 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Accounting question
The Hasting Company began operations on January 1, 2003 and uses the FIFO method in costing its raw material inventory. An analyst is wondering what net income would have been if the company had consistently followed LIFO (instead of FIFO) from the beginning, 1/1/2003. He has the following information available to him:
12/31/2003 12/31/2004 Final Inventory Final Inventory Under FIFO $240,000 Under FIFO $270,000 Under LIFO $200,000 Under LIFO $210,000 For 3003 For 2004 Pretax Income under FIFO $120,000 $170,000 What would net income have been in 2004 if Hastings had used LIFO since 1/1/2003? $ 110,000 $ 150,000 $ 170,000 $ 230,000 Please, explain how to solve this one. |
||||
Check out some similar questions!
I've been working on this problem for 3hours but I keep getting it wrong... here's the info: Anthony Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 ...
Income Statement for Company A Sales 7406, Earning before Income taxes (EBIT) 795, Interest Expense (net) 195, Income before taxes 600, Income taxes 206, Tax rate 34%, Net Income 394, Preferred Dividends 0, Net Income to Common 394, Common Shares Outstanding (millions) 201 Balance Sheet...
This question is confusing me. Any help would be greatly appreciated? The Tony Hawk Skate Park was built in early 2010. The construction was financed by $10 million of 5% bonds issued at face value, due in 10 years, with interest payable on June 30 and December 31 each year. The park did well...
I need help with a problem regarding the following data. I need to find Revenue, expenses, total assets, total liabilities, total owner's equity and total net income: Aug 1 Total $700,000 Aug 3 borrowed $24,000 from bank Aug 7 bought merchandise on account for $38000 Aug 10 paid $14,000...
Canyon Realty Co. pays weekly salaries of 12,000 of Friday for a five-day week ending on that day. What is the adjustment at the end of the accounting period, assuming that the period ends (a) on Tuesday, (b) on Wednesday? Indicate each account affected, whether the account is increased or...
View more questions Search
| Question Tools | Search this Question |
Add your answer here.
|
