In its financial statements WalkerCo is reporting net income of $237. Its tax rate for the...
In its financial statements WalkerCo is reporting net income of $237. Its tax rate for the year was 35%. Total assets at the beginning of the year was $1,953 and at the end of the year $2,151. In the footnotes it is reported that the LIFO reserve at the beginning of the year was $142 and at the end of the year $164. Calculate the return on assets after accounting for the impact of the LIFO inventory valuation. Present your answer in percentage terms, rounded to two decimal places, e.g., 20.00%.
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In its financial statements WalkerCo is reporting net income of
$237. Its tax rate for the...
In its financial statements WalkerCo reported cost of goods sold of $1,787. Inventory at the beginning...
In its financial statements WalkerCo reported cost of goods sold of $1,787. Inventory at the beginning of the year was $317 and at the end of the year $495. In the footnotes it is reported that the LIFO reserve at the beginning of the year was $121 and at the end of the year $87. Calculate the days' sales in inventory after accounting for the inpact of the LIFO inventory valuation. Present your answer rounded to one decimal place, e.g.,...
$220 Given the selected income statement data for Gray Co., what was its effective tax rate...
$220 Given the selected income statement data for Gray Co., what was its effective tax rate for the year? Present your answer in percentage terms rounded to one decimal place (e.g., 23.4%). Sales $495 Cost of goods sold Salaries expense $62 Tax expense $44 Net income $46 Total liabilities $416 Total assets $559
1 points A company that prepares its financial statements according to International Financial Reporting Standards (IFRS)...
1 points A company that prepares its financial statements according to International Financial Reporting Standards (IFRS) can use each of the following inventory valuation methods except FIFO. LIFO Average cost All of these methods can be used, 1 points are Ramen Inc. adopted dollar value LIFO (DVL) as of January 1, 2021, when it had a cost inventory of $600,000. Its inventory as of December 31, 2021, was 5667800 at year end costs and the cost index was 1.06. What...
Spando Apparel uses the LIFO inventory method for external reporting and for income tax purposes but...
Spando Apparel uses the LIFO inventory method for external reporting and for income tax purposes but maintains its internal records using FIFO. The following disclosure note was included in a recent annual report: Inventories ($ in millions): Total inventories LIFO reserve 2021 $ 679 (119) $ 560 2eze $658 (69) $589 The company's income statement reported cost of goods sold of $3,300 million for the fiscal year ended December 31, 2021 Required: 1. Spando adjusts the LIFO reserve at the...
Spando Apparel uses the LIFO inventory method for external reporting and for income tax purposes but...
Spando Apparel uses the LIFO inventory method for external reporting and for income tax purposes but maintains its internal records using FIFO. The following disclosure note was included in a recent annual report: Inventories ($ in millions): Total inventories LIFO reserve 2021 $ 667 (111) $ 556 2020 $646 (65) $581 The company's income statement reported cost of goods sold of $3,260 million for the fiscal year ended December 31, 2021 Required: 1. Spando adjusts the LIFO reserve at the...
Wolfgang Kitchens has always used the FIFO inventory costing method for both financial reporting and tax...
Wolfgang Kitchens has always used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of 2021, Wolfgang decided to change to the LIFO method. Net income in 2021 was correctly stated as $92 million. If the company had used LIFO in 2020, its cost of goods sold would have been higher by $8 million that year. Company accountants are able to determine that the cumulative net income for all years prior to 2020 would...
Wolfgang Kitchens has always used the FIFO inventory costing method for both financial reporting and tax...
Wolfgang Kitchens has always used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of 2018, Wolfgang decided to change to the LIFO method. Net income in 2018 was correctly stated as $106 million. If the company had used LIFO in 2017, its cost of goods sold would have been higher by $15 million that year. Company accountants are able to determine that the cumulative net income for all years prior to 2017 would...
Watermelon Inc., a company that adheres to IFRS in its accounting and reporting practice, provides a...
Watermelon Inc., a company that adheres to IFRS in its accounting and reporting practice, provides a defined benefit pension plan to its employees. The following information is available at for Year 1 (amounts in thousands): PV of defined benefits obligations, beginning of year Fair value of plan assets, beginning of year PV of defined benefits obligations, end of year Fair value of plan assets, end of year PV of reductions in future contributions, end of year Service cost, current year...
