Answer:
True
Explanation:
LIFO is in fact, only allowed to be used in the United States, because under the new IFRS (International Financial Reporting Standards), the used of LIFO has been prohibited.
The reason for this, is that LIFO inflates the value of inventory, because the (usually) lower cost of old inventory is what is reported.
This is why companies using LIFO are obliged to report the hypothetical value of the inventories had they used FIFO.
The correct answer that would best complete the given statement above would be option A. SEQUENCE refers <span>to the order of things, such as performing the goal-setting processes. Goal setting is a process in which you will be thinking of possible ideas that will help and understand how to achieve your goals. Hope this answer helps.</span>
Answer:
a. $140,000 decrease
Explanation:
![\left[\begin{array}{cccc}Year&continued&discontinued&differential\\Sales&680,000&0&-680,000\\variable \: cost&-540,000&0&540,000\\contibution&140,000&0&-140,000\\fixed \: cost&-145,000&-145,000&0\\net \: income&-5,000&-145,000&-140,000\\\end{array}\right]](https://tex.z-dn.net/?f=%5Cleft%5B%5Cbegin%7Barray%7D%7Bcccc%7DYear%26continued%26discontinued%26differential%5C%5CSales%26680%2C000%260%26-680%2C000%5C%5Cvariable%20%5C%3A%20cost%26-540%2C000%260%26540%2C000%5C%5Ccontibution%26140%2C000%260%26-140%2C000%5C%5Cfixed%20%5C%3A%20cost%26-145%2C000%26-145%2C000%260%5C%5Cnet%20%5C%3A%20income%26-5%2C000%26-145%2C000%26-140%2C000%5C%5C%5Cend%7Barray%7D%5Cright%5D)
The fixed cost would not be eliminated entirely and we have no information of any partial decrease. so the differential analysis shows a decrease in 140,000 in the net income if product T is discountinued
The following journal entry will be passed in the books of accounts and the interest expense is calculated to an amount of $9600
<u>Explanation:</u>
Given data:
amount of note: $200000, annual principal payments to be made each year at December 31st = $40000, interest amount to be charged = 6 percent, duration of note = 5 years
the following calculation is made in order to find out the amount of interest:
Amount of note minus principal payment multiply with rate of interest
now, putting the figures in formula:
interest = 200000 minus 40000 = $160000 multiply with .06 = $9600
Thus, the interest amount = $9600
The interest expense will be debited with an amount of $9600 in the books of accounts.
<span>Kathy’s
role in the group discussion is what we called Discussion leaders. Discussion
leaders have a very important role during discussion. She must inform the group
of what to expect in the discussion and give the members time to contribute
ideas in the discussion. </span>
