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The inventories disclosure note in the 2014 financial statements for SUPERVALU Inc., one of the largest grocery chains in the United States, included the following: "During fiscal 2014, 2013 and 2012, inventory quantities in certain LIFO layers were reduced. These reductions resulted in a liquidation of LIFO inventory quantities carried at lower costs prevailing in prior years as compared with the cost of fiscal 2014, 2013 and 2012 purchases. As a result, Cost of sales decreased by $30million, $22million and $25million in fiscal 2014, 2013 and 2012, respectively. All inventories are stated at the lower of cost or current market values. Cost for inventories at the majority of our operations is determined on a last-in, first-out ("LIFO") basis." Required:
What additional income tax payments did the 2014 liquidation cost SUPERVALU? Assume an income tax of 40%.
On August 10, Bushmills Corporation reacquired 8,000 shares of its $100 par value common stock at $134. The stock was originally issued at $110. The shares were resold on November 21 at $145. Par value method of accounting for treasury stock
Prepare a statement of cash flows for year ended December 31, 2014. Use the indirect method for cash flows from operating activities and how can users of financial statements utilize statement of cash flows in making informed decisions?
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Evaluate the amount of cash receipts for March, April and May and evaluate the amount of cash disbursements for March, April and May.
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Assume that the accountant preparing the consolidation worksheet has chosen to make the optional accumulated depreciation consolidation entry. Why does this consolidation entry need to be made each year
WebHelper Inc. acquired 100% of the outstanding stock of Silicon Chips Corporation (SCC) for $45 million, of which $15 million was allocated to goodwill. At the end of the current fiscal year, an impairment test revealed the following: fair value of ..
On January 1, Bacon Company purchased as an investment a $1,000, 7% bond for $1,020. The bond pays interest on January 1 and July 1. What is the entry to record the interest accrual on December 31?
Assess and discuss the criteria and procedures involved in accounting changes and error analysis. What are the major reasons why companies change accounting methods? Explain the three approaches that have been suggested for reporting changes in accou..
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