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Lilit [14]
3 years ago
5

On January 1, 2018, Crane Corp. changed its inventory method to FIFO from LIFO for both financial and income tax reporting purpo

ses. The change resulted in a $1030000 increase in the January 1, 2018 inventory. Assume that the income tax rate for all years is 35%. The cumulative effect of the accounting change should be reported by Crane in its 2018.________________.
Business
1 answer:
vagabundo [1.1K]3 years ago
3 0

Explanation:

Data provided in the question

Change in the inventory = $1,030,000

i.e Opening inventory = $1,030,000

Income tax rate = 35%

So, the cumulative effect in the year 2018 is

Opening inventory   $1,030,000

Less: income tax rate i.e 35% -$360,500

Balance                         $699,500

This balance would be addition to the beginning balance of the retained earning statement

                   

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Noah is in the process of getting organized. Which of the following actions should he take during this time? Check all that appl
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Answer:

B. Noah should put all of his important projects into a calendar that he looks at every day.

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Explanation:

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Consumers are required to apply their skill or analytical or creative thinking to try to win a prize in a(n)
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7 0
2 years ago
Amounts owed to suppliers for supplies purchased on account are defined as
OlgaM077 [116]
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3 years ago
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You run the only lemonade stand in Central Park, New York City. If people don't buy lemonade from you, their only other option i
Nadya [2.5K]

Answer:

1. The demand for lemonade is elastic since, the rise in price of lemonade led to the fall in the quantity demanded of the lemonade.

2. price elasticity of demand is given by = (dQ/dP)*(P/Q)

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dP= 1.25-1 = 0.25

putting in the equation for price elasticity,

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= 1/0.5 = 2

Thus, the price elasticity of demand for lemonade is 2, which is elastic.

3. The increase in price is shown by the movement along the demand curve below:

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