31) Henry is settling a $20,000 loan due today by making equal annual payments of...
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Accounting
31) Henry is settling a $20,000 loan due today by making equal annual payments of $4,727.53. Determine the interest rate on this loan, if the payments begin one year after the loan is signed. 32) Under both the periodic and perpetual inventory systems, the Ending Inventory account is closed to Income Summary. (True/False) 33) Assuming no beginning inventory, LIFO periodic and LIFO perpetual will give the same result. (True/False) 34) Assuming increasing costs, Net Income computed under FIFO will be greater than Net Income computed under LIFO.(True/False) I 35) Assuming no beginning inventory, ending inventory computed under Retail-FIFO and Retail-Average Cost will equal. (True/False) 36) Ending inventory under conventional retail will always be lower than ending inventory computed under retail average cost. (True/False)
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