do E4.14 Ordinary dividends declared2,200,000Effective tax rate35%InstructionsCompute earnings per share data as it should appear in the 2022 income statement of Schroeder SE. (Round to two decimal places.)E4.14 (LO 3, 4) (Change in Accounting Principle) Zehms Company began operations in 2020 and adopted weighted-average pricing for inventory. In2022, in accordance with other companies in its industry, Zehms changed its inventory pricing to FIFO. The pretax income data is reported below.Year Weighted-AverageFIFO2020$370,000 $395,0002021390,000420,0002022410,000 460,000Instructionsa. What is Zehms's net income in 2022? Assume a 35% tax rate in all vears.b. Compute the cumulative effect of the change in acounting principle from weighted-average to FIFO inventory pricing.c. Show comparative income statements for Zehms Company, beginning with income before income tax, as presented on the 2022 income statement.E4.15 (LO 3, 5) (Comprehensive Income) Gaertner AG reported the following for 2022: net sales €1,200,000, cost of goods sold €720,000, selling andadministrative expenses €320,000, and an unrealized holding gain on non-trading equity securities.InstructionsPrepare a statement of comprehensive income, using the two statement format. Ignore income taxes and earnings per share.E4.16 (LO 3, 5) (Comprehensive Income) Bryant ple reports the following information for 2022: sales revenue £750,000, cost of goods sold £500.00o,1182926°C

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E4.14 (LO 3, 4) (Change in Accounting Principle) Zehms Company began operations in 2020 and adopted weighted-average pricing for inventory. In 2022, in accordance with other companies in its industry, Zehms changed its inventory pricing to FIFO. The pretax income data is reported below. Year Weighted-Average FIFO 2020 $370,000 $395,000 2021 390,000 420,000 2022 410.000 460,000 Instructions a. What is Zehms's net income in 2022? Assume a 35%6 tax rate in all vears. b. Compute the cumulative effect of the change in accounting principle from weighted-average to FIFO inventory pricing. c. Show comparative income statements for Zehms Company, beginning with income before income tax, as presented on the 2022 income statement.

E4.14 (LO 3, 4) (Change in Accounting Principle) Zehms Company began operations in 2020 and adopted weighted-average pricing for inventory. In 2022, in accordance with other companies in its industry, Zehms changed its inventory pricing to FIFO. The pretax income data is reported below. Year Weighted-Average FIFO 2020 $370,000 $395,000 2021 390,000 420,000 2022 410.000 460,000 Instructions a. What is Zehms's net income in 2022? Assume a 35%6 tax rate in all vears. b. Compute the cumulative effect of the change in accounting principle from weighted-average to FIFO inventory pricing. c. Show comparative income statements for Zehms Company, beginning with income before income tax, as presented on the 2022 income statement.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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