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STC Series 7 Progress Exam 4 A with 100- correct answers 2024.
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STC Series 7 Progress Exam 4 A with 100- correct answers 2024.
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STC Series 7 Progress Exam 4 Awith 100% correct answers
2024
A company currently uses a last-in, first-out (LIFO) method for
inventory and for calculating cost of goods sold (COGS). In an
inflationary environment, this means that new inventory purchases
have a higher cost. What would happen to the company’s tax
liability if it switched from LIFO to a first-in, first-out (FIFO) method
instead?
The company's tax liability would increase.
An institutional client has contacted Market Maker Z to purchase a
block of common stock. Market Maker Z indicates it is willing to
conduct the trade provided the customer pay a net price 10 cents
higher than Market Maker Z's acquisition price. The customer
agrees and Market Maker Z buys the block from Market Maker T for
$23.60 per share. Market Maker Z:
Would disclose a price of $23.70 as a net basis transaction
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