a. Determine the necessary adjustments to the following balance sheet line items for 2019. Note: Round your answers to the nearest whole dollar. Adjustment ($ in millions) 4,085 4,085 899 1,529 x Inventories $ Total assets $ Deferred tax liabilities $ Equity $ b. Determine the necessary adjustments to the following income statement line items for 2019. Note: Round your answers to the nearest whole dollar. Adjustment ($ in millions) (1,330) 1,330 293 1,037 Cost of goods sold $ Pretax income $ Income tax expense $ Net income $ c. Compute the common-size inventories percentage 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 percentage with LIFO for 2019 Common size inventories percentage with FIFO for 2019 Do we believe the difference is material? Yes 6.4% 12.8%

a. Determine the necessary adjustments to the following balance sheet line items for 2019. Note: Round your answers to the nearest whole dollar. Adjustment ($ in millions) 4,085 4,085 899 1,529 x Inventories $ Total assets $ Deferred tax liabilities $ Equity $ b. Determine the necessary adjustments to the following income statement line items for 2019. Note: Round your answers to the nearest whole dollar. Adjustment ($ in millions) (1,330) 1,330 293 1,037 Cost of goods sold $ Pretax income $ Income tax expense $ Net income $ c. Compute the common-size inventories percentage 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 percentage with LIFO for 2019 Common size inventories percentage with FIFO for 2019 Do we believe the difference is material? Yes 6.4% 12.8%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Access Motley Fool’s discussion of the current ratio at Fool.com/investing/beginning/how-tovalue- stocks-how-to-read-a-balance-sheet-cu.aspx. (If the page has changed, search that site for the article “How to Read a Balance Sheet: Current and Quick Ratios.”) Required 1. What level for the current ratio is generally regarded as sufficient to meet near-term operating needs? 2. Once you have calculated the current ratio for a company, what should you compare it against? 3. What are the implications for a company that has a current ratio that is too high?
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See sir please before doing follow these points (very important), if followed ill definitely like and if can't follow please skip:- A) dont do handwritten B) explain every concept and step C) skip if you are unsure D) pls don't copy Ill definitely like the answer..
Pls do fast and i will rate instantly for sure.. solution must be in typed form There is 2 stocks ratio and ln ratios are showed below. Pls interpret the graph.
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SE 9 In the average cost method of stocktaking: a the starting and closing stocks are added and the average value found b new stock is added and the average value found c individual items are added and their average value found d closing stock value is divided by the number of units in stock 10 In computerised stocktaking items carry: a a very small computer chip b a reference number c a bar code d a special label
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