The cumulative difference between reporting inventory at LIFO rather than FIFO is commonly referred to as the LIFO reserve
<h3>What is
LIFO reserve?</h3>
Generally, LIFO reserve is an accounting term that represents the difference between the cost of inventory calculated using the first-in, first-out (FIFO) method and the cost calculated using the last-in, first-out (LIFO) method for the purposes of bookkeeping.
In conclusion, The LIFO reserve is a term that is widely used to refer to the accumulated discrepancy that results from reporting inventory using the LIFO method rather than the FIFO method.
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A business that is small enough to be run by one or a few people and does not require a large amount of capital would be good for a sole proprietorship.
This type of business structure has less bureaucracy and does not require a lot of formality to be managed, making it an ideal setting for family businesses, such as grocery stores and clothing stores.
Therefore, in a sole proprietorship, the owner is responsible for the risks inherent in the business, with greater freedom and flexibility.
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Answer:
The amount of interest that is recognized for the period from April 1 to December 31 is $15,750
Explanation:
According to the given data we have the following:
interest=12%
From April 1 to December 31 we have 9 months
Sodium Inc. borrowed $175,000
Therefore, in order to calculate the amount of interest that is recognized for the period from April 1 to December 31 we would have to make the following calculation:
Interest for 9 months= $175,000 x 12% x 9 months / 12
Interest for 9 months=$15,750
The amount of interest that is recognized for the period from April 1 to December 31 is $15,750
Answer:
d. all resources are privately owned and prices are used to coordinate economic activity.
Explanation:
- A mixed economy is a system of the economy that is based on the aspects of the capitalism and the socialism and is the style that protect the private ownership and allows for the levels of the economic freedom.
- In the case of the capital and also allows for the government intervene in the matter of the economy and in order to obtain social aims.
Treasury bonds and Treasury payments among 1926 and 2012 display that inventory returns have been much less unstable than those of bonds and payments.
Treasury bonds pay a fixed charge of hobby each six months till they mature. they're issued in a term of 30 years. you can purchase Treasury bonds from us in Treasury Direct. you furthermore mght can purchase them via a bank or broker.
Treasury payments, which are money marketplace devices, are short term debt instruments issued by using the government of India and are presently issued in three tenors.
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