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Problem: Joey Co. decided to switch from LIFO method of costing inventories to the FIFO method at the beginning of 2015 [1/1/2015]. The inventory as reported at the end of 2014 using LIFO would have been $60,000 higher using FIFO. Retained earnings had been reported at 12/31/2014 as $780,000 [reflecting the LIFO method]. The Tax rate is 40%.
1). Calculate the balance in retained earnings at the time of the change [beginning of 2015] as it would have been reported if FIFO had been used in prior years.
2). Prepare the journal entry at the beginning of 2015 to record this change in accounting principle.
In this part of your paper, you address elasticity of the company you have selected. Conduct research for your company and prepare an essay that addresses.
Which of the following is an ultimate objective of the Federal Reserve?
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An increase in the supply of money will lead to a(n) ____ in equilibrium real GDP and a(n) _____ in equilibrium price level. To close an inflationary gap using monetary policy, the Federal Reserve should _____ the money supply to _____ investment and..
The income statement that classifies costs by their behavior is called the:
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Melinda, who works in a jewelry store owned by Cindy, was picking up some gemstones for use in the store. On the way back to the jewelry store, she went through a drive-through fast food restaurant to get a soda. While in line, she negligently bumped..
q1. following are observations on the market cost and the quantity of good x produced and consumed in three different
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