The presentation of a consolidated financial statement is accurate in this sense. A financial statement of a business with numerous divisions or subsidiaries is known as a consolidated financial statement.
The reporting of an entity with a parent company and subsidiaries would therefore be combined in this statement. The goodwill's value must not change unless it is impacted by the sale of a business unit that was founded using the goodwill.Jenkins's receivable and Lambert's loan payable are intra-entity accounts.
These reciprocal balances are offset during consolidation. The $100,000 is not reported in consolidation financial statements since it is neither a debt to nor a receivable from an unrelated (or outside) party. Any interest income or expense incurred as a result of this loan is intra-entity in nature and must be erased as well.
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what is government regulation
Answer:
A regulation is a set of requirements issued by a federal government agency to implement laws passed by Congress.
Answer: Government regulation is a natural extension of legislation; in that it defines and controls some of the ways that a business or individual can operate in order to follow the law.
It may involve behaviors such as rethinking a challenging situation to reduce anger or anxiety, hiding visible signs of sadness or fear, or focusing on reasons to feel happy or calm.
Emotionally, self-regulation is the ability to calm yourself down when you're upset and cheer yourself up when you're down.
Explanation: Regulations must be interpreted in the context of a particular enterprise, and the approach to application of the regulation may reflect consideration of risks of violation such as the likelihood of accidents, oversights, or mistakes, as well as the potential consequences to the enterprise and individual employees.
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the acme global corporation was ordered by a court to correct past discrimination within the organization. what the acme global corporation is required to implement as a result is a(n) plan.
Two Acme Global employees got into a fight over who had to clean up the workstation first. The debate turned into a brawl that hurt both of the employees and ruined the workstation.
Both employees were penalised by the management, who suspended one for two days and the other for four. Khaki slacks and a collared shirt with the Acme Global emblem are the required attire. Recently, a woman from a religious sect that forbids women from wearing pants applied to the organisation. Due to her inability to wear the uniform, the applicant was denied. Awful test. Has accurate job-relatedness agents. 100 male African-American applicants and 100 male White applicants made up the applicant pool. Acme Global hired 25 white men and 20 African-American men out of the 200 applicants.
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Which sentence is written in the active voice? joaquin called the bank to report fraud on his debit card. joaquin was put on hold by the bank for a full 30 minutes. joaquin's debit card number was used by someone in another country. joaquin's debit card was canceled by his bank to stop any more fraud.
The sentence, ''Joaquin called the bank to report fraud on his debit card.'', is the one that is written in the active voice. Therefore, the option A holds true.
An active voice can be referred to or considered as the language in which the subject is directly expressed as a main noun within the structure of the sentence. In the situation given above, only the first sentence follows the rules related to active voice, whereas, all the remaining three sentences do not follow the rules, and are thus, written in a passive voice.
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those who believe that power in american communities is concentrated in the hands of relatively few leaders in the business or financial sector are called
Those who believe that power in american communities is concentrated in the hands of relatively few leaders in the business or financial sector are called elitists.
The idea that those who belong to an elite—a small group of people thought to possess an inherent quality, high intellect, wealth, power, notoriety, special skills or experience—are more likely to benefit society as a whole and, as a result, should have more influence or authority than others—is known as elitism. A scenario in which control is concentrated in the hands of a small group of individuals may be referred to as elitism. Pluralism, anti-intellectualism and populism are ideas that are opposed to elitism. The study of elite power in society is called elite theory, and according to elite theorists, pluralism is an unrealistic ideal.
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why should contemporary marketers be extremely careful when selecting celebrities to endorse their brands?
In contemporary marketers endorse celebrities typically do or say things that cause them to lose quality or that might injure the image of the complete the celebrities are endorsing.
Contemporary marketers will assist you to outline and higher perceive your target audiences and ideal customers. If you are a trafficker, this permits you to spot the correct marketplace for your product so target your selling additional effectively. Segmenting your target market will assist you discover opportunities to form personalized campaigns. the information allows you to know the requirements, preferences, and reasons for client behavior.
