33. Which statement about the LIFO inventory valuation method is true? a. LIFO liquidations occur when...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
33. Which statement about the LIFO inventory valuation method is true? a. LIFO liquidations occur when units purchased exceed units sold. b. LIFO gives a current valuation for ending inventory on the balance sheet. c. A LIFO layer is a group or block of units purchased at a certain unit cost. d. The LIFO conformity rules states that if LIFO is used for financial statements, it must be used for tax returns. 34. Say a company purchases common stock, and we call this treasury stock. What will not happen because of this treasury stock purchase (everything else staying the same)? a. b. C. d. Earnings per share will increase Treasury stock will show as a contra-stockholders' equity account on the balance sheet The company will show a gain from purchase of treasury stock on the income statement Fewer shares of common stock are outstanding. 33. Which statement about the LIFO inventory valuation method is true? a. LIFO liquidations occur when units purchased exceed units sold. b. LIFO gives a current valuation for ending inventory on the balance sheet. c. A LIFO layer is a group or block of units purchased at a certain unit cost. d. The LIFO conformity rules states that if LIFO is used for financial statements, it must be used for tax returns. 34. Say a company purchases common stock, and we call this treasury stock. What will not happen because of this treasury stock purchase (everything else staying the same)? a. b. C. d. Earnings per share will increase Treasury stock will show as a contra-stockholders' equity account on the balance sheet The company will show a gain from purchase of treasury stock on the income statement Fewer shares of common stock are outstanding.
Expert Answer:
Answer rating: 100% (QA)
33 Which statement about the LIFO inventory valuation method is True The correct answer is C A LIFO layer is a group or block of units purchased at a certain unit cost Explanation answer a LIFO liquid... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Sparkle is one firm of many in the market for toothpaste, which is in long-run equilibrium. a. Draw a diagram showing Sparkles demand curve, marginal-revenue curve, average total- cost curve, and...
-
Tiny Toddlers, a manufacturer of childrens toys and furniture, is designing and implementing a distributed system to assist its sales force. Each of the 10 sales offices in Canada and 20 in the...
-
A 5-m-long ladder has a mass of 15 kg and is placed against a house at an angle = 20. Knowing that the ladder is released from rest, determine the angular velocity of the ladder and the velocity of...
-
Suppose that the full model is \(y_{i}=\beta_{0}+\beta_{1} x_{i 1}+\beta_{2} x_{i 2}+\varepsilon_{i}, i=1,2, \ldots, n\), where \(x_{i 1}\) and \(x_{i 2}\) have been coded so that...
-
The standard labor cost in the production of a pair of Tukor Brand athletic shoes is .30 hours at $15 per hour. During the month of June, 25,000 pairs were produced. Actual labor costs were $110,700...
-
how do you know which equation to use for sustainable growth? There are several: g*=PRAT g*= R x ROEbop g* = change in equity / equity bop g*= R x Earnings / Equity What is the formula for Actual...
-
In 2023, Deon and NeNe are married filing jointly. Deon and NeNes taxable income is $1,390,000 (all ordinary), and they itemize their deductions as follows: real property taxes of $10,000, charitable...
-
Let kEN, and consider a sequence of i.i.d. random variables (X.nEN) which are al uniform on the set (1,2, ..., k} We define a delayed renewal process by sayng that a renewal occurs at time n 3 if...
-
Consider whether markets are efficient in each of the following two cases: (a) a stock price follows fractional Brownian motion and (b) a stock price volatility follows fractional Brownian motion.
-
The Financial Crisis Inquiry Commission was set up in the aftermath of the Great Recession as an independent group tasked with investigating the causes of the financial crisis of 20072009. Go to...
-
If a firm competes in an unstable industry, such as telecommunications, where on the SP axis of the SPACE Matrix would you plot the appropriate point? Diagram and explain.
-
Suppose you are manager of a bank whose \($200\) million of assets have an average duration of five years and whose \($160\) million liabilities have an average duration of seven years. Conduct a...
-
Explain cost/benefit analysis.
-
A company negotiates a loan of $700,000 payable annually in seven equal installments. When preparing its financial statements, the company should show a current loan payable amount of: a. $700,000 b....
-
True & False The basis of an asset must be reduced by the depreciation allowable, 2. Adjusted gross income (AGI) is the basis for a number of phase-outs of deductions. 3. A change to adjusted gross...
-
On January 1, the wholly-owned Mexican affiliate of a Canadian parent company acquired an inventory of computer hard drives for its assembly operation. The cost incurred was 15,000,000 pesos when the...
-
What was the reason for Japans Big Bang, and what changes in accounting practice have resulted from it?
-
Refer to Exhibit 3-6. Required: Which countrys GAAP appears to be the most oriented toward equity investors? Which countrys GAAP appears to be the least oriented toward equity investors? Why do you...
-
The position of a particle undergoing simple harmonic motion is given by \(x(t)=20 \cos (8 \pi t)\), where \(x\) is in millimeters and \(t\) is in seconds. For this motion, what are the (a)...
-
Fill in the blanks to make the following statements correct. a. It is difficult to compare two or more data series when absolute numbers and different units are used. For that reason we construct...
-
Fill in the blanks to make the following statements correct. a. The term quantity demanded refers to ___________ purchases by consumers, whereas quantity exchanged refers to ___________ purchases by...
Study smarter with the SolutionInn App