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3 years ago

If a company uses LIFO, a LIFO liquidation causes a company's income taxes to increase:_______

Business

1 answer:

olasank [31]3 years ago

4 0

Answer: a. When inventory purchase costs are rising.

Explanation:

Last In First Out is an inventory stock valuation method where newer inventory is sold first and older inventory are sold last.

When a LIFO liquidation occurs, it means that the company has sold off its new stock and are now selling the older one.

This will lead them to have a lower cost of goods sold as the older stock is usually cheaper. If Inventory purchase costs are increasing in the market, then sales prices will have to increase as well. The company will sell at this new price but will still have that lower cost of goods sold.

This means that they would have more profits as a result which will lead to more taxes being charged on them.

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A company maintains its records using cash-basis accounting. During the year, the company received cash from customers, $32,000,

Virty [35]

Answer:

net income cash-basis 8,000

income accrual-basis 7,900

Explanation:

cash revenues 32,000

salaries expense (24,000)

net income cash-basis 8,000

sales for the period:

beginning AR + sales - collected = ending AR

3,000 + sales - 32,000 = 5,500

sales = 34,500

salaries expense:

beginning salaries payables + salaries - paid = ending salaries payable

3,100 + salaries - 24,000 = 5,700

salaries 26,600

revenues 34,500

salaries (26,600)

income accrual-basis 7,900

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3 years ago

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AlladinOne [14]

Answer:

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Explanation:

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2 years ago

A Swedish tour guide has devised a clever way for his clients to recognize him. He owns 13 pairs of shoes of the same style, cus

Bezzdna [24]

Answer:

P(13,2) = 169

Explanation:

We have to calculate the combinations for left and right shoe considering is not the same having a right shoe blue and left red than having a right shoe rend and a left red.

there are 13 pairs from whcih she will take a single pair:

$P(n,r) = n^{r} \\$

where:

n = number of pair = 13

r = shoes = 2 (one on each foot)

$P(n,r) = 13^{2} \\$

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3 years ago

Derived demand is demand: Group of answer choices

Aleks [24]

Answer:

C) linked to the production and sale of some other item.

Explanation:

• Derived demand is an economic term describing the demand for a good/service resulting from the demand for an intermediate or related good/service.

• Derived demand is solely related to the demand placed on a good or service for its ability to acquire or produce another good or service.

• The principles behind derived demand work in both directions; if the demand for a good decrease, the demand for the goods required to produce the item will also decrease.

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3 years ago

the first thing you should do after an interview is to contact your references.

Genrish500 [490]

You should contact your references and make them aware that you listed their names and numbers on your application.

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3 years ago