LIFO

C521 Exam 1 Name: | Imtiaz Ahmed | You have three hours to take and submit this exam. You must save this file using the following convention: LastnameFirstname (for example, my exam would be saved as SmithReed.docx). If you do not have the most current version of Word, that is OK. The file extension might be .doc instead. The document is protected (Tools menu) so that the data in the answer cells is type-restricted. You may unprotect the document in order to “paste” excerpts from Excel

Proponents argue that LIFO provides a better matching of current costs and revenues. During periods of sharp price movements, LIFO has a stabilizing effect upon reported income figures because it eliminates paper income and losses on inventory and smooths the impact of income taxes. LIFO opponents object to the method principally because the inventory valuation reported in the balance sheet could be seriously

Options:-Portion of debt through insurance company-Continue at 90 day terms-Factor receivables-Collateralize assets-Mortgage general purpose building-Independent Canadian Financing-Flat dividends-Payment Terms - accelerate receipt-LIFO / FIFOEvery available option has a positive and a negative aspect to it. Here we will decipher what option gives Padgett Paper Products the best financial structure, provides the most flexibility for continued growth, and reduces the risk for all parties involved.

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1.When a specific account receivable is written off, the entry A) increases net income. B) decreases net income. C) can either decrease or increase net income. D) has no effect on net income.2.Echo Company's 2011 beginning and ending accounts receivable balances were $72,500 and $41,250 respectively. During 2011, the company's sales (all on credit) amounted to $857,250. Per Echo's 2011 cash flow statement, $873,500 was collected from customers while $18,750 related to uncollectible accounts was

E. For an S corporation converted from a C corporation, it shall recognize the LIFO recapture amount, which is the excess of FMV on the first day of S year over the adjusted basis, by including it in the gross income of the last C corporation year. F. An S corporation has to recognize built-in gain of assets from C corporation years

Yet, it is legal under Generally Accepted Accounting Principles (GAAP). Since the U.S. complies with the GAAP guidelines, most of the retail industries use LIFO method of inventory. Macy’s Inc. reported merchandise inventories of $5506 millions and $5399 millions during the financial year of 2015 and 2016 respectively (Macy’s 10-K form, p. 60). This resulted in Macy’s merchandise inventory declining by $107

1. Read the footnotes carefully. Identify four accounting policy changes and accounting estimates that Harnischfeger made during 1984 and estimate as accurately as possible the effect of these changes on the company’s 1984 reported profits? One accounting change that Harnischfeger made was that they were going to include products purchased from Kobe Steel in their net sales. Before November 1, 1983 only the gross margin on Kobe products was included in their net sales. Harnischfeger was also

organization. Question 3: The various methods of inventory valuation that could be used in any organization Are classified differently. The common three inventory valuation methods are Last in First out (LIFO), weighted average, and First in First out (FIFO) (McVay, Kennedy, & Fullerton, 2013). First, LIFO is the method when organizations calculate inventory by assuming that they sell the latest stock first, so this method increase the current market rate of the value of sales and a closing inventory

management except Current Ratio. Thus Textron 's favourable Current Ratio can be interpreted as Textron has the ability to pay off its liabilities only if it sells its large inventory (indicated by its large Days Inventory value). 4) Textron 's use of LIFO and FIFO: e. Textron 's income before taxes in 2006 using FIFO * Under current method: * The beginning inventory of 2006+purchase -COGS=the ending inventory of 2006 * 1,712 + purchase - 8,528 = 2,069(in millions)