Reference no: EM131295435
1. In an inflationary period, which cost flow method, LIFO or FIFO, will result in the larger amount of assets on the balance sheet? Explain
2. On December 31, 2014, the Grant Corporation estimated that $2,000 of its receivables might not be collected. On that date, the balance of Accounts receivable was $76,000. On February 1, 2015, Grant wrote off a delinquent account from a customer. Grant uses the allowance method of accounting for uncollectible accounts. Indicate whether each of the following statements is true or false.
1. The write-off entry on February 1, 2015 had no effect on Grant's total assets.
2. The write-off entry on February 1, 2015 decreased net income for 2015
3. The net realizable value of accounts receivable (after the appropriate adjusting entry on December 31, 2014) was $76,000.
4. The entry to write off the account on February 1, 2015 included recognition of uncollectible Accounts expense.
5. The adjusting entry on December 31, 2014 had no effect on Grant's total assets.
3. Indicate whether each of the following statements is true or false.
1. A US company can use LIFO for income tax purposes only if it also uses LIFO for financial reporting purposes.
2. The weighed average cost per unit is computed by dividing the total cost of goods purchased by the dollar amount of sales.
3. Under the FIFO method, the cost of goods sold for each sale is computed using the cost of the most recently acquired units.
4. In a period of rising inventory prices, use of FIFO allows a company to minimize its income tax expense.
5. To compute cost of goods sold under the weighed average method, it is necessary to first make a computation of the weighed average cost per unit.
|
What lens did you use in evaluating the issue
: Explain why this issue is of importance and what you believe to be the best approach for this particular issue. What lens did you use in evaluating the issue? Explain how.
|
|
Describe data flow analysis for the information system plan
: how various data relates to the system organizational environment, users, levels of management served, and the organizational culture for the system. Provide a narrative for overall data flow, elements, structure, and data stores. Illustrate the n..
|
|
Simulate the circuit using multisim
: Find the output v2(t) when the input vS(t) = 5u (t), R = 10 kΩ, and C = 0.1 μF.- Use MATLAB to plot your result.- Simulate the circuit using Multisim and compare your results.
|
|
How could i apply social studies teaching into my classroom
: Discuss one way in which math and science can be difficult topics for emerging bilingual students. How could I apply social studies teaching into my classroom?
|
|
In inflationary period-which cost flow method-lifo or fifo
: In an inflationary period, which cost flow method, LIFO or FIFO, will result in the larger amount of assets on the balance sheet? Explain. On December 31, 2014, the Grant Corporation estimated that $2,000 of its receivables might not be collected. On..
|
|
Write reflection on the film bamako by abderrahmane sissako
: Write 650 words minimum of viewing and reflection on the film Bamako by Abderrahmane Sissako (2006) or the two TED talks by Ngozi Okonjo-Iweala on Helping Africa and Aid versus trade with Africa.
|
|
Leadership strategy for a specific project
: Develop an action equation for your organization (or the last organization for which you worked). The action equation should address overall leadership strategy or leadership strategy for a specific project or goal.
|
|
What equivalent leakage resistance parallel with capacitor
: Suppose that after 24 h the voltage across a 100-F super capacitor is 4:75 V. What is the equivalent leakage resistance in parallel with the capacitor?
|
|
Summarize the major mathematical concepts of this course
: Summarize the major mathematical concepts of this course. Explain how the concepts learned in this course are relevant to the characteristics of a professional mathematics teacher.
|