Bourne Company (a fictional company) has the following inventory note in its 20X3 annual report. Bourne Company December 31 ($ in millions) 20X3 20X2 Raw materials and work in process $ 3,943 $ 5,870 Finished goods 5,016 2,623 8,959 8,493 Less revaluation to LIFO (420 ) (560 ) $ 8,539 $ 7,933 LIFO revaluations decreased $140 million in 20X3, compared with decreases of $169 million in 20X2 and $82 million in 20X1. Included in these changes were decreases of $30 million, $12 million, and $3 million in 20X3, 20X2, and 20X1, respectively, that resulted from lower LIFO inventory levels. There were net cost decreases in each of the last three years. Bourne’s earnings before income taxes were $20.0 billion in 20X3. Assume a 21% marginal tax rate. Required: 1. What are the total cumulative tax savings as of December 31, 20X3, that Bourne has realized as a result of using the LIFO inventory method? 2. What would Bourne’s pre-tax earnings have been in 20X3 if it had been using FIFO? 3. What December 31, 20X3, balance sheet amounts would be different—and by how much—if Bourne had used FIFO to account for its inventories? 4. What were the LIFO liquidation profits reported in 20X3 both pre-tax and after-tax?

On january 1, 2017, fisher corporation purchased 40 percent (90,000 shares) of the common stock of bowden, inc. for $980,000 in cash and began to use the equity method for the investment. the price paid represented a $48,000 payment in excess of the book value of fisher's share of bowden's underlying net assets. fisher was willing to make this extra payment because of a recently developed patent held by bowden with a 15-year remaining life. all other assets were considered appropriately valued on bowden's books. bowden declares and pays a $90,000 cash dividend to its stockholders each year on september 15. bowden reported net income of $400,000 in 2017 and $348,000 in 2018. each income figure was earned evenly throughout its respective year. on july 1, 2018, fisher sold 10 percent (22,500 shares) of bowden's outstanding shares for $338,000 in cash. although it sold this interest, fisher maintained the ability to significantly influence bowden's decision-making process. prepare the journal entries for fisher for the years of 2017 and 2018. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field. do not round intermediate calculations. round your final answers to the nearest whole dollar.)

On average, someone with a bachelor's degree is estimated to earn times more than someone with a high school diploma. a)1.2 b)1.4 c)1.6 d)1.8

Question 55 ted, a supervisor for jack's pool supplies, was accused of stealing pool supplies and selling them to friends and relatives at reduced prices. given ted's earlier track record, he was not fired immediately. the authorities decided to give him an administrative leave, without pay, until the investigation was complete. in view of the given information, it would be most appropriate to say that ted was: demoted. discharged. suspended. dismissed.