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Which inventory method produces the lowest income tax during a period of inflation? A. LIFO B. FIFO C. Weighted-average D. All of the above would have the same tax effect.
LIFO produces the lowest income tax during a period of inflation.
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Asked 4/30/2015 11:00:39 PM
Updated 3/27/2016 1:27:00 AM
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LIFO produces the lowest income tax during a period of inflation.
Added 3/27/2016 1:27:00 AM
This answer has been confirmed as correct and helpful.
Confirmed by Andrew. [3/27/2016 2:40:44 AM]
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Purchases are a/an A. cost. B. asset. C. liability. D. revenue.
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Updated 1/10/2016 8:32:51 AM
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Purchases are a cost.
Added 1/10/2016 8:32:51 AM
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When the term F.O.B. shipping point is used, title passes when the A. goods reach the halfway point. B. goods reach the destination. C. goods are shipped. D. buyer unpacks the goods.
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Updated 5/1/2015 5:38:47 AM
1 Answer/Comment
When the term F.O.B. shipping point is used, title passes when the goods reach the destination.
Added 5/1/2015 5:38:47 AM
This answer has been confirmed as correct and helpful.
Rated bad by brycetruhlar
All of the following are intangible assets except A. patents. B. copyrights. C. franchises. D. Accounts Receivable.
Weegy: All of the following are intangible assets except Accounts Receivable. User: The cost of a plant asset was increased for the payment of this year’s insurance premium. This error would cause A. the period’s net income to be overstated. B. the period’s net income to be understated. C. the period’s end assets to be understated. D. None of the above (More)
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Updated 5/2/2015 9:07:35 AM
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The inventory method where the cost flows tend to follow the physical flow is A. LIFO. B. FIFO. C. weighted-average. D. specific invoice.
Weegy: The inventory method where the cost flows tend to follow the physical flow is FIFO. User: Which of the following would not be used to pay for previous credit purchases under the periodic system? A. Debit to Accounts Payable B. Credit to Purchase Discounts C. Credit to Accounts Payable D. Credit to Cash (More)
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Updated 4/30/2015 11:49:44 PM
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Which depreciation method is used to determine depreciation for income tax purposes? A. Straight-line B. Double-declining balance C. Units-of-production D. MACRS
Question
Updated 5/2/2015 1:22:40 AM
1 Answer/Comment
MACRS is used to determine depreciation for income tax purposes.
Added 5/2/2015 1:22:40 AM
This answer has been confirmed as correct and helpful.
Confirmed by jeifunk [5/2/2015 1:49:23 AM], Rated good by jeifunk
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