Company Name Kroger (In Millions) From the balance sheets: 29-Jan-22 30-Jan-21 Inventories $ (1,370) $ 80...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Company Name Kroger (In Millions) From the balance sheets: 29-Jan-22 30-Jan-21 Inventories $ (1,370) $ 80 Less: LIFO reserve $ 626 $ 197 LIFO cost From the income statement Cost of goods sold $ Net income 29-Jan-22 148,258 $ 30-Jan-21 137,888 $ 2,300,000,000 $1,700,000,000 (in billions) Convert to FIFO Cost of goods sold, as reported under LIFO - Increase in LIFO Reserve = Cost of goods sold, using FIFO Lower cost of goods sold, Higher pretax income amount: Minus income taxes (21%) Higher net income under FIFO Net income as reported under LIFO Net income that would have been reported under FIFO 29-Jan-22 $107,539,000,000 626,000,000 $ $106,913,000,000 Company Name Kroger (In Millions) From the balance sheets: 29-Jan-22 30-Jan-21 Inventories $ (1,370) $ 80 Less: LIFO reserve $ 626 $ 197 LIFO cost From the income statement Cost of goods sold $ Net income 29-Jan-22 148,258 $ 30-Jan-21 137,888 $ 2,300,000,000 $1,700,000,000 (in billions) Convert to FIFO Cost of goods sold, as reported under LIFO - Increase in LIFO Reserve = Cost of goods sold, using FIFO Lower cost of goods sold, Higher pretax income amount: Minus income taxes (21%) Higher net income under FIFO Net income as reported under LIFO Net income that would have been reported under FIFO 29-Jan-22 $107,539,000,000 626,000,000 $ $106,913,000,000
Expert Answer:
Related Book For
Financial Accounting The Impact On Decision Makers
ISBN: 9781305793194
10th Edition
Authors: Gary A. Porter, Curtis L. Norton
Posted Date:
Students also viewed these accounting questions
-
QUESTION 4 Consider the case when Sony uses a Periodic Review Policy ( I , S ) . Sony plans to order from its supplier once in fourteen business days, corresponding to a Review Period of I = 1 4...
-
Question: Old MathJax webview Old MathJax webview i need ans of these question but the source is alot Old MathJax webviewOld MathJax webview i need ans of these question but the source is alot these...
-
China Petroleum and Chemical Corporation China Petroleum and Chemical Corporation (CPCC) is one of a growing number of Chinese companies that has cross-listed its stock on foreign stock exchanges. To...
-
You are given the following as it relates to the price of a pound of flour in Adam Island, 2016 to 2022: 2016-$1.35 2017 - $1.50 2018 - $1.65 2019 - $1.85 2020 - $2.15 2021 - $2.00 2022 - $2.10 Using...
-
In problems, show that each equation is an identity (a) tan(xin-1x) = x/1-x2 (b) sin(tan-1x) = x/1 + x2 (c) cos(2sin-1x) = 1 - 2x2 (d) tan(2tan-1x) = 2x/1-x2
-
Which statement is not correct? a. Multidimensional OLAP (MOLAP) stores the multidimensional data using a multidimensional DBMS (MDBMS) whereby the data are stored in a multidimensional array-based...
-
Explain the so called "gap analysis approach" to fraud deterrence.
-
International Capital, Inc. (IC), is a small investment banking firm that specializes in securing funds for small- to medium-sized firms. IC is able to use a standardized project format for each...
-
Annuity cost: $210,00 Total payment over term: $300,000 Yearly payment: $30,000 Payment length: 10 years How much of the first $30,000 payment should be included in thr gross income ? How much income...
-
When considering a private cloud for a large clinic or hospital, identify two key issues that you believe should be examined by the auditor for each of the following risks: (1) regulatory risk, (2)...
-
On 30 June 2017, Sue sold her holiday house for $550,000. The house had been purchased on 1 March 2006 for $360,000. At the time of acquiring the holiday house Sue incurred $5,000 in stamp duty,...
-
A shopkeeper earns 380 in the first week, 660 in the second week and *.860 in the third week. On plotting the points (1, 380), (2, 660) and (3, 860), the shopkeeper feels that a quadratic function...
-
0 O) In triangle ABC, C = 135 c = 98 feet, and B = 15, approximate a & b.
-
Kim has been house hunting for many months. One afternoon as she was driving, she saw a "For Sale" sign on a house. It was on the street she always wanted to live on and it was the exact style of the...
-
The trial balance of Martinez Ltd. at December 31, 2023, follows: Cash Sales revenue Debits Credits $345,000 $11,434,000 FV-NI investments (at fair value) Cost of goods sold Bond investment at...
-
The setting of a piece of literature may be an important factor that influences the actions of the characters. Two literary works in which the setting plays an important role are The Story of an Hour...
-
Calculate the following given the graph of f(x). Enter DNE(case-sensitive) if the answer is 'does not exist'. 10 (a) lim f(x) = x-3 0 8 9 A -05 + 3 2 -9-8-7-6-5-4-3-2-1 0 1 2 3 4 5 6 7 8 9 10 X (b)...
-
6. (Potential Energy and Conservation of Energy) What should be the spring constant k of a spring designed to bring a 1200-kg car to rest from a speed of 95 km/h so that the occupants undergo a...
-
At the end of the year, the adjusted trial balance for Devonshire Corporation contains the following amounts for the income statement accounts. (The balance in each account is the normal balance for...
-
On December 1, 2016, Roper Corp. accepted a two-month, $24,000 interest-bearing note from a customer in payment of an account receivable. On December 31, 2016, Roper made the following adjusting...
-
Assume that the following amounts arc known for Colten Company for the current year: Retained Earnings, beginning balance ....................... $210,000 Retained Earnings, ending balance...
-
12. Frank B. McMahon wrote one of the first psychology textbooks to feature a light and easily readable style. He also included many colloquialisms and examples that appealed to a youthful student...
-
11. Harper & Row signed a contract with former President Gerald Ford to publish his memoirs. As part of the deal, the two agreed that Time magazine could print an excerpt from the memoirs shortly...
-
13. ROLE REVERSAL Draft a multiple-choice question that focuses on an issue of copyright law. 4. Result: Parody (especially about politics!) is a fair use of copyrighted material as long as use of...
Study smarter with the SolutionInn App