A local airport has kiosks in the ticketing area that enable customers to check into their

A company uses LIFO. At the beginning of the current year its inventory was $200,000, and at the end of the current year its inv

andriy [413]

Answer:

FIFO ending inventory = $290000

Explanation:

given data

current year inventory = $200,000

end of the current year inventory = $250,000

start of the year LIFO reserve = $30000

end of the year LIFO reserve = $40,000

solution

LIFO reserve is difference between inventory using LIFo and inventory using FIFO

so

FIFO ending inventory = LIFO ending inventory + LIFO reserve ...............1

put her evalue we get

FIFO ending inventory = $250000 + $40000

FIFO ending inventory = $290000

7 0

3 years ago

Nathan Herrmann has completed the basic format to be used in preparing the statement of cash flows (indirect method) for CEO Con

yarga [219]

Answer:

Ending cash balance is -$41,000.

Explanation:

This can be prepared as follows:

Nathan Herrmann

Cash Flow Statement

for the year ended ...

Details $ $

Net income 69,000

Adjustment to reconcile net income

Depreciation expense 13,000

Loss on sale of land 12,000

(Increase) decrease in current assets

Increase in inventory (35,000)

Increase in prepaid rent (7,500)

Increase in accounts receivable (47,000)

Increase (decrease) in current liabilities:

Increase in accounts payable 15,000

Net cash from operating activities 19,500

Cash flows from investing activities:

Cash received from the sale of land 7,500

Purchase of equipment (229,000)

Net cash flows from Investing activities (221,500)

Cash flows from financing activities: 

Payment of dividends (31,000)

Repayment of notes payable (49,000)

Issuance of common stock 241,000

Net cash from financing activities 161,000

Increase / (Decrease) in cash (41,000)

Beginning cash balance -

Ending cash balance  (41,000) 

7 0

3 years ago

An excise tax on alcohol causes the supply of alcohol to decrease and the price of alcohol to decrease.

Ainat [17]

Answer:

False

Explanation:

An excise tax is tax levied on some specific goods. It is an indirect tax because it is not levied on customers.

Excise tax would increase the cost of supplying alcohol. This would reduce the supply of tax. A decrease in the supply of tax would increase the price of alcohol

4 0

2 years ago

A(n) ________ is a salaried accountant hired by a business to carry out its day-to-day financial activities. A. public accountan

sergiy2304 [10]

Answer:

D. private accountant

Explanation:

A salaried accountant that is hired by the business for the day to day activities of the organisation is the privately-owned accountant who is employed by a single company.

Is responsible for the analysis of the financial reports internally and they often are responsible for the payable accounts and for giving invoices to their business clients.

8 0

3 years ago

Financial accounting: Multiple Choice Provides information primarily for external decision makers. Provides information primaril

Natalka [10]

Answer:

The correct answer is letter "A": Provides information primarily for external decision makers.

Explanation:

Financial Accounting is the method of gathering, recording, summarizing and publishing financial data on a company that is useful to investors and creditors. The ultimate goal is to accurately report a business' financial picture and results at a given point in time and over a specified period.

Financial accounting output is a financial report containing different statements and explanatory notes.

7 0

3 years ago