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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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Your seller wants to net $100,000 after the 5ommission is paid. assuming no closing costs, at what price does the home need to s
Murljashka [212]

$105,263.16

The seller's percentage of a sale is 100% - 5% commission = 95% (or .95). Take the amount the seller wants to net and divide it by that amount ($100,000 ÷ .95 = $105,263.16). Conversely, for a sales price of $105,263.16: $105,263.16 × .95 = $100,000.

the sales price is the discounted price at which goods or services are sold. This price is typically offered for a limited time and is typically used to promote sales during a recession or sell excess inventory. Discounts are advertised as a percentage of the regular list price.

Although the two are interchangeable, the sale price is usually used when the sale results in a lower than normal price for an item. Discounted prices on items compared to regular retail prices. According to the Business Dictionary, selling price is an "alternative term for price."

Learn more about sales price here: brainly.com/question/7459025

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4 0
2 years ago
The double-entry principle in the balance-of-payments
Sliva [168]

Answer:

The Current account is for goods and services.

The Financial account is for exchange of currencies and financial assets across countries.

Miguel, a U.S. resident, buys an HDTV set for  $2,500 and sends it to Mexico as a gift to his parents. <u>DEBIT CURRENT ACCOUNT. CREDIT CURRENT ACCOUNT. </u>

Miguel buys the good in the U.S. and then sends it so this falls under the current account alone.

Arielle, a French tourist, stays at a hotel in San  Francisco and pays $400 for it with her debit  card issued by a French bank. <u>DEBIT FINANCIAL ACCOUNT. CREDIT CURRENT ACCOUNT. </u>

The Financial account should be debited to show that currency is coming into the U.S. from outside the country and current account should be credited for services rendered.

A U.S. computer manufacturer purchases hard  drives from a Korean company, paying the funds  from its bank account in Korea. <u>DEBIT CURRENT ACCOUNT. CREDIT FINANCIAL ACCOUNT. </u>

Current account should be debited to reflect that goods are coming into the country but the financial account should be credited to show that currency is leaving the ownership of an American entity so it is passing out of American hands.

3 0
2 years ago
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svetlana [45]

Answer:

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Auto liability insurance helps offset the costs of bodily injuries and property damages to the other driver. The principle applies if you are the one at fault in the of an accident.

Auto liability insurance coverage is mandatory by law. It covers the medical expenses of the other party. In some circumstances, it may cover lost wages and legal fees in case the other party files a lawsuit. It also covers the repair or replacement cost of the other drivers' car.

4 0
3 years ago
How do you solve for an owner's equity​
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Answer:

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5 0
1 year ago
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