This manner you'll build methods that market towards the necessity of various segments rather than a one-size-fits-all. Product differentiation depends on consumers' attention to at least one or additional key advantages of a product or complete that build it a higher selection than similar product or brands. the weather of differentiation embrace product style, marketing, packaging, and evaluation.
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why do you think older russians are especially critical of the economic changes they have seen since the soviet collapse?
Older Russians are especially critical of the economic changes they have seen since the Soviet collapse because they remember the relative stability and security they had under the Soviet system.
Under the Soviet system, the government provided basic needs such as food, shelter, and healthcare to its citizens, and the standard of living was higher than it is now. The collapse of the Soviet Union brought an end to government-guaranteed security, and since then, Russia has had to grapple with high unemployment, inflation, and income inequality.
As a result, many older Russians feel a sense of nostalgia for the Soviet system and its stability. Additionally, they are frustrated with the current government's lack of progress in restoring the economy to its former glory.
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the ________ shows the relationship between the price level and quantity of real gdp demanded.
The Aggregate Demand Curve shows that the relationship between the price and level and quantity of real gdp demanded.
The aggregate demand curve is a graphical representation of the relationship between the aggregate quantity of goods and services demanded in an economy and the overall price level. It is an economic tool used to analyze macroeconomic conditions and to evaluate the effects of fiscal and monetary policies on the economy. In the aggregate demand curve, the quantity of output demanded increases as the price level decreases. This inverse relationship is known as the law of demand. As the price level rises, the quantity of output demanded decreases. The downward slope of the aggregate demand curve is a result of the law of diminishing marginal utility.
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in one type of managerial model, management is open to feedback and subordinates are allowed some self-direction on routine matters. which model is this?
In one type of managerial model, management is open to feedback and subordinates are allowed some self-direction on routine matters. This is Human Relations Model.
The demands of the person and the actions that arise for both individuals and groups are the main topics of the human relations theory. In order to manage people, an interpersonal strategy is required. It implies that both official and informal components make up the organization.
The structure of an organization consists of its formal components. The relationships between people are among the informal features of the organization. The group is a particular kind of social system in this sense.
To foster individual job satisfaction and the subsequent motivation of the individual, this system should be handled.
Notably, a lot of attention is put on group behavior and performance as a result of how individuals interact within groups.
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when the makers of snickers candy bars decided to make a line of ice cream treats, they came up with snickers ice cream bars. this is an example of
Snickers ice cream bars were created when the creators of the candy bar decided to create a range of ice cream snacks. An illustration of a brand expansion is this
What kind of ice cream is in a SNICKERS Ice Cream Bar?SNICKERS Ice Cream Bars are a delectable delicacy that elevate enjoyment to a new, frozen level. They are made of creamy butter cream, smooth caramel, crunchy peanuts, and a chocolate shell. 1989. We now have the SNICKERS Ice Cream Bar. We are permanently altered. What could possibly be disliked about ice cream that tastes like Snickers? This is excellent and ideal for eating after dinner or while watching a movie. I heartily endorse it! Snickers has a very delicious, creamy, smooth flavor.
Who makes Snickers ice cream and how many types of Snickers are there?In a variety of frozen novelty product categories, including convenience stores with Snickers Ice Cream Bar, sandwiches with M&Ms, and non-dairy with Kind Frozen, Mars Wrigley claimed to be the market leader. According to the company, sales of its Twix ice cream bar have increased 20% yearly for the past two years.
It's going to be fantastic! We'll sample seven eleven different Snickers flavors. The Snickers Ice Cream Bar, the classic Snickers, the Snickers Hazelnut, the Snickers Almond, the Snickers Crunchy Peanut Butter, the Snickers Peanut Brownie, and the Snickers White.
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what outcome should we expect in the labor market when a labor union successfully negotiates with the employer g
The outcome to be expected in the labor market, should a labor union be able to successfully negotiate with the employer is B. The wage rate would exceed the equilibrium wage the firm would otherwise have paid.
