LIFO reserves: Rhodes Company Reported year for analysis, 2011 2011 Net income as reported $ 90,200,000 2011

Question:

LIFO reserves: Rhodes Company Reported year for analysis, 2011

2011 Net income as reported $ 90,200,000

2011 Inventory reserve 50,000,000

2010 Inventory reserve 46,000,000 2011 Income taxes 55,000,000

2011 Income before income taxes 145,200,000

Required

Compute the approximate income if inventory had been valued at approximate current cost.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Reporting and Analysis Using Financial Accounting Information

ISBN: 978-1133188797

13th edition

Authors: Charles H. Gibson

See More Books

Question Posted: May 28, 2014 09:42 AM

See More Questions

LIFO reserves: Rhodes Company Reported year for analysis, 2009 2009 Net income as reported .......$ 90,200,000 2009 Inventory reserve ..........50,000,000 2008 Inventory reserve ..........46,000,000...
LIFO reserves: Lion Company Reported year for analysis, 2008 2008 Net income as reported .......$45,000,000 2008 Inventory reserve ............20,000,000 2007 Inventory reserve ............28,000,000...
If the net income for the current year had been $262,800 in Exercise, what would have been the correct net income if the proper adjusting entries had been made? The accountant for Cyprus Medical Co.,...
Degrees of freedom, for a single-sample t test, equal ____ minus 1.
Find the zeros of each function. a. f (x) = 4x2 - 11x - 3 b. f (x) = 2x2 - x - 7
A cooler contains 66 cans of soda. There are 24 cans of Coca-Cola, 12 cans of Diet Coke, 9 cans of Dr Pepper, 15 cans of Mountain Dew, and 6 cans of Diet Pepsi. If one can of soda is randomly...
On 1st January, A undertook a contract for Rs 5,00,000. He incurred the following expenses during the year. Rs Materials issued from stores 50,000 Materials purchased for the contract 45,000 Plant...
The following data were adapted from a recent income statement of Procter & Gamble Company: (in millions) Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
Following is information on two alternative investments being considered by Tiger Co. The company requires an 8% return from its investments. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use...
Ogier Incorporated currently has $800 million in sales, which are projected to grow by 10% in Year 1 and by 5% in Year 2. Its operating profitability ratio (OP) is 10%, and its capital requirement...
General Companys financial statements for 2011 follow here and on the following pages: Required a. Compute the Z score of General Company at the end of 2011. b. According to the Altman model, does...
The Jones Company is having a very good year with sales running 50% above projections. At the end of the year the CFO decides that this is a good time to provide for possible obsolete inventory and...
Lynn, the vice president of marketing, wonders how products can cost less under one cost system than under another: "Aren't costs cut-and-dried?" How would you respond?
How do you manage global and international teams? What would you do different?
Your friend is super excited about the results of their study! They examined whether different parenting styles [A] resulted in differences in anxiety levels among children. The different levels (a)...
Test the series for convergence or divergence. n=1 e1/n 78 O convergent O divergent
How do employees perceive the organization's vision and mission, and to what extent do these perceptions influence their commitment to the organization ?
In the table below which shows class taken and grade achieved, find the probability that a student selected takes Stat or receives a B grade. Round your answer to three decimal places 40 70 70 50 40...
Discuss the long-range budget, the operating budget, the capital budget including time value of money issues, the cash budget and cash management, the program budget, and special purpose budgets.
Gopher, Inc. developing its upcoming budgeted Costs of Quality (COQ) with the following information: Expense Item Budget Raw Materials Inspection $ 15,000 EPA Fine 200,000 Design Engineering 15,000...
An analyst gathers the following market share data for an industry comprised of five companies: The industry's three-firm Herfindahl-Hirschman index is closest to: A. 0.185 . B. 0.225 . C. 0.235 ....
Differentiate between marketable securities and long-term investments. What is the purpose of owning each?
What is depreciation? Which tangible assets are depreciated, and which are not? Why?
For reporting purposes, management prefers higher profits; for tax purposes, lower taxable income is desired. To meet these goals, firms often use different methods of depreciation for tax and...
1,600 Balance Sheet The following is a list (in random order) of KIP International Products Company's December 31, 2019, balance sheet accounts: Additional Paid-In Capital on Preferred Stock $2,000...
Question 3 4 pts 9 x + 3 x 9 if x 0 Find a) lim f(x), b) lim, f(x), C), lim , f(x) if they exist. 3 Edit View Insert Format Tools Table : 12pt M Paragraph B IV A2 Tv
Mr. Geoffrey Guo had a variety of transactions during the 2019 year. Determine the total taxable capital gains included in Mr. Guo's division B income. The transactions included: 1. On January 1,...

LIFO reserves: Rhodes Company Reported year for analysis, 2011 2011 Net income as reported $ 90,200,000 2011

Question:

Step by Step Answer:

2011 Net Income as Reported 90200000 Net Change in Inventory Reserve 2011 50000000 2010 46000000 ...View the full answer

Financial Reporting and Analysis Using Financial Accounting Information

Students also viewed these Accounting questions