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Leona [35]
3 years ago
15

Concord Corporation developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-va

lue(LCNRV) basis in valuing inventories:_______. Product Cost Market A $91000 $96000 B 64000 61000 C 128000 130000 After Concord Corporation applies the LCNRV rule, the value of the inventory reported on the balance sheet would be:________.
Business
1 answer:
scZoUnD [109]3 years ago
3 0

Answer:

the value of the inventory reported is $280,000

Explanation:

The computation of the inventory reported on the balance sheet is shown below:

As we know that the inventory should be recorded at lower cost of cost or market value. So here the same is applied

= Lower amount of market A +  Lower amount of market B +  Lower amount of market C

= $91,000 + $61,000 + $128,000

= $280,000

hence, the value of the inventory reported is $280,000

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If plant assets of a manufacturing company are sold at a gain of $1,000,000 less related taxes of $350,000, and the gain is not
alekssr [168]

Answer:

D. a gain of $1,000,000 and an increase in income tax expense of $350,000.

Explanation:

Given that

The gain is $1,000,000

And, the taxes is $350,000

So here the income statement that disclose the impact is that

There is a gain of $1,000,000 and also at the same time the income tax expense is rise by $350,000

Therefore the option d is correct

hence, the same would be considered

5 0
3 years ago
Jamie ensures that his subordinates are closely guided and instructed throughout a project. He believes that this makes him a hi
GaryK [48]

The blind area REASON: Jamie is unaware that his behavior is viewed as controlling to others.

7 0
3 years ago
The general price level is 150.00 and people expect it to increase to 156.00 next year. Therefore, the expected rate of inflatio
zmey [24]

Answer:

$98,165.14

Explanation:

Note: There are missing word but the full question is attached as picture below

Here, Initial Nominal Interest rate = 7%

Inflation expectation= 4%

So, real return = 3%

Now, investors would want same real return

New inflation = (159 - 150)/150 *100 = 6%

Nominal interest rate = 6 %+ 3% = 9%

Price after 1 year = $107,000

So, current price changes to = $107,000/(1+0.09) = $107,000/1.09 = $98,165.14

8 0
3 years ago
rialto company collected $5,000 on account. what impact will this transaction have on the firm's current ratio
VikaD [51]

Answer:

There would be NO IMPACT

Explanation:

From the question, we are informed about, rialto company collected $5,000 on account. In this case there will be no impact of this transaction on the firm's current ratio. The collection on account can be regarded as exchange of asset transaction, any increase change in current asset account cash, then there will be decreases in Accounts Receivable , the ration of current asset to current liabilities gives the current ratio, there is no impact of transaction on the current ratio, since the transaction doesn't affect both the

current asset to current liabilities

7 0
3 years ago
The key to building a network is to: a. be able to ask for favors. b. convince someone to do something that he or she may not or
Fed [463]

Answer:

c.

Explanation:

A network is a group of two or more points (buildings, people, computers etc.) that are linked together to share information. The key to building a network is to get people to enroll in your vision due to your enthusiasm or idea. The more people that believe in your vision, the more individuals will join your network. Which is what a network needs, more and more endpoints to contribute to its existence.

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3 years ago
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