What happens to the labor market from labor union action ?Labor unions are formed to lobby for the rights of their members in such a way that their members get better benefits and working conditions. This often means that employees will get a higher salary.
If labor unions get a higher salary as a result of successful negotiations between labor unions and employees, then the new wage rate would be higher than the equilibrium wage the company would have paid.
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Options for this question are:
The wage rate would be below the equilibrium wage the firm would otherwise have paid. The wage rate would exceed the equilibrium wage the firm would otherwise have paid. The wage rate would match the preferred equilibrium wage the firm have selected. The wage rate would be found at the intersection of the labor demand and the labor supply.Answer: The wage rate would exceed the equilibrium wage
Explanation:
if the total world population reaches 13 billion, what is one issue that consumers will need to address to maintain the population on earth while considering carrying capacity of the earth itself?
What one problem would consumers need to solve to sustain the population on Earth while taking the carrying capacity of the Earth itself into account if the overall world population hits 13 billion.
The road of lowering resource use will need to be followed through behaviour, lifestyles, and expectations. The need for food, water, housing, energy, healthcare, transportation, and other resources will rise as the population grows. And all that consumption increases the likelihood of major catastrophes like pandemics, increases wars, and degrades the environment. Economic development will result from population expansion since more individuals can generate more things. Higher tax revenues will allow for the funding of public goods like health care and environmental initiatives.
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approximately how long will it take an investment of $900 to triple, if the interest rate is 3.75% per year compounded continuously?
It will take 29 years and 10 months for an investment of $900 to triple, if the interest rate is 3.75% per year compounded continuously.
Compound interest is gained when you add previously earned interest back into your principal balance. Compound interest boosts your earnings. Consider that you have $5,000 in a savings account earning 5% interest annually. If you made $25 in the first year, your new balance would be $5,025.
We use compound interest formula to calculate the time.
We are given the principle value and the future value,
The formula for the compound interest is
[tex]A = P\times (1 + (\frac{r}{n} )^{(nt)}[/tex]
Here,
A=Final amount
P=principal amount
t=time period
n= frequency of the interest
P=$900,
A=3*$900=$2,700
r=3.75%=0.0375
n is the frequency of interest, here it is 1.
[tex]A = P\times (1 + (r ))^{(t)}[/tex]
[tex]3\times900 = 900\times (1 + (0.0375 ))^{(t)}[/tex]
3=(1+0.0375)^t
ln(3)=ln(1.0375)^t
t=ln(3)/ln(1.0375)
t=29.840
Therefore, the time taken to triple the principle amount is 29 years and 10 months.
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How many years will it take jorge to pay off the loan? 3 years 4 years 5 years 6 years
It took jorge 3 years to pay off the loan.
who is jorge?Jorge Masvidal is a trained mixed martial artist from the United States. He is presently an Ultimate Fighting Championship Welterweight competitor. Since beginning his career in fighting in 2003, Masvidal has taken part in events for Bellator, Strikeforce, Shark Fights, and World Victory Road.
what is loan?A loan is the lending of money by one or more people, businesses, or other entities to other people, businesses, or other entities. The recipient incurs a debt and is often responsible for both the principal amount borrowed as well as interest payments until the debt is repaid.
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Answer:
5 years
Explanation:
ane reported to her company about a growing mold issue in the building where she works. as a result, jane was suspended from work without pay. to whom can jane report the retaliation for assistance?
Administration for Health and Safety at Work
Jane can report the retaliation to the Occupational Safety and Health Administration (OSHA) because the Federal Government provides protection to employees who report unsafe working conditions through OSHA.
Indeed, this is specifically addressed in Occupational Safety and Health (OSH) Act Section 11(c), which prohibits retaliation against employees who report or complain about potentially hazardous or unhealthy working conditions.
What obligations does OSHA impose?The goal of the Occupational Safety and Health Act of 1970 (OSH Act) was to stop workers from getting hurt or dying at work. Employers are required by law to provide their workers with working conditions free of known hazards.
