紫同学2018-12-24 21:36:32

The following information relates to Questions 37–42 Balance Sheet Information (US$ Millions) Exhibit 1. As of 31 December 2009 2008 Cash and cash equivalents 172 157 Accounts receivable 626 458 Inventories 620 539 Other current assets 125 65 Total current assets 1,543 1,219 Property and equipment, net 3,035 2,972 Total assets 4,578 4,191 Total current liabilities 1,495 1,395 Long-term debt 644 604 Total liabilities 2,139 1,999 Common stock and paid in capital 1,652 1,652 Retained earnings 787 540 Total shareholders’ equity 2,439 2,192  The LIFO reserves as of 31 December 2009 and 2008 are $155 million and $117 million respectively, and  The effective income tax rate applicable to Karp for 2009 and earlier periods is 20 percent. 39. If Karp had used FIFO instead of LIFO, its reported net income for the year ended 31 December 2009 would have been higher by an amount closest to: A. $30 million. B. $38 million. C. $155 million. 这题，为什么不选B，而选A呢？