Queetion . What are the plausible reasons GENERAL MILLS use the LIFO method for its US inventories? (Select all the apply.) O US GAAP allows for LIFO while IFRS (international accounting standards used outside the US) prohibits LIFO O To record lower depreciation and amortization expenses O To increase operating cash flows O To serve its US customers with the freshest (i.e., most recent) products first while serving stale products to its international customers O To save on taxes O To report higher profits

Q: CC, PP and AA, accountants agree to form a partnership and to share profits in the ratio of 5:3:2. T...

A: Partnership  is agreement between two or more parties to share profit and losses in agreed ratio . l...

Q: How much money should you invest at an interest rate of 6% compounded monthly, to have P400,000 in 5...

A: Compound interest refers tonl the interest on any thing that is calculated by adding both Initial Pr...

Q: Mangia Pizza Company makes frozen pizzas that are sold through grocery stores. Mangia uses two types...

A: It is one of the direct labor variance that results due to the difference in mix of direct labor hou...

Q: On 1/5/2021, Al-Saada Company obtained approval from the Securities Commission giving it the right t...

A:

Q: aqung engimeers usiners and char

A: Let three engineers are A and B and C. If A invested 4500£ B invested 3000 £ and C invested 1500 £

Q: On November 15, 2010, Abar Corporation acquired Rapids, a Company that operates a scenic railway alo...

A: Impairment means the reduction or decline in value of asset because of negative changes in the exter...

Q: Splish Company sponsors a defined benefit pension plan. The following information related to the pen...

A: Computation of pension expenses for 2020 and 2021:   2020 2021 Service cost  $63,000 $94,500 ...

Q: Based on the account balances below, what is the total of the debit and credit columns of the adjust...

A: An adjusted trial balance is a compilation of the ending balances in all accounts after the adjustin...

Q: Which of the following is a permanent account? Dividend Declared Allowance for Doubtful ACcount Sale...

A: Permanent accounts, which are also called real accounts, are company accounts whose balances are car...

Q: Upto 100 3% 101 - 200 5% 201 - 300 8% >300 10% Find the gross earnings if Ahmed sells worth RO 320. ...

A: The commission is based on sales revenue earned. 

Q: (a) Show that the price is $9267.05. (b) Determine the book value after 14 years. (c) Draw up a part...

A:   Face Value of Bond  $     10,000 Duration  15 years Yield at 12% Compounded Quarterly    ...

Q: Gladstorm Enterprises sells a product for $48 per unit. The varlable cost is $32 per unit, while fxe...

A: Break Even Point - Break Even Point is the point where company has recovered its cost which is fixed...

Q: The following data are used for questions 7 to 11 The AAA Company build wooden bookshelf wall units....

A: Total purchased cost is an accounting concept that includes all the costs which are associated with ...

Q: Net income at the end of the year is P100,000. Partners, A, B, C and D, share profits and losses in ...

A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-part...

Q: A company that makes records have a monthly cost of $7,449 to run their factory. If it costs them $2...

A: Break even point in units = Fixed costs /Contribution margin per unit  where, Contribution margin pe...

Q: 1. Calculate the variable overhead spending variance using the formula approach. (If you compute the...

A:

Q: Rie the actvities with their precedence sequence and expected time (days) are listed for a project o...

A: The critical path of a network is the longest time path through the network.    

Q: If some activity creates positive externalities as well as private benefits, then economic theory su...

A: An externality is benefit or cost that affects someone who is not directly involved in the productio...

Q: Sheridan, Inc. has recently started the manufacture of Tri-Robo, a three-wheeled robot that can scan...

A: The differential analysis is performed to analyze the two different alternatives available for the c...

Q: Sales of goods are taxed based on?   A. Gross Selling price B. Gross Receipt C. Landed Cost D. Answe...

A: Gross Selling price is the price which is normally charged from the customer is selling the goods. I...

Q: During the current fiscal year, the Palm Springs government recorded a $16,200 transfer from the Gen...

A: A complete breakdown of all major government funds, what they have spent, and how much money they ha...

Q: A company purchased machinery on December 31, 2026, paying P80,000 down and agreeing to pay the bala...

A: Carrying amount of the note = Present value of annual installments  where, Present value of annual i...

Q: On May 1, 2021, Duck Corporation issued $2,000,000 of 8% nonconvertible bonds at 104, which are due ...

A: Isssue Price of Bonds ($2000000 * 104%) $20,80,000     Fair market value of bonds ($2000000 * 95...

Q: Outdoors Company sells a product for $195 per unit. The variable cost is $70 per unit, and fixed cos...

A: The question is based on the concept of Cost Accounting. Break even point is the point at which ther...

Q: Lablanc Inc. sells a product for $93 per unit. The variable cost is $45 per unit, while fixed costs ...

