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REC Financials del Using the LIFO Reserve, what would REC's after-tax net income be adjusted by in 2007 if adjusted to a comprabale FIFO basis? Assume a 21% Statutory Tax Rate Net Income would be adjusted down by $585,000 Not Income would be adjusted up by $112.450 Net Income would be adjusted up b15462,150 Net Income would be adjusted down by $122,850 None of the answers is correct
2007 2006 $ 4,061 5,272 $ 2,382 8,004 Assels Current Assets Cash Murkotablo securitica (Note A) Accounts receivable, less allowance for doublful accounts of $448 in 2007 and 5417 in 2006 Inventorio (Nota A) Prepold expenses Total current Assets Property, Plunt, and Equipment (Notos A. Cand B) Land Buildings and lonachald improvements Equipment 8,960 47.041 512 65,846 8,350 36,769 759 56,264 811 18273 21,323 40,407 11.528 29,079 313 95,298 811 11,928 13.768 26,507 7.530 18,977 608 $75.909 Less accumulated depreciation and arnoctication Nel property, plant, and equipment Other Assols (Note A) Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounla payable Notas payable-banks (Note 1) Curent meturlties of long-term debt (Note C) Accrued abilities Total current liabilities Deferred Federal Income Taxha (Notes A and D) Long-Term Debt (Nota C) Commitments (Note E) Total liabilities Stockholders' Equity Common stock, por value $1, authorized, 10,000,000 kuros issued, 4,803,000 shares in 2007 and 4,594,000 shares in 2006 (Note F) Additional puid-in capital Retains Burnlngs Total stockholders' equlty Total Liabilities and Stockholders' Equity $14,294 5,614 1,884 5.660 27,467 843 21,059 $ 7,591 6,012 1,516 5,313 20,432 635 16,975 49,363 38,042 4.803 957 40.175 45935 $05,298 4,594 910 32.363 37.857 $25.909 'The companying notes are an integral part of those statements
REC Financials of Click on the link to REC's financials, or use your REC handoul Soe Noto A about the LIFO Reserve Choose the answer the indicates the adjustment that would made to adjust RECS 2007 Balance Shoot to compare to comparing FIFO Assume a 21% Statutory Tax Rate None of the answers is correct Inventory Increases $2681,000 Deferred Taxes Decreases $563010 Retained Emings increases by 32.117.900 Inventory increases: 52.681,000 Datorrod Taxes Increases: 5563,010 Rotanod Euming increases by 52 117.900 Inventory Decreases $2,681000 Deferred Taxes Decreases $563010 Retained Earnings Decreases by 52,117.990 O Inventory Decreases $2.681.000 Deferred Taxes increases $503,010 Retained Eaminos Increases by 52 117.900
EXHIBIT 1.1 R.E.C. Inc. Consolidated Balance Sheets at December 31, 2007 and 2006 in Thousands) 2007 2006 $ 4,061 5,272 $ 2,382 8,004 Assets Current Assets Cosh Murkotablo securitics (Note A) Accounts receivable, less allowance for doubtful counts of $4hair 2007 and $417 in 2006 Inventoriet (Note A) Prepaid expenses Total current assets Property, Plint, and f:quipment (Notes A. Cand B) Land Buildings and lersahald improvements Equipmont 8.968 47,041 $12 65,846 8,350 36,769 759 35,264 811 58.273 21.323 40,007 11.528 29,079 373 811 11,928 13.768 26,507 7.530 18,977 668 $75,909 395,298 Less accumulated depreciation and mortization Net properly, plant, and equipment Other Assots (Nurç A) "Total Assets Liabilities and Stockholdors' Equity Current Liabilities Accouns payable Notes payable-bank (Note B) Curant maturlios of long-term debt (Note C) Accrued lubit les "Total current liabilities Deferred Federal Income Taxon (Noles A and D) Long-Term Debt (Nata C) Commitments (Note E) $14,294 5.614 1.884 $.669 27,467 843 21.059 $ 7,591 6,012 1,516 5,313 20,432 635 16,975