIFO method.

The difference between these two numbers is commonly referred to as LIFO Reserve.

LIFO reserve represents the difference in ending inventory using LIFO and ending inventory if FIFO were employed instead.

Third option is the correct option.

LIFO reserve = FIFO inventory cost - LIFO inventory cost

FIFO inventory cost = LIFO inventory cost + LIFO reserve

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There is a trend in the United States toward rediscovering the flavor of regional cooking and the use of locally grown ingredien
Llana [10]

Answer:

Lifestyles

Explanation:

There are many reasons for this market to grow over the years, for example: Farmers' markets provide low-risk entry points for new or beginning farmers; educational opportunities for the general public; and increased access to fresh food for food-insecure community members.

8 0
3 years ago
Easton Co. deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of busines
Citrus2011 [14]

Answer:

See below

Explanation:

Given the above information, the adjusted cash balance should be;

Cash book balance

$67,209

Add:

Interest earned

$45

Less;

Bank fees

($30)

Adjusted cash book

$67,224

Bank balance

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Add:

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Adjusted bank balance

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7 0
2 years ago
Sheila sells land to Elane, her sister, for the fair market value of $40,000. Six months later when the land is worth $45,000, E
77julia77 [94]

Sheila Recognized gain is \$16000

Jacob Recognized gain is \$8000

<u>Solution: </u>

Sheila’s Sale:

Amount noticed              \$40,000

Fixed basis                      (24,000)

                                       -------------

Gain                                 \$16,000

Recognized Gain = \$16,000

Jacob’s Sale:

Amount noticed              \$48,000

Fixed basis                      (40,000)

                                       -------------

Gain                                \$8,000                            

Recognized Gain = $8000

The $40,000 profit base of Jacob is same as the adjusted basis of Elane.

8 0
3 years ago
Help i’m behind and i need to finish this assignment !
maria [59]

Answer:

Long term goals

4 0
3 years ago
Read 2 more answers
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The changes would directly impact our Exports.
When the national income of our trading partner increased, the purchasing capabilities that they have would also be increased.
Which means that we could sell a lot more product to that partner (increasing the export)
6 0
2 years ago
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