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WebFeb 10, 2024 · On December 18, 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, in an effort to simplify the accounting of income taxes. The ASU removes certain exceptions from the general principles of ASC 740, Income … Webarrow_forward. Which of the following is not an element of the financial statements? A. future potential sales price of inventory B. assets C. liabilities D. equity. arrow_forward. Explain why a company might want to utilize the gross profit method or the retail inventory method for inventory valuation. maker and son distribution
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