Answer:
C) $22,727.
Explanation:
to calculate the 2019 layer, I will first determine the value of the 2019 inventory using LIFO:
(2018 inventory / 2018 price index) + (2019 inventory - 2018 inventory) = ($300,000 / 1.1) + ($350,000 - $300,000) = $272,727 + $50,000 = $322,727
to determine the LIFO layer = adjusted 2019 inventory - 2018 inventory = $322,727 - $300,000 = $22,727
The LIFO layer represents the difference in cost of goods sold from the ending of one year to the next year.
Answer:
$748,820
Explanation:
The computation of the incremental cash flow is shown below:
As we know that
Incremental cash flow = Sale price - (sale price - book value) × tax rate
where,
Sale price is $791,000
The book value is
= Purchase value - accumulated depreciation
= $1,190,000 - $1,190,000 ÷ 7 years × 3 years
= $1,190,000 - $510,000
= $680,000
So, the incremental cash flow is
= $791,000 - ($791,000 - $680,000) × 38%
= $791,000 - $42,180
= $748,820
We simply applied the above formula
Answer:
The Serbanes-Oxley Act requires the Chief Executive Officer and the Chief's Financial Officer to vouch for the truthfulness and fairness of a firm's financial disclosures.
Explanation:
The CFO being in charge of the firm's financial affairs is saddled with such responsibility while the CEO being the one man at helms of affairs of the company is also responsible for the firm's financial probity,coupled with the fact the CFO may be required to report to the CEO depending on the structure of the firm.
Answer: Year-end function planning with my tips
Involve management in the arrangements.
Set the date.
Decide on a theme.
Get a venue.
Decide on food and be mindful of allergies, cultures, and eating habits.
Make personal and exciting online invitations.
Arrange for group shuttle services for safe transportation.
Always keep the budget in mind.
Explanation:
Done this before.
Answer:
A. True
B. True
C. True
D. True
E. False
F. True
Explanation:
It is true that under regional trade agreements, several countries eliminate tariffs among themselves and lower tariffs against all other countries.
It is true that regional trade agreements are consistent with GATT's most favored nation principle. GATT is an acronym for General agreement on tarrifs and trade and most favoured nation (MFN) is a status or level of treatment accorded by one state to another in international trade. The term means the country which is the recipient of this treatment must nominally receive equal trade advantages as the "most favoured nation" by the country granting such treatment (trade advantages include low tariffs or high import quotas).
It is true that the countries in the European Union (EU) keep their own tariffs with the countries outside the EU. The EU trade agreement is basically to promote trade among EU countries, not necessarily to lower tariffs for non members.
US and China have a trade agreement which lowers tarrifs and US and Canada operate a Free Trade agreement (FTA) which seeks to eliminate all tarrifs on trade between the two countries. Therefore If China wants to sell a good to Canada, it can first export it to the United States, where the tariff is lower, and then ship it duty- free to Canada.
It is false that countries who enter into a free trade area agreement maintain a common schedule of tariffs with countries outside the agreement. The agreement does not cover trade among non members.
In customs union, rules of origin are not needed. Custom unions only considers where the good is shipped from and not the originating nation.
