Psychology is the study of behavior and the minds functions.
Answer:
The best answer would be C. Fourth National Bank made an assignment.
Explanation:
The Fourth National Bank made an allocation of the loan as it was belonging to the Bank of North America stating that they got a loan.
Answer:
$2,664
Explanation:
Generally Acceptable Accounting Principles requires that the closing inventory should be valued at lower of cost and Net realizable value.
Product Quantity Total Cost Total Net Realizable Value
Revolvers 13 $126 $155
Spurs 22 $32 $27
Hats 9 $58 $48
Choosing Which one is lower for each product
Product Quantity Rate Total Value
Revolvers 13 $126 $1,638
Spurs 22 $27 $
594
Hats 9 $48 $432
Total Closing Inventory Value = $1,638 + $594 + $432 = $2664
By the use of Lifo in a period where the prices rise, companies avoid to report paper profit, also called phantom profit, as economic gain. Have in mind that in periods of changing prices, the cost flow assumption can have a significant impact onincome and on evaluations based on income. That is why when Lifo is used the companies tend to <span>report the lowest net income </span>
