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Triss [41]
3 years ago
15

The LIFO inventory cost flow assumes that the cost of the newest goods purchased are: A. assumed to be the first ones sold. B. a

ssumed to be the first ones included ending inventory. C. not included in cost of goods sold or ending inventory. D. assumed to be the last ones to be sold.
Business
1 answer:
Nonamiya [84]3 years ago
6 0

Answer: A. assumed to be the first ones sold.

Explanation:

Last in, first out is a method that's used in inventory such that the items that are produced recently will be the ones that will be sold first.

Using this method means that the goods recently produced or bought will be the first to be sold and recorded as cost of goods sold. This therefore means that the report on the inventory will be the lower cost of the old products.

Therefore, the LIFO inventory cost flow assumes that the cost of the newest goods purchased are assumed to be the first ones sold.

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31. The unpaid portion of a loan is called
muminat

Answer: unpaid principal balance.

Explanation: unpaid principal balance is that portion of a loan that has not yet been paid back to the lender by the borrower. The balance represents the remaining risk of nonpayment being incurred by the lender. Unpaid principal balance is the portion of a loan at a certain point in time that has not yet been remitted to the lender. The original unpaid principal balance is the amount borrowed, and therefore, the amount the borrower owes the lender on the origination date of the loan.

4 0
3 years ago
Assume that TarMart purchased equipment at the beginning of fiscal year 2016 for $480,000 cash. The equipment had an estimated u
vovikov84 [41]

Answer:

1. What would depreciation expense be for year 3 under the straight-line method?

= ($480,000 - $30,000) / 8 = $56,250

same depreciation expense for every year

2. What would depreciation expense be for year 3 under the double-declining balance method?

depreciation year 1 = 2 x 1/8 x $480,000 = $120,000

depreciation year 2 = 2 x 1/8 x $360,000 = $90,000

depreciation year 3 = 2 x 1/8 x $270,000 = $67,500

3. What is the first year in which depreciation expense under the straight-line method is higher than under the declining balance method?

under double declining method

depreciation year 4 = 2 x 1/8 x $202,500 = $50,625

In year 4, depreciation expense wil be higher using the straight line method.

4. Assume TarMart uses the straight-line depreciation method for its equipment. Also assume that at fiscal year-end 2020, TarMart sold the equipment purchased at the beginning of fiscal year 2016 for $200,000 cash. Prepare the journal entry to record the sale of the equipment at year-end 2020.

Dr Cash 200,000

Dr Accumulated depreciation - equipment 225,000

Dr Loss on sale of equipment 55,000

    Cr Equipment 480,000

Explanation:

purchase cost $480,000

useful life 8 years

salvage value $30,000

3 0
3 years ago
Difference between luna and sol?​
mr Goodwill [35]
Luna-moon
Sol- sun

The difference of luna and sol would be that the moon (luna) comes out in the night and the sun (sol) comes out during the day


Hope this helps!!!!!!!
5 0
3 years ago
I help back so please help me. also i have uploaded many questions today if you want a lot of points...
7nadin3 [17]
I think the 2nd option is the answer.
6 0
3 years ago
Read 2 more answers
A famous painting was sold in 1947 for ​$21 comma 320. In 1998 the painting was sold for ​$32.1 million. What rate of interest c
Elden [556K]

Answer: 15.42%

Explanation: PV ( present value) = $21,320

FV (Future Value) =$ 32.1 million.

Years(y) = 1947-1998 = 51years

r = (FV/PV)^(1/y) - 1

r = ( $32,100,000 / $21,320) ^ ( 1/51) - 1

r = ( $1505.6285)^ ( 0.0196) - 1

r = 1.15421 - 1

r = 0.0154205 X 100%

r = 15.42%

4 0
3 years ago
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