In its December 2019 10-K, Phillips 66 reported the following information ($ in millions).
Question 3 Not complete Marked out of 11.00 P Flag question Adjusting Balance Sheet and Income Statement for LIFO to FIFO In its December 2019 10-K, Phillips 66 reported the following information ($ millions) 2019 Assets 2019 Inventories 2019 LIFO Reseve 2018 LIFO Reseve Tax Rate $58.720 $3.776 $4.300 $2,900 224 a. Determine the necessary adjustments to the following balance sheet line items for 2019, Adjustment (s in millions) Inventories Total assets 5 Tax liabilities Equity $ b. Determine the necessary adjustments to the following income statement line items for 2019. Adjustment (5 in millions) Cost of goods sold 5 Pretax income $ Income tax expenses Net income 5 c. Compute the common size inventories with LIFO and with FIFO for 2019, Hint: Compute inventory as percent of total assets, Note: Round the percentage to one decimal place (for example, enter 14.6% for 14.55555%). Common size inventories with LIFO for 2019 Common size inventories with FIFO for 2019 Do we believe the difference is material Question 3 Not complete Marked out of 11.00 P Flag question Adjusting Balance Sheet and Income Statement for LIFO to FIFO In its December 2019 10-K, Phillips 66 reported the following information (5 millions). 2019 Assets 2019 Inventories 2019 LIFO Reseve 2018 LIFO Reseve Tax Rate $58.720 $3.776 $4,300 $2.900 2296 a. Determine the necessary adjustments to the following balance sheet line items for 2019. Adjustment (sin millions) Inventories 0 Total assets $ Tax liabilities $ 0 Equity 5 0 b. Determine the necessary adjustments to the following income statement line items for 2019. Adjustment (sin millions) Cost of goods sold 5 0 Pretax income $ 0 Income tax expense 5 0 Net income $ 0 c. Compute the common size inventories with LIFO and with FIFO for 2019. Hint Compute inventory as percent of total assets. Note: Round the percentage to one decimal place (for example, enter 14.6% for 14.55555%). Common size inventories with LIFO for 2019 Common site inventories with FIFO for 2019 09 0 % Do we believe the difference is material? Question 3 Not complete Marked out of 11.00 P Flag question Adjusting Balance Sheet and Income Statement for LIFO to FIFO In its December 2019 10-K, Phillips 66 reported the following information ($ millions) 2019 Assets 2019 Inventories 2019 LIFO Reseve 2018 LIFO Reseve Tax Rate $58.720 $3.776 $4.300 $2,900 224 a. Determine the necessary adjustments to the following balance sheet line items for 2019, Adjustment (s in millions) Inventories Total assets 5 Tax liabilities Equity $ b. Determine the necessary adjustments to the following income statement line items for 2019. Adjustment (5 in millions) Cost of goods sold 5 Pretax income $ Income tax expenses Net income 5 c. Compute the common size inventories with LIFO and with FIFO for 2019, Hint: Compute inventory as percent of total assets, Note: Round the percentage to one decimal place (for example, enter 14.6% for 14.55555%). Common size inventories with LIFO for 2019 Common size inventories with FIFO for 2019 Do we believe the difference is material Question 3 Not complete Marked out of 11.00 P Flag question Adjusting Balance Sheet and Income Statement for LIFO to FIFO In its December 2019 10-K, Phillips 66 reported the following information (5 millions). 2019 Assets 2019 Inventories 2019 LIFO Reseve 2018 LIFO Reseve Tax Rate $58.720 $3.776 $4,300 $2.900 2296 a. Determine the necessary adjustments to the following balance sheet line items for 2019. Adjustment (sin millions) Inventories 0 Total assets $ Tax liabilities $ 0 Equity 5 0 b. Determine the necessary adjustments to the following income statement line items for 2019. Adjustment (sin millions) Cost of goods sold 5 0 Pretax income $ 0 Income tax expense 5 0 Net income $ 0 c. Compute the common size inventories with LIFO and with FIFO for 2019. Hint Compute inventory as percent of total assets. Note: Round the percentage to one decimal place (for example, enter 14.6% for 14.55555%). Common size inventories with LIFO for 2019 Common site inventories with FIFO for 2019 09 0 % Do we believe the difference is material
