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
ivolga24 [154]
3 years ago
15

In 2018, the Barton and Barton Company changed its method of valuing inventory from the FIFO method to the average cost method.

At December 31, 2017, B & B's inventories were $32.6 million (FIFO). B & B's records indicated that the inventories would have totaled $24.1 million at December 31, 2017, if determined on an average cost basisIgnoring income taxes, what journal entry will B & B use to record the adjustment in 2018?
Business
1 answer:
babunello [35]3 years ago
6 0

Answer: The journal entry is as follows:

Explanation:

Given that,

Barton and Barton company's inventories were $32.6 million at December 31st, 2017

But the records of B and B's company indicated that inventories would have totaled $24.1 million  December 31st, 2017

Therefore, the journal entry for the adjustment in the records of B and B's company in 2018 is as follows:

                                             <u>Debit</u>                  <u>Credit</u>

Retained Earnings A\c       $8.5 million

To Inventory                                                      $8.5 million

Retained Earnings = $32.6 million - $24.1 million

                               = $8.5 million

You might be interested in
International business differs from domestic business in that a firm operating across borders must deal with: Group of answer ch
Novosadov [1.4K]

Answer: A firm operating across borders must deal with both foreign and international environment. Options A and B

Explanation:

International Business is a kind of business between two or more countries, that involves the trade of products and services across national borders or on a global level.

An example is the oil industry in which oil is produced by one country and sold to another. Both countries deal with both Foreign and International environments.

5 0
3 years ago
Job specifications can be defined as: a. planned sequences of jobs through which employees may advance within an organization. b
Alona [7]

Answer:

Option d would be the correct approach.

Explanation:

  • The organized database of the important tasks required in carrying out a task that has been extrapolated from such a job description and used in job classification and assessment and personnel policies as well as positioning.
  • This usually includes tasks, intent, obligations, nature including employment conditions of a position including the description of the position, as well as the identity or description of the individual the input data to.

Many examples do not apply to the subject being discussed. So option d is indeed the right one.

4 0
3 years ago
A company's issued share capital throughout an accounting period consists of 500,000 common shares of 20 cent each and 100,000 p
ella [17]

Answer:

a. $0.30

Explanation:

Basic Earning Per Share (BEPS) = Earnings Attributable to Holders of Common Stock ÷ Weighted Average Number of Common Stock.

Earnings Attributable to Holders of Common Stock calculation :

Net income after tax for the period                            $160,000

Less Preference Dividend                                           ($10,000)

Earnings Attributable to Holders of Common Stock $150,000

Weighted Average Number of Common Stock calculation :

Outstanding common shares                                      500,000

Therefore,

Basic Earning Per Share (BEPS) = $150,000 ÷ 500,000

                                                     = $0.30

7 0
3 years ago
What can you do when you reach a deadlock in a negotiation?
Ivan
A: become more aggressive
3 0
1 year ago
Situation analysis is an ongoing process, referred to as __________.
Veronika [31]
<span>The answer is 'scanning the environment'. Environmental scanning is a process that systematically surveys and interprets relevant data to identify external opportunities and threats.</span>
3 0
3 years ago
Other questions:
  • Ramona owns a small coffee shop, where she works full-time. Her total revenue last year was $100,000, and her rent was $3,000 pe
    15·1 answer
  • Tower Corp. had the following stock outstanding and Retained Earnings at December 31, 2018: Common Stock (par $8; outstanding, 3
    14·1 answer
  • Campbell a single taxpayer, has $400,000 of profits from her general store that she operates as a sole proprietorship. She has $
    6·1 answer
  • Coney Island Entertainment issues $1,300,000 of 5% bonds, due in 15 years, with interest payable semiannually on June 30 and Dec
    12·1 answer
  • Gwen is a psychologist who maintains an office in a professional suite. She often spends time doing paperwork and scheduling in
    13·1 answer
  • Consider a bp gas station. as a result of an economic recession and decreases in consumer incomes, there will be a:
    14·1 answer
  • A firm called Can't Be Stopped, Won't Be Stopped uses process costing to determine the cost of inventory. All direct materials a
    15·1 answer
  • When Alfred Nobel died, he left the majority of his estate to fund five prizes, each to be awarded annually in perpetuity starti
    9·1 answer
  • If steven's account balance is less than -$20.00, but greater than -$21.00 what could stevens account balance be? answer below :
    14·1 answer
  • A 5-year bond with a 10% coupon rate was purchased at $980 at issue and sold at $1020 by end of year 4. What is the investor's y
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!