A: Solution:- a) calculation of the break-even point in sales units as follows under:- break-even point...

Q: On January 1, 2021, C Company sold equipment with a carrying amount of 4,800,000. It accepted a noni...

A: Interest income for 2021 = Present value of note x prevailing rate of interest x no. of months in ca...

Q: As You Read QUESTION What could happen if your employer did not deduct federal income taxes from you...

A: Introduction:- A paycheck, also known as a paycheck is a paper document issued by an employer as pay...

Q: TABLE 7.7 Financlal projections for Prairie Home Stores. 2016-2021 (figures in millions) 2016 2017 2...

A: price of a share is the present value of the dividends discounted at the required rate of return val...

Q: I need help with this one

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for yo...

Q: Distinguish between Lifeblood Theory and Necessity Theory.

A: Lifeblood theory is the importance of taxation. It states that why it is important for the governmen...

Q: ear 2022. Prepare an income statement and answer the question below and other questions requiring th...

A: Multi income statement is detailed statement of the net income and separates operations revenues and...

Q: Aggrava Limited is currently preparing budgets for September to December. Its estimated sales figure...

A: Inventory budget is the estimation of inventory to be required in the business in a particular perio...

Q: 9. A partnership showed the following account balances: sales, P70,000; cost of sales, P40,000; oper...

A: >Partnership Income (Loss) is allocated based on the partnership agreement. >The Net Incom...

Q: A farmer sows a certain crop. It costs $240,000 to buy the seed, prepare the ground, and sow the cro...

A: In this question , there is a farmer sow certain crops and we calculate net present value (NPA) in p...

Q: From these particulars prepare a Bank Reconciliation Statement of Brindha Ltd. by taking Balance as ...

A: Bank Reconciliation Statement is a internal control measure to identify and reconcile the difference...

Q: Given the following excerpt from the Statement of Cash Flows under Operating Activities, how much of...

A: Cash flow statement is the statement prepared along with financial statements as its part, shows the...

Q: non-deductible SEC penalty. is 21%. Calculate the effective calculations.

A:   Book Income before Tax   $        420,000 Municipal Interest  $          30,000 Non deducti...

Q: 1. Information from the records of Stormfall Co. is shown below. Accounts receivable - net of P6,000...

A: Solution Trade receivable are defined as the amount owed to a business by its customers following th...

Q: 3. How much is the interest income in 20x1? a. 68,331 b. 76,532 c. 85,714 d. 96,000 4. How much is...

A: Cost of Transportation Equipment 1000000 Less: Accumulated Depreciation 300000 Net Value of Equi...

Q: Vells Leasing Company signs an agreement on January 1, 2020, to lanchester Company. The following in...

A: In this question, we have to calculate the an=mount of annual rental payment required.

Q: On January 1, 2021, XYZ Corp. acquires 100% interest in ABC Corp. in exchange for XYZS 10,000 shares...

A: Goodwill is the excess of purchase consideration paid by acquirer over the net assets of the the aqu...

Q: A owner of a bike shop specializes in custom-built bikes. The Sales Manager & CFO want to talk to th...

A: Conventional method of recovering overhead based on single overhead basis is not a proper allocation...

Q: Required: 1. Calculate the standard mix (SM) in pounds for tomato sauce, for cheese, and for sausage...

A: Standard  Product Mix for 16 Giant Size Pizza     Standard Qty for 16 Units of Pizza ( A) Standar...

Q: Gospel Company Income Statement For the year ended Dec. 31, 2018 P 2,500,000 Sales Cost of Sales (1,...

A: Projected income statement: The Projected income statement indicates the income and expenses of an o...

Q: Find the future value of the ordinary annuity. Interest is compounded annually. R=8000; i=0.07; n=15...

A: Future value of ordinary annuity = P x [(1 + i)^n - 1]i   where, P = Annuity amount i = rate of inte...

Q: Prepare any journal entries related to the pension plan that would be needed at December 31, 2020. (...

A: Calculation of pension expense for 2020.

Q: Net income at the end of the year is P100,000. Partners, A, B, C and D, share profits and losses in ...

A: 1.)Income summary & division of income statement  Particulars  Amount (P) Net income  10000...

Q: A company had net income of $282,000. Depreciation expense is $26,000. During the year, accounts rec...

A: Cash flow statement deals with the provision of information about the historical changes in cash and...

Q: What is the carrying amount of the loan receivable on December 31, 2021?

A: Carrying amount of the loan receivable is the amount of loan which is due and the present value of t...

Q: CCC Company purchased a building for S500,000 on January 1, 2016. The building is estimated to have ...

A: Formula: Straight line method depreciation = (Asset cost - Salvage value ) / Useful life