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ExxonMobil Corporation, the world's second-largest company, uses the LIFO inventory method for most of its inventories. Its inventory costs are heavily dependent on the cost of oil. When the price of oil was down, ExxonMobil, following the lower-of-cost-or-market (LCM) rule, wrote down its inventory by $325 million. In the next year, when the price of oil recovered, the company reported that market price exceeded the LIFO carrying values by $6.8 billion.11 Explain why the LCM rule resulted in a write-down in the first year. What is the inconsistency between the first- and second- year treatments of the change in the price of oil? How does the accounting convention of conservatism explain the inconsistency? If the price of oil declined substantially in a third year, what would be the likely consequence?
How should a reporting entity assess the significance of an input in determining the classification of a fair value measurement within the fair value hierarchy?
The above trends suggest an increasing use of sophisticated techniques linked with an increase in payback. You are required to explain and justify this trend, and outline its implications.
How many employees does the RTWMTC company have and what is the break down of their salaries and what additional costs does RTWMTC have (include utilities, lease/mortgage, phone, etc.)?
government accounts items requiring passing of journal entries in the general fund.the city of brownsville engaged in
In which of the following situations is specific performance available as a remedy?
XYZ Corp pays for merchandise entirely on credit as follows: 60% in the current month, 35% in the month following, and 5% in the second month following. Assume January purchases are $65,000. How much of the January purchases are paid for in January?
Rachael shock, assistant accountant for Bunbury Instruments Ltd, was finalising the balance sheet of the company as at 30 june 2013 with the accountant of the business, Olle Twist.
Bracket Ltd manufactures a range of fixtures and fittings. The company has recently been offered a patent for a new type of door hinge, the design of which is far superior to the hinges the company currently manufactures.
If Utah paid $300,000 in cash for Trimmer, what allocation should have been assigned to the subsidiary's Building account and its Equipment account in a December 31, 2011 consolidation?
Management has set a minimum required rate of return on average operating assets of 25%. What is the residual income for the year?
Under the equity method of accounting, the investment in common stock is initially recorded at cost and the investment account is subsequently: Common Stock Dividends Distributable is reported in the balance sheet:
The Wall Street Journal reports that the yield on a nine-month Treasury bond is 2.3 percent, the yield on a three-year Treasury bond is 2.9 percent, and the yield on a 10-year Treasury bond is 4.3 percent. Although no liquidity premium is associated ..
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