1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Lilit [14]
3 years ago
5

On January 1, 2018, Crane Corp. changed its inventory method to FIFO from LIFO for both financial and income tax reporting purpo

ses. The change resulted in a $1030000 increase in the January 1, 2018 inventory. Assume that the income tax rate for all years is 35%. The cumulative effect of the accounting change should be reported by Crane in its 2018.________________.
Business
1 answer:
vagabundo [1.1K]3 years ago
3 0

Explanation:

Data provided in the question

Change in the inventory = $1,030,000

i.e Opening inventory = $1,030,000

Income tax rate = 35%

So, the cumulative effect in the year 2018 is

Opening inventory   $1,030,000

Less: income tax rate i.e 35% -$360,500

Balance                         $699,500

This balance would be addition to the beginning balance of the retained earning statement

                   

You might be interested in
Lucky Cow Dairy provided the following expense information for​ May: Assemblyminusline ​workers' wages $ 72 comma 300 Caps for m
wariber [46]

Answer: $10,800

Explanation:

The Customer Service category refers to any service provided by the company to help customers in ways such as giving them advice on which products to buy or which products re available. From the expenses listed, the service cost that fits that role is the Customer Service Hotline expense with a cost of $10,800. That would be the total cost for the customer service category of the value​ chain.

8 0
3 years ago
Price comparison involves which of the following?
hjlf
<span>Price comparison involves "</span>(C) Figuring out the price per unit and comparing it to other choices." When you are comparing prices, as a consumer, you want to save a big amount but without removing the quality of a product that you want to buy.

8 0
3 years ago
Read 2 more answers
The idea of rational expectations suggests that :_________
frozen [14]

Answer:C

Explanation:The theory believes that because people make decisions based on the available information at hand combined with their past experiences, most of the time their decisions will be correct.

4 0
2 years ago
Marketing-channel management is related to which of the four ps?
Usimov [2.4K]
Marketing channel  management is related to place.
3 0
3 years ago
Yellow-dog contracts A. give workers the right to be represented by a union. B. give a non-union worker the right to enjoy union
mario62 [17]

Answer:

The correct answers is: Give firms the right to require a worker not to join a union as a condition of employment.

Explanation:

A Yellow-dog contract <u>is an illegal contract that contains employment agreements with the condition that workers could not join labor unions or if they were already in a union, they had to resign their memberships or lose their jobs.</u>

It was believed that employers and their workers should be free to negotiate labor agreements between themselves without interference from the government.

Employers challenged labor union opposition to yellow dog contracts by asserting that the agreements were negotiable and workers were not forced to sign them. According to the unions, few workers who refused to sign the anti-union employment agreements were hired.

<u>In the year 1932, the labor unions managed to get Congress to pass legislation, outlawing yellow dog contracts.</u>

8 0
3 years ago
Other questions:
  • A manufacturer that produces standard products in large volumes is likely to be using a(n):
    10·1 answer
  • The chi-square goodness-of-fit test for multinomial probabilities with 5 categories has _____ degrees of freedom.
    7·1 answer
  • In a command economy, which group is most responsible for producing the
    15·1 answer
  • Identify the importance of accounting by select statement(s) that is (are) correct below
    10·1 answer
  • Saved Balance Sheet Current assets Cash 910,000 Acc receivable not given Inventories 1,050,000 Fixed assets 3,710,000 TOTAL ASSE
    6·1 answer
  • Discuss how problems (vague orders, back orders) should be handled in messages acknowledging orders.
    11·1 answer
  • Suppose the demand function for good X is given by: Q_dx = 15-0 5P_x - 0.8 P y where Q_dx is the quantity demanded of good X, P_
    14·1 answer
  • What methods can you use for setting the price? What tools are available for measuring the impact on your price decision?
    6·1 answer
  • True or false: All other things being equal, taxpayers should prefer to recognize income during high-tax-rate years.
    8·1 answer
  • When accounting for a long-term construction contract under IFRS, if the percentage-of-completion method is not appropriate, the
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!