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Rzqust [24]
3 years ago
7

Bramble Corp. uses the FIFO method for internal reporting purposes and LIFO for external reporting purposes. The balance in the

LIFO Reserve account at the end of 2017 was $318000. The balance in the same account at the end of 2018 is $486000. Bramble’s Cost of Goods Sold account has a balance of $2300000 from sales transactions recorded during the year. What amount should Bramble report as Cost of Goods Sold in the 2018 income statement?
Business
1 answer:
AlladinOne [14]3 years ago
5 0

Answer:

$2,468,000

Explanation:

LIFO reserve = “Allowance to Reduce Inventory to LIFO” = the difference between the inventory method used for internal reporting purposes and LIFO.

LIFO effect = the change in the Allowance balance from one period to the next = the adjustment that companies must make to the accounting records.

Dr Cost of Goods Sold $168,000

($486,000- $318,000)

Cr Allowance to Reduce Inventory to LIFO $168,000

$2,300,000 +$168,000 =$2,468,000

Therefore the amount that Bramble should report as Cost of Goods Sold in the 2018 income statement is $2,468,000

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sergey [27]

Answer:

A. The country has a high inflation rate and rapid economic growth.

Explanation:

A contractionary monetary policy aims at limiting the amount of money supply in the economy. Contractionary monetary policies discourage banks from lending out money to businesses and households. If firms and individuals have no easy access to credit, the level of investments and consumption declines, resulting in slower economic growth.

Contractionary monetary policies are also used to tame a high inflation rate. Inflation is the general increase in prices in the economy. It may arise due to a high economic growth rate. Because contractionary policies decrease the supply of money in the economy, less liquidity reduces the aggregate demand, thereby curbing increasing prices.

3 0
3 years ago
Read 2 more answers
Consider the following transactions for Huskies Insurance Company:
PilotLPTM [1.2K]

Answer:

31-Dec

Dr Depreciation expense $7,000

Cr Accumulated Depreciation - Equipment $7,000

31-Dec

Dr Interest receivable $1,750

Cr Interest revenue $1,750

31-Dec

Dr Deferred Revenue $4,000

Cr Revenue or Service Revenue $4,000

Explanation:

Preparation of the necessary adjusting entry for Huskies Insurance at its year-end of December 31.

31-Dec

Dr Depreciation expense $7,000

Cr Accumulated Depreciation - Equipment $7,000

(Being to adjust 12 month depreciation)

31-Dec

Dr Interest receivable ($50,000 x 7% x 6/12) $1,750

Cr Interest revenue $1,750

(Being to adjust 6 month interest revenue accrued)

31-Dec

Dr Deferred Revenue ($16,000 x 3/12) $4,000

Cr Revenue or Service Revenue $4,000

(Being to record earned revenue for 3 months)

6 0
3 years ago
a conflict of interest in research could result when a physician is paid as a consultant for a pharmaceutical company and also c
Roman55 [17]

False, since both roles are in the capacity of research and does not compromise results. So there is no conflict of interest in research.

Conflicts of interest are situations in which professional judgments or actions regarding a primary concern, such as a medical researcher's responsibilities, may be easily persuaded by a secondary interest, such as monetary benefit or professional advancement.

Many doctors work full-time for biotech and pharmaceutical companies, as well as medical device manufacturers. They work in research, product development, or administration. In fact, a few of them own the businesses. This is not conflict of interest.

Learn more on conflict of interest-

brainly.com/question/14940595

#SPJ4

6 0
1 year ago
Which feature can be used to accomplish this?UVC wants to standardize their business logic. They want to ensure that workflow or
Anestetic [448]

Answer:

UVC wants to standardize to ensure that workflow order is guaranteed to the same each time. The feature that can be used to accomplish this is:

(A) Lightning Process Builder

(D) Visual Workflow

Explanation:

  • Lightning Process Builder is such a tool in workflow that allows your company without writing any line of code to easily automate the processes involved in the business like customer on-boarding. So UVC can use this feature to accomplish their goal.
  • Visual Workflow is such a tool that works which gives you drag and drop features in the workflow. They are more user-friendly due to their visualization feature so this feature can be used by the UVC.
  • The option B and C are not correct as they are not the good options as compared to other features as Workflow is not efficient as compared to Visual Workflow.
8 0
3 years ago
The required return on the stock of Moe's Pizza is 12.2 percent and after tax required return on the company's debt is 3.82 perc
GalinKa [24]

Answer:

WACC 7.71894%

Explanation:

WACC = K_e(\frac{E}{E+D}) + K_d(1-t)(\frac{D}{E+D})

Ke = 0.101

ER = 0.72

Kd = 0.0382

DR = 0.18

t = 0.35

WACC 7.71894%

4 0
3 years ago
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