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3 years ago

FIFO and LIFO are two common methods used to compute the depreciation of tangible assets. True or false?

Business

1 answer:

IgorLugansk [536]3 years ago

7 0

Answer:

The statement is false

Explanation:

The statement is false as the both the methods that is LIFO and FIFO are the methods of inventory valuation, not for computing the depreciation.

As LIFO (Last in first out), this method involves the inventory which is purchased last is expensed first whereas FIFO (First in first out), this method of inventory valuation, involves the inventory in which the inventory which is purchased first is expensed first.

For computing the depreciation for the tangible assets involves straight line, diminishing or double declining methods.

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the gross sales for store B were 876500. the custmer returns and allowances were 10%. what was the dollar amount of returns and

Marina CMI [18]

Answer:

$87,650

Explanation:

The computation of the dollar amount of returns and allowances is shown below:

= Gross sales for store B × customer returns and allowances percentage

= $876,500 × 10%

= $87,650

By multiplying the gross sales with the customer returns and allowances percentage we can get the dollar amount with respect to the returns and allowances and the same is to be considered

7 0

3 years ago

Producer surplus directly measures a. the well-being of buyers and sellers. b. the well-being of society as a whole. c. the well

marissa [1.9K]

Answer:

c. the well-being of sellers.

Explanation:

A surplus is the amount by which the quantity supplied of a good exceeds the quantity demanded of the good.

Producer surplus is the amount a buyer is willing to pay for a good minus the cost of producing the good.

On the other hand, consumer surplus is the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.

Hence, an export subsidy will increase producer surplus.

In conclusion, producer surplus directly measures the well-being of sellers.

4 0

3 years ago

Regling Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $4

Leto [7]

Answer:

Dr Vacation pay expenses $40,000

Cr Vacation pay payable $40,000

Dr Pension expenses $222,750

Cr Cash $185,000

Cr Unfunded pension liability $37,750

Explanation:

Regling Company Journal entries

Dr Vacation pay expenses $40,000

Cr Vacation pay payable $40,000

Dr Pension expenses $222,750

Cr Cash $185,000

Cr Unfunded Pension liability $37,750

8 0

3 years ago

You plan on making a $235.15 monthly deposit into an account that pays 3.2% interest, compounded monthly, for 20 years. At the e

erma4kov [3.2K]

Answer:

Monthly payment = $769.27

Explanation:

First we have to determine the future value of the ordinary annuity:

Payment = $235.15

N = 20 * 12 = 240

Rate = 3.2% / 12 = 0.267%

Using a financial calculator and the FV function, the FV = $78,910.41

Again, using the financial calculator or Excel, you can determine the monthly payment:

N = 10 / 12 = 120

Rate = 0.267%

PV = $78,910.41

FV = $0

Monthly payment = $769.27

8 0

3 years ago

Global Commerce Corporation purchased trading debt investments for $136,000 on December 31, 2018. There is a decrease of $3,400

stellarik [79]

Answer:

A. Unrealized Holding Loss - Trading 3,400

Fair Value Adjustment - Trading 3,400

Explanation:

Since this investment is classified as a trading investment, any change in its fair market value must be included in their income statement. The appropriate journal entry should be:

Dr Unrealized loss on trading security 3,400

Cr Debt investments 3,400

This will decrease the carrying value of the debt investments in the balance sheet and the loss will be included in the 2019 income statement. The fair value adjustment account normally has a credit balance since it decreases the carrying value of the investment account.

3 0

3 years ago