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sergey [27]
3 years ago
10

Most voluntary changes in accounting principles are reported retrospectively. This means for each year reported in the comparati

ve statements, we make those statements appear as if the newly adopted account­ing method had been applied all along. A journal entry is created to adjust all account balances affected as of the date of the change. In the first set of financial statements after the change, a disclosure note describes the change and justifies the new method as preferable. It also describes the effects of the change on all items affected, including the fact that the retained earnings balance was revised in the statement of shareholders’ equity.
Melas Company changed from the LIFO to the FIFO inventory costing method on January 1, Year 3. Inventory values at the end of each year since the inception of the company are as follows:

FIFO LIFO
Year 1 $195,000 $177,500
Year 2 $390,000 $355,000

Ignoring income tax considerations, prepare the appropriate journal entry, dated January 1, Year 3, to report this accounting change. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
xeze [42]3 years ago
7 0

Answer:

Explanation: times all the number together

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Ierofanga [76]

Answer:

B) Top-down design

Explanation:

When someone carries out a top-down design, he/she is dividing a complex system in smaller parts in order to understand how each part works and how they work with other parts or sub-systems. A top-down approach basically starts at large and then breaks down the system into smaller and more manageable parts.

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3 years ago
Assume the economy of Ucheland is currently at full employment. The government of Ucheland reduces the tax rate on household int
drek231 [11]

Answer:

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8 0
3 years ago
A sale contract stipulates that a buyer is to pay the seller's title insurance expenses. This practice is not customary in the a
serious [3.7K]

Answer:

D. the buyer must pay the expense.

Explanation:

Whenever a contract is prepared for a sale of any real estate transaction then both the parties are binding towards the contract. As that is signed by both of them which creates a legal right to get the action done from each other.

Here ,in the contract it is clearly mentioned that the buyer is responsible for the title insurance expense.

This clearly provides the right to the seller to validate such right and ask the buyer to pay for the expenses of the insurance.

Thus, the buyer in the given instance must pay the expense of the insurance.

6 0
4 years ago
One way of shooting a bow is the instinctive aiming method. what is true about this method? you look at the target with the righ
Sergio [31]
Answer: this method takes longer to perfect than the bowsight method.
In instinctive aiming method. You aim at the target with your both eyes open so looking<span> at the target with the right eye closed or with the left eye closed is not true. </span> It is also not true that this method is less versatile than the bowsight method. <span>It is true that this method takes longer to perfect than the bowsight method.</span>
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3 years ago
What is fasb 8, 7, 6, 5
anygoal [31]

Answer:it is a financial Accounting Standards Board is a independent self regulatory board that establishes and interprets generally accepting accounting principles

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