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g what are the major disadvantages of the use of the net present value method of analyzing capital investment proposals?
The biggest drawback of utilizing the net present value technique to evaluate capital investment proposals is that it might be difficult to precisely determine a discount rate that effectively captures the project's genuine risk premium.
The net present value method's major drawback is that it necessitates some educated judgment on the firm's capital cost. Making poor investment decisions will arise from assuming a cheap cost of capital.
Investors can determine their willingness to pay now for a stream of future cash flows using the NPV calculation.
The requirement to calculate the rate of return is the fundamental drawback of Net Present Value. A greater rate of return assumption might provide a falsely negative NPV, while a lower rate of return assumption would produce a falsely profitable project, leading to poor decision-making.
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a company has net income of $850,000; its weighted-average common shares outstanding are 170,000. its dividend per share is $1.45 and its market price per share is $108. its price-earnings ratio equals:
As per the weighted-average, the price-earnings ratio equals 4.36%
Price earning ratio:
In economics, Price Earnings Ratio describes the link between the value of a share of the company and its earnings per share.
Given,
The company has net income of $850,000; its weighted-average common shares outstanding are 170,000. its dividend per share is $1.45 and its market price per share is $108.
And we need to find the price-earnings ratio.
Here we know that, the ratio tells us about the value of the company in the market and estimates whether the value earned by the share in the market is high or low.
So, it can be calculated as,
=> (850000 - 108000)/170000
=> 4.36
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private equity funds generally provide funding and expertise to companies at which stages of their development? i. seed stage ii. early stage iii. formative stage iv. late stage
Private equity funds generally provide funding and expertise to companies at the Seed stage of their development.
Private equity funds, also known as PE funds, are collective investment vehicles used to invest in a variety of equity (and to a lesser extent debt) assets in accordance with one of the investing strategies related to private equity. Most private equity funds have a fixed duration of 10 years and are limited partnerships (often with annual extensions). Institutional investors make an unfunded commitment to the limited partnership at the time of formation, which is then drawn over the fund's life. From the perspective of the investors, funds might be traditional (where everyone invests on an equal footing) or asymmetric (where different investors have different terms). Investment experts of a certain private equity business raise and manage a private equity fund (the general partner and investment advisor). A private equity firm would often oversee a number of different private equity funds and try to create a new fund every three to five years once the previous fund is fully invested.
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a technology start-up received money from a venture capital company. what type of financing is this?
A technology start-up received money from a venture capital company. It is a type of financing called equity financing. Thus option A is correct.
What is a start-up?Entrepreneurs that desire to develop a service or product think there is a market for creating startups. Technology startups serve as more than just growth engines.
Equity financing is the practice of firms selling shares to shareholders to raise funds. There isn't a loan to pay back with equity financing. It can be especially crucial if the company doesn't make a profit immediately because there are no monthly loan payments required of the business.
Therefore, option A is appropriate.
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The trial balance columns of the worksheet for Lampert Roofing at March 31, 2017, are as follows. LAMPERT ROOFING Worksheet For the Month Ended March 31, 2017 Trial Balance Account Titles Dr. Cr. Cash 4,200 Accounts Receivable 3,100 Supplies 1,700 Equipment 10,648 Accumulated Depreciation—Equipment 1,210 Accounts Payable 2,500 Unearned Service Revenue 500 Common Stock 8,348 Retained Earnings 3,500 Dividends 1,100 Service Revenue 6,100 Salaries and Wages Expense 1,000 Miscellaneous Expense 410 22,158 22,158 Other data:
1. A physical count reveals only $400 of roofing supplies on hand.
2. Depreciation for March is $242.
3. Unearned service revenue amounted to $240 at March 31. 4. Accrued salaries are $600.
Enter the trial balance on a worksheet and complete the worksheet.
Prepare an income statement for the month of March.
Prepare a retained earnings statement for the month of March.
