Major Company uses the lower of cost or market rule in valuing its inventory and applies it using the LIFO method. The floor constraint for one item in the inventory is $58.20. The following is other information concerning this unit: Transportation costs $ 5.00 Normal profit margin 12.70 Packaging costs 5.20 The market value for this item is
A) $58.20
B) $70.90
C) $75.90
D) $81.10
D
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A company transfers ownership control of accounts receivable in all of the following financing arrangements except
A) Factoring receivables. B) Selling receivables. C) Pledging receivables. D) Securitizing receivables.
Applying IFRS, Wheaton would record the following entry
a. Accumulated Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,000,000 Apartment Building (New Valuation) . . . . . . . . . . . . . . . . . . . .10,000,000 Loss on Impairment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,000,000 Apartment Building (Acquisition Cost) . . . . . . . . . . . . . . . . . . . . . . . . . 40,000,000 b. Accumulated Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 Apartment Building (New Valuation) . . . . . . . . . . . . . . . . . . . .10,000,000 Loss on Impairment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 Apartment Building (Acquisition Cost) . . . . . . . . . . . . . . . . . . . . . . . . . 40,000,000 c. Accumulated Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 Apartment Building (New Valuation) . . . . . . . . . . . . . . . . . . . 11,000,000 Loss on Impairment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,000,000 Apartment Building (Acquisition Cost) . . . . . . . . . . . . . . . . . . . . . . . . . 40,000,000 d. Accumulated Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 Apartment Building (New Valuation) . . . . . . . . . . . . . . . . . . . 12,000,000 Loss on Impairment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000,000 Apartment Building (Acquisition Cost) . . . . . . . . . . . . . . . . . . . . . . . . . 40,000,000 e. Accumulated Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 Apartment Building (New Valuation) . . . . . . . . . . . . . . . . . . . 12,200,000 Loss on Impairment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,800,000 Apartment Building (Acquisition Cost) . . . . . . . . . . . . . . . . . . . . . . . . . 40,000,000
Interest earned on the cash component of a life insurance policy is not taxes at the time it is credited to the cash component
Indicate whether the statement is true or false.
A warranty given by the seller after the sale
a. is valid. b. is unenforceable. c. must be accompanied by consideration. d. must be written.