Black corporation uses the fifo method for internal reporting purposes and lifo for external reporting purposes. the balance in the lifo reserve account at the end of 2020 was $280,000. the balance in the same account at the end of 2021 is $420,000. black’s cost of goods sold account has a balance of $2,100,000 from sales transactions recorded during the year. what amount should black report as cost of goods sold in the 2021 income statement?

Grey company holds an overdue note receivable of $800,000 plus recorded accrued interest of $64,000. the effective interest rate is 8%. as the result of a court-imposed settlement on december 31, year 3, grey agreed to the following restructuring arrangement: reduced the principal obligation to $600,000.forgave the $64,000 accrued interest.extended the maturity date to december 31, year 5.annual interest of $40,000 is to be paid to grey on december 31, year 4 and year 5. the present value of the interest and principal payments to be received by grey company discounted for two years at 8% is $585,734. grey does not elect the fair value option for reporting the debt modification. on december 31, year 3, grey would recognize a valuation allowance for impaired loans of

You are president of a large corporation. at a typical monthly meeting, each of your vice presidents gives standard area reports. in the past, these reports have been good, and the vps seem satisfied about their work. based on situational approach to leadership, which leadership style should you exhibit at the next meeting?

Which of the following distribution systems offers speed and reliability when emergency supplies are needed overseas? a. railroadsb. airfreightc. truckingd. pipelinese. waterways