In the IMC communication process, the receiver is the person who reads, hears, or sees and processes the message being communicated.
<h3>What is the IMC planning process?</h3>
In the IMC communication process, the receiver is the person who reads, hears, or sees and processes the message being communicated. In order to make a brand's messaging consistent across all of the media that it utilizes to reach its target audience, a method known as integrated marketing communications (IMC) is used.
IMC is a tactical technique that serves as a strategic framework for all marketing channels' communication. IMC offers a business an advantage over rivals and increases sales. When a company communicates with its customers, it develops a relationship with them and provides a frictionless purchasing experience, which eventually results in a foundation of devoted, lifelong customers.
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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:
$16,500
Explanation:
Note: Work In Process simply mean the cost of Job which is not complete.
Work In Process = Direct Materials + Direct Labor + Overhead Cost
Work In Process = $3,000 + $4,500 + ($4,500*200%)
Work In Process = $3,000 + $4,500 + $9,000
Work In Process = $16,500
So, the balance in the Work in Process account at the end of September relative to Job A3B is $16,500.
30 times 80 equal 2400.then 2400 divide by 100 equal 24.now there's your answer.