Prepare a classified balance sheet at March 31.
Journalize the adjusting entries from the adjustments columns of the worksheet.
Journalize the closing entries from the financial statement columns of the worksheet.
LAMPERT ROOFING Worksheet For the Month Ended March 31, 2017
Trial Balance
Account Titles Dr. Cr.
Cash 4,200
Accounts Receivable 3,100
Supplies 1,700
Equipment 10,648
Accumulated Depreciation—Equipment 1,210
Accounts Payable 2,500
Unearned Service Revenue 500
Common Stock 8,348
Retained Earnings 3,500
Dividends 1,100
Service Revenue 6,100
Salaries and Wages Expense 1,000
Miscellaneous Expense 410
22,158
22,158
Adjustments
Account Titles Dr. Cr.
Supplies 400
Accumulated Depreciation 242
Unearned Service Revenue 240
Salaries and Wages Expense 600
22,890
22,890
Financial Statements
Account Titles Dr. Cr.
Cash 4,200
Accounts Receivable 3,100
Supplies 1,300
Equipment 10,648
Accumulated Depreciation—Equipment 1,452
Accounts Payable 2,500
Unearned Service Revenue 260
Common Stock 8,348
Retained Earnings 3,998
Service Revenue 6,100
Salaries and Wages Expense 1,600
Miscellaneous Expense 410
22,890
22,890
Income Statement
Revenue 6,100
Expenses
Salaries and Wages 1,600
Miscellaneous Expense 410
Total Expenses 2,010
Net Income 4,090
Retained Earnings Statement
Beginning Retained Earnings 3,500
Net Income 4,090
Dividends (1,100)
Ending Retained Earnings 6,490
Balance Sheet
Assets
Cash 4,200
Accounts Receivable 3,100
Supplies 1,300
Equipment 10,648
Accumulated Depreciation—Equipment 1,452
Total Assets 19,700
Liabilities and Stockholders’ Equity
Accounts Payable 2,500
Unearned Service Revenue 260
Common Stock 8,348
Retained Earnings 6,490
Total Liabilities and Stockholders’ Equity 19,700
Journal Entries
1. Supplies Expense 400; Supplies 400
Dr. Supplies Expense 400
Cr. Supplies 400
2. Depreciation Expense 242; Accumulated Depreciation—Equipment 242
Dr. Depreciation Expense 242
Cr. Accumulated Depreciation—Equipment 242
3. Unearned Service Revenue 240; Service Revenue 240
Dr. Service Revenue 240
Cr. Unearned Service Revenue 240
4. Salaries and Wages Expense 600; Salaries and Wages Payable 600
Dr. Salaries and Wages Expense 600
Cr. Salaries and Wages Payable 600
Closing Entries
1. Service Revenue 6,100; Retained Earnings 6,100
Dr. Retained Earnings 6,100
Cr. Service Revenue 6,100
t2. Retained Earnings 3,500; Dividends 1,100; Retained Earnings 4,590
Dr. Dividends 1,100
Cr. Retained Earnings 4,590
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where is the country's 10-year inflation expectation in relation to the central bank's inflation target?
Generally, central banks have set their target at 2% to 3% annual inflation.
In the field of economics, inflation can be defined as an increase in the overall cost of goods and services in a country.It helps to purchase fewer products and services as the general price level rises, hence inflation is equivalent to a reduction in purchasing power.A state of growing prices in the economy is called inflation.A prolonged rise in an economy's overall price level is a more precise definition of inflation. Inflation is a decrease in the purchasing power of money that results in a rise in the cost of living.
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assuming that the applicable tax rate is 21%, what is south's total provision for income tax expense reported on its gaap financial statements for year 2?
Assuming that the applicable tax rate is 21%, the Total provision for income tax expense is 105000 reported on its GAAP financial statements for year 2.
An income tax is a tax imposed on people or entities (taxpayers) in respect of the financial gain or profits attained by them (commonly called taxable income). taxation usually is computed because the product of a charge per unit times the assessable income. Taxation rates might vary by the kind or characteristics of the remunerator and therefore the kind of income.
