Marigold Company uses the LIFO periodic method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2025, the LIFO reserve has a credit balance of $1,040,000. At December 31, 2025, Marigold's internal reports indicated that the FIFO inventory balance was $2,625,900 and for external reporting purposes the LIFO inventory balance was $1,487,200. (a1) Your answer is correct. What is the amount of the LIFO reserve and the LIFO effect related to 2025? LIFO reserve at December 31, 2025 $ LIFO effect for 2025 $ 1138700 98700

Marigold Company uses the LIFO periodic method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2025, the LIFO reserve has a credit balance of $1,040,000. At December 31, 2025, Marigold's internal reports indicated that the FIFO inventory balance was $2,625,900 and for external reporting purposes the LIFO inventory balance was $1,487,200. (a1) Your answer is correct. What is the amount of the LIFO reserve and the LIFO effect related to 2025? LIFO reserve at December 31, 2025 $ LIFO effect for 2025 $ 1138700 98700

Name: I also need the journal entry for december 31 2025 What is the journal
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Description: I also need the journal entry for december 31 2025 What is the journal entry needed to record the LIFO effect at December 31, 2025? (If no entry is required, select "No entry" for theaccount titles and enter O for the amounts. Credit account titles a

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 9PA: Noren Company uses the balance sheet aging method to account for uncollectible debt on receivables....

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Keegan Corporation’s accounting records disclosed the following information for 2019: Cash sales $850,000 Net credit sales 720,000 Accounts receivable (12/31/2019) 160,000 Allowance for doubtful accounts (12/31/2019, prior to adjustment) 1,500 (debit) Keegan wishes to examine the effect of various alternative bad debt estimation policies. Required: 1. Prepare the adjusting entry that would be required under each of the following methods: a. Bad debts are estimated at 3% of net credit sales. b. Bad debts are estimated at 7.5% of gross accounts receivable. c. An aging of accounts receivable indicates that half of the outstanding accounts will incur a 3% loss, a quarter will incur a 6% loss, the remaining quarter will incur a 20% loss. 2. Next Level Discuss the difference between the income statement and balance sheet approaches to estimating bad debts.
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