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astraxan [27]
3 years ago
7

Knowledge Check 01 On January 1, Greenview Company adopted the dollar-value LIFO method. The inventory cost on January 1 was $11

2,000. On December 31, ending inventory had a cost of $136,400. The cost index for the year was 1.10. For what amount would ending inventory be reported
Business
1 answer:
Kamila [148]3 years ago
4 0

Answer:

Inventory to be reported is  125200

Explanation:

Adjust inventory to base year prices  

$136400/1.1=  124000

CURRENT YEAR LIFO LAYER  

$124000-$112000=  12000

Add the new lifo layer at end of period prices  

to prior year lifo inventory  

112000*1= 112000  

12000*1.1= 13200  

inventory to be shown 125200

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5. Consider the following semiannual bonds: Bond C%(per year) Maturity(years) A 0% 15 B 0% 9 C 5% 15 D 11% 9 a. What is the perc
liubo4ka [24]

Answer:

The percentage changes in the price of the bonds are as follows:

Bond A 16%

Bond B 9%

Bond C 11%

Bond D 7%

Explanation:

Find detailed calculation in the attached.

Please note the line color-coded blue.

Download xlsx
7 0
4 years ago
Don operates a taxi business, and this year one of his taxis was damaged in a traffic accident. The taxi was originally purchase
OleMash [197]

Answer:

Option (A) is correct.

Explanation:

Given that,

Purchasing price of taxi = $32,000

Adjusted basis = $2,000 at the time of the accident

Cost of repair = $2,500

Insurance reimbursed Don = $700

Lesser of Adjusted basis at the time of the accident and Cost of repaired is the amount of causality loss before adjustments.

So, lesser amount is $2,000 as compared to the cost of repair ($2,500).

Therefore,

Amount of causality loss before adjustments = $2,000

Hence,

Don's casualty loss deduction:

= Amount of causality loss before adjustments - Insurance reimbursed

= $2,000 - $700

= $1,300

3 0
3 years ago
Atlantis Inc. is in need for funds for its expansion plan. It approaches Uni Bank with its business plan for financial assistanc
rewona [7]

When Atlantis Inc has Uni Bank source their expansion, they are using a D. external source of funding. An external source refers to something being funded outside of their direct business funds. They are using another company to fund their business expansion which overtime will be paid back to them.

7 0
4 years ago
All of the following are considered an appropriate basis of accounting other than GAAP except_________.A. The cash basis of acco
ivolga24 [154]

Answer:b

Explanation:

Bc I said so

7 0
3 years ago
Someone may choose to own a car instead of leasing because:
yarga [219]

Option A is correct

If someone buys a car, he can sell it later when he needs some money. He can also sell the car if the car becomes obsolete or useless. In the leasing contract, the car will not be owned by the lessee (or the user). So, the lessee cannot sell the car but can use only for the specified period of time. Only the lessor can sell the car and get some money.

Therefore, from the given options, the benefit of the buying vs leasing is that the buyer can sell the car later to get some money back.


7 0
3 years ago
Read 2 more answers
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