The tax rate may increase as taxable income will increase (referred to as graduated or progressive tax rates). The tax obligatory on firms is sometimes legendary as corporate tax and is usually levied at a flat rate. Individual income is usually taxed at progressive rates wherever the tax rate applied to every further unit of financial gain increases.
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a country desiring to expand its power and wealth by seizing control of another country is engaging in
A country is desiring to expand its power and wealth by seizing control of another country is engaging in imperialism.
What is imperialism ?Imperialism is the state policy, practice, or advocacy of expanding power and dominion, often through direct territorial acquisition or by establishing control over other places' politics and economies, frequently by using hard force (economic and military power), but also soft power (cultural and diplomatic power).
Imperialism is a separate idea that can be applied to many different forms of governance and various forms of expansion, even if it is related to the concepts of colonialism and empire.
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what advertising by a licensee would most likely not be grounds for disciplinary action under washington law?
Advertising by a licensee is including in advertising of their personally owned property that they hold a real estate license but not including their broker's name not be grounds for disciplinary action under washington law.
The Revised Code of Washington (RCW) is the compilation of all permanent legal guidelines now in force. it's far a set of consultation laws (enacted by means of the Legislature, and signed via the Governor, or enacted via the initiative procedure), arranged with the aid of subject matter, with amendments brought and repealed legal guidelines removed.
The state of Washington also has its own nation legal guidelines. Washington country legal guidelines consist of the Washington nation constitution, legal guidelines surpassed by the Washington legislature and periodically codified in the Revised Code of Washington, and choices by way of courts that interpret Washington legal guidelines.
Washington country regulation does no longer permit for commonplace regulation marriage. on the way to are trying to find the rights and blessings of a married couple, partners ought to input into a prison marriage this is diagnosed in through the nation.
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who would make the best auditors: outside unbiased auditors or inside auditors who are more familiar with the organization, its procedures, and the project? why?
A company's operational, financial, and technological controls can all be improved through the impartial, unbiased process of an internal audit.
It assesses the efficiency of your organization's operations, risk management, and governance procedures and offers suggestions for improvement. Financial reporting controls are just one type of internal audit. Instead, they can aid in your ability to assess risk in any aspect of your firm.
Internal audit offers a more proactive and collaborative approach to reviewing an organization and offering a new perspective on operations and controls, whereas external audit can occasionally be perceived as a "check-the-box" exercise required by regulators, lenders, or shareholders. Examining both the what and the how of your processes and controls is the goal of an internal audit team.
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What is the Terminal Value based on the average of: 1) The terminal value based on a perpetual growth rate, and; 2) The terminal value based on the EBITDA exit multiple assumption outlined on the "Control Panel" tab $454,756 $400,206 $599,446 $450,323
The Terminal Value based on the average of perpetual growth rate, and the terminal value based on the EBITDA is that earnings before interest, taxes, depreciation, and amortization.
The earnings before the interest, taxes, depreciation, and amortization (EBITDA), is an alternative metric to net income in order to determine the profitability. EBITDA aims to represent the cash profit which is produced by the company's activities.
However, the widely accepted accounting rules do not recognize the EBITDA is said to be an accounting metric (GAAP). Thus, some publicly traded corporations tend to include adjusted EBITDA figures.
Hence, the Terminal Value is are considered to be the goals in life.
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T/F cost-volume-profit analysis cannot be used when a firm produces and sells more than one product.
The following statement " cost-volume-profit analysis cannot be used when a firm produces and sells more than one product" is true.
A corporation, commonly referred to as a co., is a legal entity representing a group of people with a certain purpose, they are natural or legal or a combination of both. The members of the company work together for a common purpose to achieve clearly set goals.
In order for the society itself to have limited liability when its members perform or fail to perform their obligations under a publicly stated constitution or published policy, a society can be established as a legal entity. It may be necessary to liquidate a business after it has closed to pay off outstanding debts.
