User Account

All Pages

What will their net income if they change to LIFO

Assignment Help Accounting Basics
Reference no: EM133071061

Question - Actinote is considering a change from FIFO to LIFO. The company reported ending inventory of $3,121,000 in 2020 using FIFO and would have reported $3,745,000 using LIFO; this year they reported inventory of $4,681,000 under FIFO and would have reported $5,383,000 under LIFO. If Actinote reported net income in 2020 of $6,179,000 and in 2021 of $9,689,000, what will their net income for 2021 if they change to LIFO?

a. $6,803,000

b. $8,987,000

c. $5,555,000

d. $10,391,000

Reference no: EM133071061

Questions Cloud

Career Exploration Resources : What is your experience with the UMGC Career Quest account system? If you set up an account describe any benefit you experienced.
Some challenges of risk and quality management : What are some challenges of risk and quality management? Explain. Which do you believe is the hardest challenge to overcome? Why?
Exploring values and beliefs assignment : Nursing and family health promotion and to consider how they impact decision-making processes and professional judgment in nursing practice
2222THS Hotel Distribution and Sales Assignment : 2222THS Hotel Distribution and Sales Assignment Help and Solution, Griffith University - Assessment Writing Service
What will their net income if they change to LIFO : If Actinote reported net income in 2020 of $6,179,000 and in 2021 of $9,689,000, what will their net income for 2021 if they change to LIFO
What will be the company tax refund : If the tax team has decided to use the carryback provision, what will be the company's tax refund in 2021, assuming the tax rate for all three years is 25%
What will they report as taxes payable : If TSNM Co.'s 2021 tax rate was 25%, what will they report as taxes payable on their 2021 balance sheet
What amount should the company report as net cash flows : Creative Sound Systems also purchased treasury stock, equipment, and a patent for $22 million, $26 million, What amount should the company report
Maintain diverse workforce as retail manage : Identify strategies to develop and maintain a diverse workforce as a retail manage? Describe desired leadership styles to becoming a retain manage?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd