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Luden [163]
3 years ago
7

Because of a decline in market price in the second quarter, Petal Co. incurred an inventory loss, but the market price was expec

ted to return to previous levels by the end of the year. At the end of the year, the decline had not reversed. Petal accounts for its inventory using the LIFO method. When should the loss be reported in Petal’s interim income statements?
Business
1 answer:
Sonja [21]3 years ago
5 0

Answer:

In the fourth quarter only.

When the loss is probable and estimable, the expected loss must be recorded in full. This loss becomes such at the end of the fourth quarter. Therefore, the inventory must be valued on the year-end at the lower of cost or market, recognizing the loss at that time.

Explanation:

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Several legal steps must sometimes be taken before a creditor can have his outstanding debt satisfied through the sale of the de
bagirrra123 [75]

Answer:

B) writ of persecution

Explanation:

According to my research on different legal requirements, I can say that based on the information provided within the question the only step that is not part of this process is writ of persecution. This is because a "writ of persecution" is a  written order of the court to persecute a person, since there is no mention of such a thing in the question we can say that this is not part of the process.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

7 0
3 years ago
A particular​ country's exports of goods are increasing exponentially. The value of the​ exports, t years after 2007​, can be ap
Olegator [25]

Answer:

V(t) = $ 1.5 billion for 2007

V(t) = $1.5 billion, 295 million. For 2012

Doubling time = t = 177.69 yrs

Explanation:

a).

V(t) = 1.5e^(0.039t)

For the first year 2007, t= 0

V(t) = 1.5e^(0.039*0)

V(t). = 1.5e^0

V(t) =. 1.5*1 = 1.5

V(t) = $ 1.5 billion for 2007

For 2012 that is 5 years after,t= 5

V(t) = 1.5e^(0.0039*5)

V(t) = 1.5e^ (0.0195)

V(t) = 1.5(1.019691367)

V(t) = 1.5295

V(t) = $1.5 billion, 295 million.

b). Doubling time is when the value of the export is 1.5 *2 =$ 3 billion

3 = 1.5e^(0.0039t)

3/1.5= e^(0.0039t)

2 = e^0.0039t

In 2 = 0.0039t

0.693= 0.0039t

t = 177.69 yrs

7 0
3 years ago
Use the following Year 3 data: Other Selling and Administrative Expenses $ 1,052,000 Other Expenses 249,300 Sales Revenue 4,887,
Talja [164]

Answer:

$222,450

Explanation:

Computation of annual income statement for Kvass Inc. is shown below

Sales revenue

$4,887,000

Less:

Selling and admn expenses

($1,052,000)

Other expenses

($249,300)

Advertising and promotion expenses

($553,350)

Salaries and wages expenses

($2,527,800)

Income tax expenses

($167,350)

Interest expense

($114,750)

Net income

$222,450

8 0
3 years ago
Axle Corporation acquires​ 100% of Drexel​ Corporation's stock from​ Drexel's shareholders for​ $500,000 cash. Drexel Corporatio
kolbaska11 [484]

Answer:

$500,000 Axle​ Corporation's basis in the Drexel Corporation stock.

5 0
3 years ago
Read 2 more answers
Any changes to a firm's projected future cash flows that are caused by adding a new project are referred to as:
attashe74 [19]

Answer: A just took the quiz

Explanation:

5 0
4 years ago
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