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Question - Coronado Company uses the LIFO method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2020, the LIFO reserve has a credit balance of $1,495,000. At December 31, 2020, Coronado's internal reports indicated that the FIFO inventory balance was $3,056,800 and for external reporting purposes the LIFO inventory balance was $1,459,200.
1) What is the amount of the LIFO reserve and the LIFO effect related to 2020?
2) What is the journal entry needed to record the LIFO effect at December 31, 2020?
Both the facility and the equipment will be depreciated over 12 years using the straight-line method and are expected to have zero salvage values. His required rate of return is 10%. Estimated annual net income and cash flows are $49,000 and $101,..
heathrow issues 1700000 of 8 15-year bonds dated january 1 2011 that pay interest semiannually on june 30 and december
Explain the ways in which senior and middle managers in the Department of Veterans Affairs demonstrated "new ways" of leadership in order to ensure that the innovative ideas and policies of the Behavioral Health Service Line (BHSL) of the Upstate New..
Required: Calculate the indirect costs rate per professional labour-hour under: Actual costing and Normal costing
Assume you work in the technical accounting group at CoAx. Write a memo analyzing this transaction and draw a conclusion about when revenue should be recognized
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the atgar corporation records all purchases and the corresponding liabilities net of cash discounts. whenever it pays
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krew kutters net income was 100000 last year. the company has 10000 shares of common stock and 4000 shares of 200 par
Has the company satisfied the recognition criteria for the elements of financial statements? Has the company exhibited the Fundamental qualitative.
Accounts receivable increased by $11,000. How much should be reported as net cash provided by operating activities by the indirect method
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