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!
Koopman Company began operations on January 1, 2009 and uses the FIFO inventory method for financial reporting and the average-cost inventory method for income taxes. At the beginning of 2011, the company decided to switch to the average-cost inventory method for financial reporting. The company had previously reported the following financial statements for 2010:
An analysis of the accounting records discloses the following cost of goods sold under the FIFO and average cost inventory methods:There are no indirect effects of the change in inventory method. Revenues for 2011 total $130,000; operating expenses for 2011 total $30,000. The company is subject to a 30% income tax rate in all years; it pays the income taxes payable of a current year in the first quarter of the next year. The company had 10,000 shares of common stock outstanding during all years; it paid dividends of $1 per share in 2011. At the end of 2011, the company had cash of $10,000, inventory of $24,000, other assets of $70,800, and accounts payable of?. The company desires to show financial statements for the current year and previous year in its 2011 annual report.
Required:1. Prepare the journal entry to reflect the change in methods at the beginning of 2011. Show supporting calculations.2. Prepare the 2011 annual report. Notes to the financial statements are not necessary. Show supportingcalculations.
Use the Internet and / or Strayer databases to research budget planning and control. Imagine that the company that you currently work for, have previously worked for, or would like to work for in the future has tasked you with preparing a budget p..
Which of the following items on the income statement is not disclosed net of tax?
What is the difference between operations costing and a process costing system? How does a company decide whether to use a job order or a process cost system?
What are the equity method journal entries typically recorded by a parent company? Provide examples in your response.
adams enterprises bonds currently sell for 970. they have a 15-year maturity an annual coupon of 85 and a par value of
Calculating Cost of Debt Shanken Corp. issued a 30-year, 9 percent semiannual bond 4 years ago. The bond currently sells for 112 percent of its face value. The company's tax rate is 35 percent.
bxv inc. is considering a 15-year investment project that will cost 300000. it is estimated that none of the 300000
complete the following exercise and provide a recommendation for each of the four scenarios presented. there is often
at the beginning of the year manufacturing overhead for the year was estimated to be 363200. at the end of the year
pisa pizza parlor is investigating the purchase of a new 50000 delivery truck that would contain specially designed
2010 jan 9- purchased computer equipment at a cost of 10000 signing a six month 8 note payable for that amount. jan
Prepare schedules for expected collections from customers and expected payments for direct materials purchases - prepare a cash budget for January and February in columnar form.
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