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Q. Last-in first-out inventory?
LIFO (last-in first-out): Ending inventory contains of the oldest costs. LIFO presumes that the costs of the most recent purchases are the first costs charged to cost of goods sold. Net income is typically lower under LIFO since the costs charged to cost of goods sold are higher due to inflation. The ending inventory may perhaps differ between perpetual and periodic inventory procedures.
when discrepancies occured on financial documents,what consequences will arise?
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Assume that the following are independent situations recently reported in the Wall Street Journal. 1. National Electric 8% bonds, maturing January 28, 2013, were issued at 112.16.
#questiSean Corp. issued a $60,000, 10 year bond at the face rate of 8% annually on 1/1/X0. The market rate was 10%. How much cash will the bond investors receive at the end of the
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Q. Financial reporting about the economic resources? The third financial reporting should provide information about the economic resources of an enterprise the claims to those
Q. Show Journalizing adjusting entries? Subsequent to completing Micro Train's financial statements from the work sheet you should enter the adjusting entries in the general jo
Q. Steps used in retail inventory method? The retail inventory method approximation the cost of the ending inventory by applying a cost/retail price ratio to ending inventory s
Q. Purpose of adjusting entries? In this section we exemplify each of the four types of adjusting entries asset/expense liability/revenue, asset/revenue and liability/expense.
A recent cash budget showed estimated cash receipts of $159,000, estimated cash disbursements of $155,000, and a desired ending cash balance of $6,000, with no borrowing of funds
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