Swifty Co. decides at the beginning of 2017 to adopt the FIFO method of inventory valuation. Swifty had used the LIFO method for financial reporting since its inception on January 1, 2015, and had mai...
Swifty Co. decides at the beginning of 2017 to adopt the FIFO method of inventory valuation. Swifty had used the LIFO method for financial reporting since its inception on January 1, 2015, and had maintained records adequate to apply the FIFO method retrospectively. Swifty concluded that FIFO is the preferable inventory method because it reflects the current cost of inventory on the balance sheet. The following table presents the effects of the change in accounting principles on inventory and cost...
P18.12 Carly Inc. reported the following accounting income (loss) and related tax rates during the years 2015 to 2021: Year Accounting Income (Loss) Tax Rate 2015 $ 70,000 25% 2016 25,000 25% 2017 60,000 25% 2018 80,000 30% 2019 (21
P18.12 Carly Inc. reported the following accounting income (loss) and related tax rates during the years 2015 to 2021:YearAccounting Income (Loss)Tax Rate2015$ 70,000 25%2016 25,000 25%2017 60,000 25%2018 80,000 30%2019(210,000)35%2020 70,000 30%2021 90,000 25%Accounting income (loss) and taxable income (loss) were the same for all years since Carly began business. The tax rates from 2018 to 2021 were enacted in 2018. Assume Carly Inc. follows ASPE for all parts of this question, except when asked about the effect of reporting under...
$220 Given the selected income statement data for Gray Co., what was its effective tax rate for the year? Present your answer in percentage terms rounded to one decimal place (e.g., 23.4%). Sales $495 Cost of goods sold Salaries expense $62 Tax expense $44 Net income $46 Total liabilities $416 Total assets $559
1 points A company that prepares its financial statements according to International Financial Reporting Standards (IFRS) can use each of the following inventory valuation methods except FIFO. LIFO Average cost All of these methods can be used, 1 points are Ramen Inc. adopted dollar value LIFO (DVL) as of January 1, 2021, when it had a cost inventory of $600,000. Its inventory as of December 31, 2021, was 5667800 at year end costs and the cost index was 1.06. What...
Spando Apparel uses the LIFO inventory method for external reporting and for income tax purposes but maintains its internal records using FIFO. The following disclosure note was included in a recent annual report: Inventories ($ in millions): Total inventories LIFO reserve 2021 $ 679 (119) $ 560 2eze $658 (69) $589 The company's income statement reported cost of goods sold of $3,300 million for the fiscal year ended December 31, 2021 Required: 1. Spando adjusts the LIFO reserve at the...
Spando Apparel uses the LIFO inventory method for external reporting and for income tax purposes but maintains its internal records using FIFO. The following disclosure note was included in a recent annual report: Inventories ($ in millions): Total inventories LIFO reserve 2021 $ 667 (111) $ 556 2020 $646 (65) $581 The company's income statement reported cost of goods sold of $3,260 million for the fiscal year ended December 31, 2021 Required: 1. Spando adjusts the LIFO reserve at the...
Watermelon Inc., a company that adheres to IFRS in its accounting and reporting practice, provides a defined benefit pension plan to its employees. The following information is available at for Year 1 (amounts in thousands): PV of defined benefits obligations, beginning of year Fair value of plan assets, beginning of year PV of defined benefits obligations, end of year Fair value of plan assets, end of year PV of reductions in future contributions, end of year Service cost, current year...
P18.12 Carly Inc. reported the following accounting income (loss) and related tax rates during the years 2015 to 2021:YearAccounting Income (Loss)Tax Rate2015$ 70,000 25%2016 25,000 25%2017 60,000 25%2018 80,000 30%2019(210,000)35%2020 70,000 30%2021 90,000 25%Accounting income (loss) and taxable income (loss) were the same for all years since Carly began business. The tax rates from 2018 to 2021 were enacted in 2018. Assume Carly Inc. follows ASPE for all parts of this question, except when asked about the effect of reporting under...
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