1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
soldier1979 [14.2K]
2 years ago
14

Waltham Distribution Company has determined its December 31, 2020, inventory on a LIFO basis at $200,000. Information pertaining

to that inventory follows.
Estimated selling price $208,000
Estimated cost of disposal 10,000
Normal profit margin 6,000
Current replacement cost 190,000

Waltham Distribution records losses that result from applying the lower-of-cost-or-market rule. At December 31, 2012, the loss that Ryan should recognize (Under US GAAP) is:_____
Business
1 answer:
Bess [88]2 years ago
8 0

Answer:

$10,000

Explanation

Calculation for Waltham Distribution should records losses that result from applying the lower-of-cost-or-market rule. At December 31, 2012, the loss that Ryan should recognize (Under US GAAP) is

Using this formula

lower-of-cost-or-market rule Loss=Inventory- Current replacement cost

Let plug in the formula

lower-of-cost-or-market rule Loss= $200,000 – $190,000

lower-of-cost-or-market rule Loss= $10,000

Therefore Waltham Distribution should records losses that result from applying the lower-of-cost-or-market rule. At December 31, 2012, the loss that Ryan should recognize (Under US GAAP) is $10,000

You might be interested in
In 2018, Rachel received a $1,900 refund of state income taxes that she paid in 2017. In 2017, Rachel claimed itemized deduction
Akimi4 [234]

Answer:

$1,100

Explanation:

The amount which Rachel must include in her 2018 gross income would be computed by applying an equation which is shown below:

= Itemized deductions - standard deductions

= $6,900 - $5,800

= $1,100

The $1,100 would be included in the $1,900 refund which is presented in her 2018 gross income.

The excess amount between itemized deductions and standard deductions would indicate the extra refund amount which is already included in its $1,900 refund amount

8 0
3 years ago
Low-balling is a sales technique where the salesperson quotes a low price for a car to get you to make an offer, and negotiates
Daniel [21]
True, and it is very sneaky.  Please mark Brainliest!!!
3 0
3 years ago
A product's ________ identifies the product or brand, describes several things about the product, and promotes the brand.
SCORPION-xisa [38]

Answer: label

Explanation:

Product labels are the piece of material

that are being attached to a product in order for easy identification by consumers in order to know the brand and also to know the contents.

A product's label identifies the product or brand, describes several things about the product, and promotes the brand.

6 0
3 years ago
At the end of April, Cavy Company had completed Jobs 766 and 765. The individual job cost sheets reveal the following informatio
bulgar [2K]

Answer: See explanation

Explanation:

The balance on the job cost sheets for each job will be:

Job 765:

Direct materials = $6160

Direct labor = $1848

Overhead cost = 22 × $107 = $2354

Total job cost = $6160 + $1848 + $2354 = $10362

Job 766:

Direct materials = $13338

Direct labor = $4212

Overhead cost = 78 × $107 = $8346

Total job cost = $13338 + $4212 + $8346 = $25896

3 0
3 years ago
The effects of paying a dividend on the basic accounting equation are to a. decrease assets and decrease stockholders' equity. b
Maslowich

Answer:

The corret answer is b. decrease assets and decrease liabilities.

Explanation:

First entry

Earnings Accrued (- Net Equity)

to various creditors (+ Liabilities)

Since the minutes of the assembly must indicate that they are taken from the profits of previous years, the accumulated profits are reduced.

Second entry

Miscellaneous creditors (- Liabilities)

to Banks (- Active)

The first entry represents transfer from one liability to another liability. Although we think that capital accounts are not liabilities, it is not true, given that the value of debt to shareholders of the value of your company, so we can group everything in the same bag.

When decreeing dividends, what is done is to cover a small part of that company value. That is, when dividends are decreed, they become part of a formalized liability.

The second entry is the cancellation of the liability, through one of the ways to extinguish the obligations: payment.

8 0
2 years ago
Other questions:
  • Gregory was talking with tom, his assistant manager, saying, "when i make a decision on which employee to pick to do a project,
    8·1 answer
  • The fact that the words 'whiskey makes you sick when you're well', when arranged differently, 'whiskey, when you're sick, makes
    15·2 answers
  • according to the law of supply if the price of apple juice rises producers of apple juice will be willing and able to.
    11·1 answer
  • Fourteen years ago william put money in his account at first national bank. william decides to cash in his account and is told t
    13·1 answer
  • Which type of demand for money causes the demand for money curve to slope downward? question 2 options: 1) speculative demand. 2
    8·1 answer
  • Steuben Company produces dog houses. During the current year, Steuben Company incurred the following costs:
    11·1 answer
  • Pollution from a factory that produces cleaners is a(n) _____ of the production process.
    13·1 answer
  • Compulsory school attendance laws and the great expenditures for education both demonstrate our recognition of the importance of
    7·1 answer
  • Exquisite Prints is an up-and-coming photography company. To date, producing good photography is the priority of the company - n
    6·1 answer
  • Austin Power Corp., a corporation incorporated in Delaware, has recently gone bankrupt thus failing to pay its suppliers and cre
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!