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Exxon Mobil made nearly $1,500 per second (pg. 3)
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| inconspicuous |
that was directed at everyone.
talking about accounting (especially that of oil companies) without knowing the difference and which the industry in question uses is like critiquing music without knowing what 'key' is. |
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| diggerz |
| quote: | Originally posted by inconspicuous
two acronyms: FIFO, LIFO.
please learn what they mean before talking about oil accounting. |
Oil companies have had tremendous profits since the Rockefeller-Standard oil days.
Their immense digits are of no surprise to me. I'm actually very impressed from a capitalist free-bullish market aficionado point of view. |
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| Zild |
| Selling the first inventory item purchased versus selling the last one purchased. |
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| diggerz |
| quote: | Originally posted by inconspicuous
talking about accounting (especially that of oil companies) without knowing the difference and which the industry in question uses is like critiquing music without knowing what 'key' is. |
Well, i agree to this entirely. Although, we never questioned or debated their accounting
We were just comparing UK taxing and US taxing.
x2 ninja edits |
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| inconspicuous |
| quote: | Originally posted by Zild
Selling the first inventory item purchased versus selling the last one purchased. |
which does what to the numbers labeled as 'profit.'
Yes, you, there, in the jake suit! |
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| Sunsnail |
| They make less on the dollar invested than most companies |
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| Max Thomson |
| ing crooks. thank you neo-cons! |
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| diggerz |
| using FIFO will result in the following: lower cost of inventory = lower cost of goods sold = higher net income = higher profit margin = higher earning per share = higher taxes payable = no tax advantage. |
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| inconspicuous |
point being it makes numbers look like what they typically wouldn't.
but that's too hard for most people to figure out, so we get this kind of idiocy:
| quote: | Originally posted by Max Thomson
ing crooks. thank you neo-cons! |
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| Zild |
| quote: | Originally posted by inconspicuous
which does what to the numbers labeled as 'profit.'
Yes, you, there, in the jake suit! |
The first good put into inventory are probably the cheapest so if you sell them first you have a higher profit and pay higher taxes. If you sell the last good that comes in then you reduce taxes incurred. It seems like inflation would cause the profit for someone using FIFO to seem higher than they really are. |
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| inconspicuous |
and the oil industry uses fifo.
now back to the ignorance, please. |
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