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using the quantity equation, if the velocity of money grows at 5 percent, the money supply grows at 10 percent, and real gdp grows at 4 percent, then the inflation rate will be
The inflation rate will be 11%. Therefore, option (B) is the correct answer.
Real gross domestic product (GDP) is a measure of an economy's total output adjusted for inflation that reflects the value of all the goods and services generated during a specific year. Base-year prices are used to express real GDP. To put it simply, real GDP corrects for price fluctuations in order to assess the entire economic production of a nation.
A macroeconomic metric known as real GDP accounts for inflation to determine the true value of the products and services generated by an economy over a certain time period. In essence, it calculates a nation's overall economic production after accounting for price changes.
In the given question,
MV = PY
(1.10)*(1.05) = (1+P)*(1.04)
(1 + P) = (1.10*1.05)/1.04
P = 1.11-1
P = 0.11 or 11%
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if tom had twice as much money, he could consume twice as much. if everyone had twice as much money, they could consume twice as much. this quote illustrates
"Tom could consume twice as much if he had twice as much money. Everyone could eat twice as much if they each had twice as much money. The fallacy of composition is demonstrated in this quotation.
The composition fallacy involves considering a dispersed feature as if it were collective. It happens when someone makes the error of assigning to a group (or a whole) a quality that is solely true of its individual members (or parts), and then draws conclusions from that mistake.The composition fallacy is an informal fallacy that occurs when one infers that something is true of the entire because it is true of some portion of the whole. "Because this tire is made of rubber, the vehicle of which it is a component is also made of rubber," for example.The composition fallacy occurs when someone believes that something is true of the entire because it is true of a part of the whole. In the subject of economics, this reasoning usually yields incorrect conclusions.Thus the answer is fallacy of composition.
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a contractor slips and falls on your property while doing some construction work. this case would fall under which branch of law?
A contractor slips and falls on your property while doing some construction work. This case would fall under civil law.
Civil law is a legal system originating in mainland Europe and adopted in much of the world. The civil law system is intellectualized within the framework of Roman law, and with core principles codified into a referable system, which serves as the primary source of law. The civil law system is often contrasted with the common law system, which originated in medieval England. Whereas the civil law takes the form of legal codes, the law in common law systems historically came from uncodified case law that arose as a result of judicial decisions, recognising prior court decisions as legally-binding precedent.
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on january 1, 2024, olson corporation adopted the dollar-value lifo retail inventoryu method. beginning inventory at cost and at retail were 190000 and 268800, respectively. net purchases during the year at cost and at retail were 651,200 and 806,000, respectively. markups during the year were $8,000. there were no markdowns. net sales for 2024 were 783,550. the retail price index at 1.05./ what is the invfentory balance that olsson would report in its 12/31/2024 balance sheet
Olson corporation's inventory value as of December 31, 2021, was $65,650 at cost and $68,932.5 at retail.
What does the accounting term "inventory value" mean?Businesses utilize the inventory valuation accounting procedure to estimate the value of unsold inventory items when they are creating their financial statements. Inventory stock is an asset for an organization that needs to be valued in money in order to be listed on the balance sheet.
Inventory value is the total dollar amount of the inventory you still have to sell at the end of an accounting period. You'll usually see it stated on financial documents, including your balance sheet, as an accounting year comes to an end.
The Office for National Statistics in the UK publishes a monthly gauge of inflation called the Retail Price Index. It gauges the variation in the price of a sample of retail products and services.
The inventory that was purchased last will be sold first according to the last in, first out (LIFO) technique.
Always compute opening and closing inventories at cost price alone.
Cost of sales = sales- markup
= $783,550 - $8,000 = $775,550
Closing inventory value
= cost of sales - purchases - opening inventory
= $775,550 - $651,200 = $124,350 - $190,000 =$ 65,650
Retail value of inventory on 31/12/2021
= $ 65,650 ×1.05= $68,932.5
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