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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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On August 1, 2022, Burdick Co. issued bonds with a face value of $600,000. The bonds carry a stated interest rate of 8%; interes
xz_007 [3.2K]

Answer:

$620,000

Explanation:

the total cash received (dirty price) = clean price + accrued interest = (1.02 x $600,000) + ($600,000 x 8% x 2/12) = $612,000 + $8,000 = $620,000

the clean price of a bond refers to the price of the bond without any type of accrued interest, i.e. the price that the issuer would receive if it sold them at the same date that they were issued.

The dirty price includes both the clean price plus any accrued interest

4 0
3 years ago
In 1976, ron wayne sold his 10% ownership of which company for $800? walmart
Allisa [31]
Ron Wayne or Ronald Gerald Wayne sold 10% of his ownership of the Apple Computer (now Apple Inc.)  in 1976 for $800. He is a retired American Electronics Industry worker that have co-founded the Apple Computer together with Steve Wozniak and Steve Jobs. He was responsible for giving administrative oversight for the venture of the new company during that period. If he had kept his shares, he would have gained $75.5 billion worth of shares from the said company. 
3 0
3 years ago
Bill, age 65 has 2020 unreimbursed medical expenses totalling $20,000 and an adjusted gross income of $170,000. How much of thos
svp [43]

Answer:

$7,250

Explanation:

You can deduct medical expenses <u>that exceed</u> 7.5% of your AGI (changes, but is currently at this level).

170,000 x .075 = 12,750

20,000 - 12,750 = $7,250

I hope this helps!

-TheBusinessMan

7 0
3 years ago
An older person nearing retirement might typically find it better to invest in ________ since they generally seek less risk with
Helga [31]

The answer to this question is bonds. Bonds are an investment type where in investors’ gains a fixed-income over their investments. Bonds are less risky because the return of investment is in a fixed rate and this is less vulnerable to price swings in the stock market. 

5 0
3 years ago
at what point described below will producer surplus most likely drop to zero for a firm? a.) when the firm is taking a significa
kherson [118]

(B) When revenue equals opportunity and variable cost, then the producer surplus most likely drops to zero for a firm.

<h3>What is revenue?</h3>
  • The total income derived from the sale of products or services pertaining to a business's core operations is referred to as revenue.
  • Because it appears at the top of the income statement, revenue, which is also known as gross sales, is frequently referred to as the "top line."
  • A company's overall earnings or profit are referred to as income or net income.
  • Although both revenue and profit are positive indicators for your company, they are not the same thing.
  • The producer surplus for a firm will probably reach zero when revenue equals opportunity costs and variable costs.

Therefore, (B) when revenue equals opportunity and variable cost, then the producer surplus most likely drops to zero for a firm.

Know more about revenue here:

brainly.com/question/16232387

#SPJ4

3 0
1 year ago
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