Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
The Pyramid Construction Company has used the completed-contract method of accounting for construction contracts during its first two years of operation, 2009 and 2010. At the beginning of 2011, Pyramid decided to change to the percentage-of-completion method for both tax and financial reporting purposes. The following table presents information concerning the change for 2009-2011. The income tax rate for all years is 40%.Pyramid issued 50,000 $1 par, common shares for $230,000 when the business began, and there have been no changes in paid-in capital since then. Dividends were not paid the first year, but $10,000 cash dividends were paid in both 2010 and 2011.
Required:
1. Prepare the journal entry to record the change in accounting principle. (All tax effects should be reflected in the deferred tax liability account.)
2. Prepare the 2011-2010 comparative income statements beginning with income before income taxes.
3. Prepare the 2011-2010 comparative statements of shareholders' equity. (Hint: The 2009 statements reported retained earnings of $36,000. This is $60,000 - [$60,000 × 40%].
What is a statement of cash flows and Brad Strath maintains that the statement of cash flows is an optional financial statement.
you own widgets r us and are preparing your year-end financial statements.1. what inventory system do you use and why?
faxon company which has only one product has provided the following data concerning its most recent month of operations
Firm L had net assets at the end of the year of $365,000. The only transactions affecting stockholders' equity during the year were net income of $56,000 and dividends of $26,000.
furson corporation makes a single product. in a recent period 6500 units were made and there was an unfavorable labor
Should Innova purchase the component from the outside vendor if it can use its facilities to manufacture another product? What information will Innova need to make an accurate decision? Show your calculations.
George Clausen (age 48) is employed by Kline Company and is paid a salary of $42,640. He has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions.
us gaap follows the historical cost concept in valuing the cost of long-term assets. explain this principle and how it
You bought a stock three months ago for $73.82 per share. The stock paid no dividends. The current share price is $76.09.
In January, 2012, Yoder Corporation purchased a mineral mine for $5,100,000 with removable ore estimated by geological surveys at 2,000,000 tons.
dickinson inc uses a balanced scorecard. one of the measures on the scorecard is the percentage of revenue from repeat
a. What is the economic order quantity? b. What is the average inventory if the economic order quantity is used?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd