Answer:
b) income statement as a $2,320,000 cumulative effect of accounting change
Explanation:
Base on the scenario been described in the question, The change in inventory steps to FIFO from LIFO which made an increase in Inventory should be recorded in the retained earnings statement as a $2,320,000 addition to the beginning balance. Option b is the answer
Answer:
The journal entries should be as follows:
Day 1, you purchase the materials (8 pallets x $200 x 80%)
- Dr Materials Inventory account 1,280
- Cr Accounts Payable account 1,280
Day 31, you pay the first installment (= $1,280 / 3)
- Dr Accounts Payable account 426.67
- Cr Cash account 426.67
Day 61, you pay the second installment (= $853.33 - $426.66)
- Dr Accounts Payable account 426.67
- Cr Cash account 426.67
Day 91, you pay the third installment
- Dr Accounts Payable account 426.66
- Cr Cash account 426.66
It is faster to find/get on a device instead of looking for the cards in your bag, folder, binder, etc.
Answer:
The false statement is letter "A": We say a portfolio is an efficient portfolio whenever it is possible to find another portfolio that is better in terms of both expected return and volatility.
Explanation:
An effective portfolio is a portfolio with the highest expected revenue for a given risk level or a portfolio with the lowest risk level for a given expected revenue. When the portfolio has reached either one of the two points it is said that it has reached its efficient frontier.
In that case, option "A" is false since the portfolio efficiency has nothing to do with the similarity it may have with another one.