Accounting Journal

What is the ending balance using FIFO and LIFO?

Tue, 30 Nov 2010 14:03:24 EST

Purchase 10000 units at 42 cents and 5965 units at 45 cents and 7580 at 49 cents the quantity on hand 2390 how do i calculate the FIFO and LIFO

Asked By : noamnoam ( Total points : 100 )

Do I put bad debt as an expense on the income statement or do i put in on the balance sheet?

Tue, 30 Nov 2010 14:03:08 EST

Asked By : MDcpa05 ( Total points : 58 )

Could you help me with understanding the fifo and lifo methods?

Tue, 30 Nov 2010 14:02:12 EST

i need to know how you got the units for the second addition of the problem, i know where the first set of numbers is, but how do you count down to the amount of units left when the amount of units ar ...

Asked By : vinwubulldogs ( Total points : 88 )

Why is it important to use FIFO inventory system when handling beer product?

Tue, 30 Nov 2010 14:02:06 EST

As far as the bar owner is concerned.

Asked By : alohachris ( Total points : 99 )

LIFO HELP! What tax implications does this have? Is liquidating good or bad for a company?

Tue, 30 Nov 2010 14:01:54 EST

LIFO liquidation is when a company using LIFO method of inventory costing liquidates their older LIFO inventory. A LIFO liquidation would occur if current sales are higher then current purchases, as a ...

Asked By : ujonesla ( Total points : 68 )

How do I figure out the Fifo and Lifo and weighted average of this problem?

Tue, 30 Nov 2010 14:01:23 EST

Beginning Inventory January 1 64 $9 $ 576 Purchase January 15 243 10 2,430 Purchase January 24 103 11 1 ...

Asked By : tranglu ( Total points : 69 )

In QuickBooks,how do I correct a bad debt expense that was eventually partially paid?

Tue, 30 Nov 2010 14:00:55 EST

In 2008 we had a large debt that was uncollectable for several months. At the end of the year I changed it to Bad Debt Expense. In February we received a payment for about 5 of the $7k that was orig ...

Asked By : DorthyP ( Total points : 129 )

How much more cash will be available for management under LIFO than under FIFO? Why? ?

Tue, 30 Nov 2010 13:59:31 EST

How much more cash will be available for management under LIFO than under FIFO? Why? I dont understand what that means. Which cash ? and for what management ?

Asked By : MDcpa05 ( Total points : 58 )

What is the formula for Excel to calculate FIFO and LIFO?

Tue, 30 Nov 2010 13:59:25 EST

Asked By : brucechangcpa ( Total points : 90 )

Which is better (and why)- no bad debt expense or lower revenues?

Tue, 30 Nov 2010 13:58:53 EST

Asked By : DorthyP ( Total points : 129 )

Periodic method and LIFO method, and a purchase on last day of the year?

Tue, 30 Nov 2010 13:56:05 EST

A company uses both the periodic method and LIFO. They make a purchase on the last day of the year with beginning inventory equaling ending inventory. Would the purchase be included on the balance ...

Asked By : BruinCPA ( Total points : 45 )

How would a company account for retrospective employee bonuses earned because of changing from LIFO to FIFO?

Tue, 30 Nov 2010 13:55:38 EST

This would be a change in 2006, but the change must be made retrospectively to the previous two years. What happens if an employee had a bonus tied to the value of the inventory in 2005 and now becaus ...

Asked By : LoveDukeDog ( Total points : 38 )

In applying the LIFO assumption in a perpetual inventory system?

Tue, 30 Nov 2010 13:55:31 EST

The cost of the units most recently purchased prior to sale is allocated first to the units sold. That sound wrong

Asked By : CPAinLA ( Total points : 60 )

What type of inventory system would a pharmaceutical manufacturer have? FIFO, LIFO, or a random one?

Tue, 30 Nov 2010 13:54:31 EST

Could you also please explain to me why, I'm kind of slow with accounting.

Asked By : brucechangcpa ( Total points : 90 )

I have to uncheck my computer's FIFO buffers for com port 1?

Tue, 30 Nov 2010 13:53:32 EST

To uncheck the FIFO Buffers. I follow the directions listed for Microsoft XP. However, when I select port settings, it will not let me access the advanced tab. When I click on advanced, it shows, "You ...

Asked By : MelonsO ( Total points : 121 )

Income statement?

Tue, 30 Nov 2010 13:53:10 EST

Hi? Can somebody tell me about the history of income statement in brief? Please help me.

Asked By : CPAinLA ( Total points : 60 )

On the income statement which line represents the amount the companys supplier's recieve?

Tue, 30 Nov 2010 13:52:58 EST

On the income statement, which of the following line-items represents the amount the company’s suppliers receive ? A.Selling, general, and administrative expenses B.Revenue C.Interest expense ...

Asked By : kimkimcpa ( Total points : 113 )

what is the bad debts expense and the allowance for doubtful accounts? ?

Tue, 30 Nov 2010 13:52:44 EST

Darius Company’s year-end unadjusted trial balance shows accounts receivable of $95,000, allowance for doubtful accounts of $550 (credit), and sales of $350,000. Uncollectibles are estimated to be 0 ...

Asked By : NessaCPA ( Total points : 70 )

How to Determine Between LIFO or FIFO costing methods?

Tue, 30 Nov 2010 13:52:43 EST

For my accounting project, we are to determine what costing method Best Buy corporation uses for its inventory. My question is, how are you able to determine which costing method such a company as Bes ...

Asked By : janetmok ( Total points : 76 )

how do we handle write downs under LIFO when market prices get too far ahead or away from the values on the bo

Tue, 30 Nov 2010 13:52:33 EST

how do we handle write downs under LIFO when market prices get too far ahead or away from the values on the books?

Asked By : ujonesla ( Total points : 68 )

How to decide the company situation by looking the balance sheet ?

Tue, 30 Nov 2010 13:51:43 EST

I want to learn how to decide the company situation by looking the balance sheet , like if I invest $ 100,000 @ $ 100 per share, 1000 shares by looking the balance sheet I want to know how much the sh ...

Asked By : EchoMan ( Total points : 47 )

Why do stocks income statement, balance sheet, cash flow read differently on different sites?

Tue, 30 Nov 2010 13:51:43 EST

I looked at the Balance sheet, Income Statement, and Cash flow for Intel Corp on Yahoo Finance and Google Finance. The results are hugely different for the Cash Flow, fairly similar for the balanc ...

Asked By : MelonsO ( Total points : 121 )

Bad debts expense with allowance method with a/r and credit sales?

Tue, 30 Nov 2010 13:50:44 EST

At December 31 of the current year, a company reported the following: Total sales for current year: $780,000 includes $160,000 in cash sales. Accounts receivable balance at Dec. 31, current year: $1 ...

Asked By : MelonsO ( Total points : 121 )

Accounting Question calculating bad debt expense?

Tue, 30 Nov 2010 13:50:17 EST

Help me out with the following then explain how you got to that answer. My book isnt too clear. On December 31st of the current year, a company's unadjusted trial balance included the following: ...

Asked By : alohachris ( Total points : 99 )

A company using the LIFO method assumes the sale of a product is from the newest, highest-cost inventory?

Tue, 30 Nov 2010 13:50:05 EST

during periods of inflation. True or False?

Asked By : brucechangcpa ( Total points : 90 )