Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and paid dividends of $18,000 during the current year. The retained earnings account before closing had a balance of $297,000. The ending retained earnings balance after closing is:
A) $185,000
B) $63,300
C) $81,300
D) $360,300
E) $378,300
D) $360,300
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When would the replacement cost of inventory be used as the market value under the lower-of-cost-or-market method?
a. Always b. When replacement cost is above net realizable value c. When replacement cost is below net realizable value and above net realizable value less normal profit margin d. When replacement cost is below net realizable value less normal profit margin
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