What will happen to the interest income of a 401(k) the longer you have the

GG Inc. uses LIFO. GG disclosed that if FIFO had been used, inventory at the end of 2021 would have been $16 million higher than

g100num [7]

Answer:

In a situation where FIFO had been used, its reported net income for 2020 would have been $12 million higher than using LIFO for its financial statements.

Explanation:

The Ending Inventory of 2020 would have been $16 million higher in a case where FIFO had been used.

Hence, The Higher ending inventory will tend to means the lower cost of goods sold as well as the higher income which means that if FIFO had been used,the income of 2020 would have been higher by $16 million.

Income tax rate = 25%

The first step is to calculate for the Increase in Income tax expense

Using this formula to calculate for the Increase in Income tax expense

Increase in Income tax expense = Increase in Income x Income tax rate

Let plug in the formula

Increase in Income tax expense= 16 x 25%

Increase in Income tax expense= $4 million

The second step is to calculate for the Increase in Income net income

Using this formula

Increase in net income = Increase in income - Increase in Income tax expense

Let plug in the formula

Increase in net income = 16 - 4

Increase in net income = $12 million

Therefore in a situation where FIFO had been used, its reported net income for 2020 would have been $12 million higher than using LIFO for its financial statements.

3 0

3 years ago

THe section of the comprehensive annual finanial report that presents tables and charts showing social and econimoc data in addi

posledela

Answer:

Statistical Section

Explanation:

The statistical section of comprehensive annual financial report contains details of most of PESTLE factors in numeric terms that shows to what extent these things will either affect or help the organization in near future.

3 0

3 years ago

Which of the following is a major difference between Internet banks and traditional banks? The government does not regulate Inte

Aloiza [94]

Answer:

Internet Banks have lower overhead costs.

Explanation:

Online Banks and traditional banks are basically the same with the main difference being that Internet Banks have lower overhead costs. These are costs on the income statement usually including accounting fees, advertising, insurance, interest, legal fees, labor burden, rent, repairs, supplies, taxes, telephone bills, travel expenditures, and utilities. Since Internet Banks do not need many physical locations they save on many of these overhead fees.

3 0

4 years ago

Discuss how dollar-cost-averaging and the ten percent solution could make someone wealthy

labwork [276]

Dollar cost averaging is an investment technique which can make a person wealthy in the long run. In this technique, you will buy a particular stock constantly and regularly, regardless of the price. This will add-up and without noticing, you have acquired more than you'd imagine. On the other hand, Ten Percent Solution, you invest 10% of your earnings in a long-term investment, and is done on a regular basis.

6 0

3 years ago

Managing diversity isA. Recognizing the characteristics common to specific groups of employeesB. Dealing with employees as indiv

Dafna11 [192]

Answer:

The answer is (D) all of the above.

Explanation:

Managing diversity is a workplace practice where companies focus their efforts in establishing a working environment where people with various demographic characteristics can thrive and perform to their fullest potential according to their work responsibilities. This means employers, more specifically, the human resources department, need to pay attention to the individuals’ background in order to create a work environment that is fair to each individual.

7 0

3 years ago