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QUESTION 17 The Fiscal Year 2019 financial statements of ABN, Inc. reported the following information 2019 2018 Revenues $2,054,391 $1.832.799 Cost of sales $1,535,000 $1,514,750

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QUESTION 17 The Fiscal Year 2019 financial statements of ABN, Inc. reported the following information 2019 2018 Revenues $2,054,391 $1.832.799 Cost of sales $1,535,000 $1,514,750 Inventories, net 500,000 540,000 LIFO reserve 6,000 4,000 If ABN had used the FIFO method of inventory costing, the 2019 average days inventory outstanding (DIO) would have been: (Round your answer to two decimal places and omit"days. For example, if your answer is 10.252 days, enter 10.25") QUESTION 18 Walgreens purchases a depreciable asset with a cost of $1,000, a four-year useful life, and the salvage value of so. For financial reporting purposes. It depreciates the asset using the straight-line method. For tax reporting, it depreciates the asset using the double- declining balance method. The firm's income before depreciation is $2,000, and the tax rate is 40%. Which of the following does not incur in Year 12 Choose all that apply $100 decrease in deferred tax liability $700 decrease in cash $700 decrease in retained earnings $700 increase in tax expense

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