On 1/1/21, Shaye Corp. changed its inventory method to FIFO from LIFO for both financial and income tax reporting purposes. The change resulted in a $970k increase in the 1/1/21 inventory. Assume that the income tax rate for all years is 30%. Assuming that comparative statements are not issued, the cumulative effect of the accounting change should be reported by Shaye in its 2021...

Q: JYD Corporation has determined its 2019 and 2020 net income figures to be P1,150,000 and P1,100,000,…

A: After audit, corrections are made to ascertain the correct profit for the period During audit if…

Q: Bonita, Inc. is a calendar-year corporation. Its financial statements for the years 2021 and 2020…

A: Working capital: Managing the day to day operations of an organization is called working capital…

Q: Sheffield Inc. reported total assets of $6407000 and net income of $505000 for the current year.…

A: Total assets:- Total assets are defined as the assets which includes all the assets or items of…

Q: Baker Corporation changed from the LIFO method to the FIFO method for inventory valuation during…

A:

Q: The following Income statement does not reflect Intraperlod tax allocation. INCOME STATEMENT For the…

A: Income Statement - Income Statement includes income earned and Expense incurred during the financial…

Q: JYD Corporation has determined its 2019 and 2020 net income figures to be $1,150,000 and $1,100,000,…

A: Error and correction:   Error and financial statements include mistakes regarding mathematical,…

Q: On December 31, 2021 Carla Vista Company changed its method of accounting for inventory from…

A: An increase in beginning inventory due to a change in the method of inventory decreases the profit.…

Q: Jacob, Inc., changed from the average cost to the FIFO cost flow assumption in 2019. The increase in…

A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…

Q: In 2022, Maria Corporation changed its method of inventory pricing from LIFO to FIFO. Net income…

A: FIFO is the method for valuation of inventory under which ending inventory is valued on the basis of…

Q: Whispering Company uses the LIFO method for financial reporting purposes but FIFO for internal…

A: LIFO reserve is the difference between FIFO inventory cost and LIFO inventory cost. LIFO effect is…

Q: Sammie reported the following for the taxable year 2022. Vatable ending inventory for March is…

A: In Philippines generate Vat tax rate is 12% on goods and services provided in the domestic territory…

Q: During 2020, Ethel Company appropriately changed to the FIFO method from the weighted average method…

A: Solution: - The change in inventory valuation method will result in a $2,000,000 increase in the…

Q: During 2021, WMC Corporation discovered that its ending inventories reported in its financial…

A: Journal entry shows the recording of transactions during an accounting year and every transaction…

Q: The management of Knight Company has asked its accounting department to describe the effect upon the…

A: It is the stock held for sale to customers. The inventory comprises of raw materials, work in…

Q: Juring 2022, ABC Company decided to change from FIFO method of inventory valuation to the veighted…

A: There are various methods of Inventory Valuation namely: FIFO, LIFO, Weighted Average, etc. Each…

Q: ndi Khough Alam Corporation appropriately changed its inventory costing method from FIFO cost to…

A: Impact of change in the evaluating of Inventory from FIFO to Weighted Average.

Q: Trout Company uses the LIFO method for financial reporting purposes but FIFO for internal reporting…

A: Compute the LIFO reserve.

Q: 2023 2024 2025 Net Income Computed Using Average-Cost Method FIFO Method $15,900 $19,170 17,880…

A: The first in first out method is one of the important methods of valuing inventory in which the…

Q: During 2021, Colombo Company changed its inventory costing method from FIFO to weighted average…

A: Inventory is one of the important current asset of the business. Regular management and valuation of…

Q: During 2019 (its first year of operations) and 2020, Flerl Foods used the FIFO Inventory costing…

A: Retained earnings shows the income income of the company which the company has accumulated over a…

Q: For each of the following independent scenarios, indicate the effect of the error (if any) on:

A: Step 1 Journal is the part of book keeping.

Q: Rockets Inc. changed from LIFO to the FIFO inventory costing method on January 1, 2021. Inventory…

A: LIFO is that inventory valuation method under which inventories which are purchased in last will be…

Q: During 2019 (its first year of operations) and 2020, Fieri Foods used the FIFO inventory costing…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS  Prepare the journal entry at the beginning of 2013…

Q: Megall Company began operations on Jan. 1, YR1. For tax purposes, Megall has always used FIFO method…

A: In the context of the given question, we are required to prepare journal entries and comment on the…

Q: (Accounting Change) Presented below are income statements prepared on a LIFO and FIFO basis for…

A:

Q: On December 31, 2021, Governor, Inc. appropriately changed its inventory valuation method to FIFO…

A: Inventory valuation method FIFO :-FIFO stands for First In, First Out.It is an inventory valuation…

Q: On December 31, 2020, Fire Corporation appropriately changed its inventory costing method from FIFO…

A: Inventory costing methods can be of various types such as FIFO, LIFO, weighted average etc. The…

Q: Richelle Company adapted the following changes during 2022: • Appropriately changed to the FIFO cost…

A: The given changes are required to adjust retained earnings opening balance. These changes in…

Q: Koppernaes Inc. is a calendar-year corporation. Its financial statements for the years ended…

A: Definition of calendar year: Calendar year means financial period starting from January 01 and…

Q: Nash, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2020. The…

A: When Change of Inventory causes increases in Income then Inventory Increases  to that extent and and…

Q: During 2019 (its first year of operations) and 2020, Fieri Foods used the FIFO inventory costing…

A: First In, First Out, generally known as FIFO, is a valuation technique in which assets created or…

Q: Shannon, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2014.…

A: Accounting principles refer to the fundamental rules and guidelines that govern the preparation and…

Q: On January 1, 2021, Blossom Corp. changed its inventory method to FIFO from LIFO for both financial…

A: On January 1, 2021, Blossom Corp. changed its inventory method to FIFO from LIFO for both financial…

Q: Marigold Inc. reported total assets of $2391000 and net income of $318000 for the current year.…

A: Beginning inventory is not reported on the balance. Beginning inventory is used for the calculate…

Q: Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was…

A: As at January 1, 2021, 28000 units at $25 each, the Inventory was $700,000

Q: Before 2020, KnowieNowl Company used the cash basis of accounting. For the year ended December 31,…

A: Cash Basis of accounting- Under this income and expense recorded in the books as and when the actual…

Q: n December 31, 2020, Zodiac Corporation appropriately changed its inventory costing method from FIFO…

A: Retained earning means the amount left in business after paying all expenses and dividend to…

Q: On January 1 of Year 5, Benn Company changed from FIFO to LIFO for income tax and external reporting…

A: Answer:- Dollar value LIFO method:- The last-in-first layering  model is different from this…

Q: Skysong Company uses the LIFO method for financial reporting purposes but FIFO for internal…

A: LIFO: LIFO stands for Last in First out. While making inventory valuations the last received…

Q: In 2020, Gill's Company changed its inventory cost system from LIFO to FIFO. 1. This accounting…

A: FIFO is the inventory method which says that inventory purchased first in the business should be…