Answer:
a. Calculate the balance in retained earnings at the time of the change (beginning of 2017) as it would have been reported had FIFO been previously used.
b. Prepare the journal entry to record the change in accounting principle at the beginning of 2017.
- Dr Inventory 80,000
- Cr Income taxes payable 16,800
- Cr Retained earnings 63,200
Explanation:
inventory under FIFO would have been $80,000 higher, that means that COGS were overstated by $80,000 and net earnings were understated by $80,000.
retained earnings 2016 = $1,750,000
tax rate 21%
Dr Inventory 80,000
Income taxes payable 16,800
Retained earnings 63,200
Retained earnings = $1,750,000 + $63,200 = $1,813,200
When companies change from LIFO to FIFO, they must adjust their income statement and balance sheet in a prospective way because it will affect the future value of their accounts. But when a company changes from FIFO to LIFO, no adjustment is required.
Answer:
It is $329,209.31
Explanation:
Please attached sheet for computation.
Answer:
The answer is: An S Corporation
Explanation:
An S Corporation is a small business corporation. The main characteristics of an S Corporation are:
- All its shareholders must be legal residents in the US.
- It can only have up to 100 shareholders.
- All shareholders must be individuals.
- Profits and losses are passed on to shareholders and distributed in proportion to their stake in the corporation.
- Some trusts and estates that are eligible for certain tax exemptions can be shareholders in an S Corporation.
<span>he means that it is as simple as black people being subordinate to white people
i hope this helps you
</span><span />
The answer is recency effect. The recency effect happens when you only remember the things or events that just happened in a recent time.In this case, Sheldon is showing the recency effect because he only remembered the last part of the list that he was going to buy. If Sheldon had remembered the first part, then he is experiencing the Primary effect, which is the opposite of recency effect