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The LIFO inventory method is presently an accepted inventory method for tax purposes. This method, during inflation, results in a lower ending inventory value than the other inventory methods. Accordingly, this method reduces present taxable income and reduces the overall tax bill. However, LIFO is not allowed under IFRS. If LIFO is not allowed for external reporting purposes and the LIFO conformity rule is not modified, then companies presently using LIFO must change their inventory method. This change can result in increased income taxes. Assume you have a newly incorporated client operating in an inflationary business environment that is contemplating adopting LIFO. What would you advise them? What factors would you consider in that recommendation?
Were there changes in accounting policies reported by M&S during the two years covered by its income statements (2009-2010)? If so, describe the nature of the change and the year of change.
Evaluate the unit product cost of each product for the current period using the activity-based costing approach and Computation of cost of the products based on Activity Based Costing
Prepare a cash budget for Rotor Products, Inc. for the second quarter of 2006, based on the following information. The marketing department has provided you with the following sales estimates.
What impact will each of the following events have upon a firm’s cash conversion period (that is, will the CCP increase, decrease, remain the same): Customers are given a bigger discount for cash transactions.
Sept. 5 Issued Check No. 318 to Clinton Corp. for merchandise purchased August 28, $6,000, terms 2/10, n/30. Payment is made within the discount period.
Describe fully how each of the items above should be reported in the financial statements of Arenes Corporation for the year 2012.
On March 1, Phonic Corporation had office supplies on hand of $1,000. During the month, Phonic purchased additional supplies costing $500. Approximately $200 of unused office supplies remain on hand at the end of the month. Prepare the necessary adju..
The following lots of a particular commodity were available for sale during the year: The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year acc..
Select an accounting method (either cost or equity) and explain why you selected this method - Perform the required journal entries
At her death, Abigail owned 55% of the stock in Finch Corporation, with the balance held by family members. In the past five years, Finch has earned average net profits of $1.6 million, and on the date of Abigail's death, the book value of its stock ..
Invoices representing $1,005 of services performed during the month have not been recorded as of June 30. Prepare the adjusting entries for the month of June.
the question is about computation of sales budget for the preparation of master budget for profit planning.dons game
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