The U.S. GAAP requires firms using LIFO to disclose in notes to the financial statements
a. the amounts by which inventories based on FIFO or current cost exceed their amounts as reported on a LIFO basis.
b. the amounts by which inventories based on LIFO exceed their amounts as reported on a FIFO or current cost basis.
c. the amounts by which inventories based on LIFO exceed their amounts as reported on a specific identification or current cost basis.
d. the amounts by which inventories based on specific identification or current cost exceed their amounts as reported on a LIFO basis.
e. none of the above
A
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Sawaddee Enterprises began the year with total assets of $450,000 and total liabilities of $230,000 . If Sawaddee's total assets doubled to $1,000,000 and its owners' equity remained the same during the year, what was the amount of its total liabilities at the end of the year?
a. $220,000 b. $680,000 c. $780,000 d. $900,000
Answer the following statements true (T) or false (F)
1.Women are more likely to describe themselves as being empathic than are men. 2.By questioning and paraphrasing, you check your perception and ensure that you accurately comprehend how the person feels. 3.Listeners who don’t care about those they interact with often engage in pseudo-listening. 4.Apprehensive listeners are fearful, psychologically adjusting themselves to messages that others send to them. 5.Men and women listen for different reasons. Men hear a message’s emotional content while women hear the facts.
The following information is available for Fordham Corp for its most recent year: Net sales ............................................. $3,600,000 Freight-in ............................................ 90,000 Purchase discounts .................................... 50,000 Ending inventory ...................................... 240,000 The gross margin is 40 percent of net sales. What is the
cost of goods available for sale? a. $1,680,000 b. $1,920,000 c. $2,400,000 d. $2,440,000
You want to persuade your audience that wearing a seatbelt can save lives. In your speech, you provide several personal accounts in which people’s lives were saved by seatbelts. Which type of argument are you using?
a. argument by example b. argument by definition c. argument by analogy d. argument by relationship