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Marrrta [24]
3 years ago
9

True or False: The LIFO Conformity Rule states that if the LIFO method is used for income tax purposes, it can not be used for f

inancial statement purposes.
Business
1 answer:
elena-s [515]3 years ago
6 0

Answer:

FALSE

Explanation:

The LIFO conformity rule requires taxpayers that elect to use LIFO for tax purposes to use <u>no method other than LIFO to ascertain the income, profit, or loss for the purpose of a report or statement to shareholders, partners, or other proprietors, or to beneficiaries, or for credit purposes</u>.

Hence the IRS requires that the same method for income tax purpose be used for financial statement purpose

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Which of the following products is likely to have an inelastic supply reaction to a change in price? A. Corn B. Cars C. Shoes D.
Sergio039 [100]
The correct answer is C,
A good is said to have an inelastic supply if the suppliers did not have any choice than producing it even though the cost of production is high and the buyers did not have any choice than buying it even though it is expensive.
No one can do without shoes, even if they are expensive, we still need to buy them.
4 0
3 years ago
Read 2 more answers
Forsyth County charges a 7% sales tax. If you bought a new printer form $3250.00, what is the total cost for the printer?
iren2701 [21]

Answer:

Total cost = $3477.5

Explanation:

Given the following data;

Sales tax = 7%

Cost price = $3250.00

To find the total cost for the printer;

First of all, we would determine the sales tax

Sales tax = 7/100 * 3250

Sales tax = 7 * 32.5

Sales tax = $227.5

Now, we can find the total cost;

Total cost = sales tax + cost price

Total cost = 227.5 + 3250

Total cost = $3477.5

5 0
3 years ago
Lee lives in a nation that has a worldview that values subordination of the individual to the goals of the group. Lee's country
Nikitich [7]

Lee lives in a nation that has a worldview that values subordination of the individual to the goals of the group. Lee's country also follows the principle that people should be judged by their contribution to the group. Lee's country is collectivism.

<h3><u>Explanation:</u></h3>

The principle that gives importance and priority to the group rather than the individuals is called as collectivism. It gives importance to the group for instance a family rather an individual in that family. For instance consider the activity of a child who has been brought up in a collectivist society.

He will have the tendency to take care of the parents who are older and when they are not feeling well instead of taking care of themselves. In the given example, the country in which LEE lives is giving priority to the group and thus Lee's country is collectivism.

6 0
3 years ago
Read 2 more answers
Jenna purchased 500 shares of XYZ stock for $10 per share. The stock paid the following dividends: Year 1: $0.25 per share Year
aleksley [76]

Based on the price of the stock and the dividend over the years, the time-weighted return of XYZ stock is 16.83%.

<h3>What is the time-weighted return of XYZ stock?</h3><h3 />

In this case, the Time weighted return can will be the same as the IRR so the IRR function on a spreadsheet can be used to find the return.

Year 0 return = -$10 per share

Year 1 = $0.25

Year 2 = $0.27

Year 3 = (0.29 + 15) = $15.29.

Time weighted return will be 16.83% as shown in the attachment.

Find out more on Weighted return at brainly.com/question/15885163.

8 0
1 year ago
Keller learns to think that everything has a lesson and a? A.)suggestion or B.)moral​
Anni [7]

B.) moral I think. Hope this helps

6 0
3 years ago
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