Corrs company began operations in 2016 and determined its ending inventory at cost and at lower-of-lifo cost-or-market at december 31, 2016, and december 31, 2017. this information is presented below:

cost

lower-of-cost-or-market

12/31/16 $356,000 $327,000
12/31/17 420,000 395,000

(a) prepare the journal entries required at december 31, 2016, and december 31, 2017, assuming that the inventory is recorded at market, and a perpetual inventory system (cost-of-goods-sold method) is used.

(b) prepare journal entries required at december 31, 2016, and december 31, 2017, assuming that the inventory is recorded at market under a perpetual system (loss method is used).

(c) which of the two methods above provides the higher net income in each year? both, cogs method, or loss method?

On september 12, ryan company sold merchandise in the amount of $5,800 to johnson company, with credit terms of 2/10, n/30. the cost of the items sold is $4,000. ryan uses the periodic inventory system and the net method of accounting for sales. on september 14, johnson returns some of the non-defective merchandise, which is restored to inventory. the selling price of the returned merchandise is $500 and the cost of the merchandise returned is $350. the entry or entries that ryan must make on september 14 is (are): multiple choice sales returns and allowances 490 accounts receivable 490 merchandise inventory 350 cost of goods sold 350 sales returns and allowances 490 accounts receivable 490 sales returns and allowances 500 accounts receivable 500 sales returns and allowances 490 accounts receivable 490 merchandise inventory 343 cost of goods sold 343 sales returns and allowances 350 accounts receivable 350

You are head of the schwartz family endowment for the arts. you have decided to fund an arts school in the san francisco bay area in perpetuity. every 5 years, you will give the school $ 1 comma 000 comma 000. the first payment will occur 5 years from today. if the interest rate is 5.9 % per year, what is the present value of your gift?

In most states, a licensee must provide a(n) of any existing agency relationships to all parties