Change in inventory methods: Change in inventory method is said to be the difference between the previous years ending inventory and the current years ending inventory. Comparative Income Statement : The comparative income statement is similar to income statement but includes different components under separate headings. The comparative income statement includes revenues, expenses, gains, and losses from both continuing and non continuing operations. The operating income section is referred as income from continuing operations before income taxes. To Journalize: The entry to record the change in accounting principle of CB Company

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Answer 1

Question

Chapter 20, Problem 20.1P

(1)

To determine

Change in inventory methods:

Change in inventory method is said to be the difference between the previous years ending inventory and the current years ending inventory.

Comparative Income Statement:

The comparative income statement is similar to income statement but includes different components under separate headings. The comparative income statement includes revenues, expenses, gains, and losses from both continuing and non continuing operations. The operating income section is referred as income from continuing operations before income taxes.

To Journalize: The entry to record the change in accounting principle of CB Company

(2)

To determine

To prepare: Comparative income statements beginning with income from continuing operations of CB Company for the year 2016-2015.

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Answer 2

Question

Chapter 20, Problem 20.1P

(1)

To determine

Change in inventory methods:

Change in inventory method is said to be the difference between the previous years ending inventory and the current years ending inventory.

Comparative Income Statement:

The comparative income statement is similar to income statement but includes different components under separate headings. The comparative income statement includes revenues, expenses, gains, and losses from both continuing and non continuing operations. The operating income section is referred as income from continuing operations before income taxes.

To Journalize: The entry to record the change in accounting principle of CB Company

(2)

To determine

To prepare: Comparative income statements beginning with income from continuing operations of CB Company for the year 2016-2015.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 3

Question

Chapter 20, Problem 20.1P

(1)

To determine

Change in inventory methods:

Change in inventory method is said to be the difference between the previous years ending inventory and the current years ending inventory.

Comparative Income Statement:

The comparative income statement is similar to income statement but includes different components under separate headings. The comparative income statement includes revenues, expenses, gains, and losses from both continuing and non continuing operations. The operating income section is referred as income from continuing operations before income taxes.

To Journalize: The entry to record the change in accounting principle of CB Company

(2)

To determine

To prepare: Comparative income statements beginning with income from continuing operations of CB Company for the year 2016-2015.

Expert Solution & Answer

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Answer 4

Question

Chapter 20, Problem 20.1P

(1)

To determine

Change in inventory methods:

Change in inventory method is said to be the difference between the previous years ending inventory and the current years ending inventory.

Comparative Income Statement:

The comparative income statement is similar to income statement but includes different components under separate headings. The comparative income statement includes revenues, expenses, gains, and losses from both continuing and non continuing operations. The operating income section is referred as income from continuing operations before income taxes.

To Journalize: The entry to record the change in accounting principle of CB Company

(2)

To determine

To prepare: Comparative income statements beginning with income from continuing operations of CB Company for the year 2016-2015.

Expert Solution & Answer

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Answer 5

Chapter 20, Problem 20.1P

(1)

To determine

Change in inventory methods:

Change in inventory method is said to be the difference between the previous years ending inventory and the current years ending inventory.

Comparative Income Statement:

The comparative income statement is similar to income statement but includes different components under separate headings. The comparative income statement includes revenues, expenses, gains, and losses from both continuing and non continuing operations. The operating income section is referred as income from continuing operations before income taxes.

To Journalize: The entry to record the change in accounting principle of CB Company

(2)

To determine

To prepare: Comparative income statements beginning with income from continuing operations of CB Company for the year 2016-2015.

Answer 6

Chapter 20, Problem 20.1P

(1)

To determine

Change in inventory methods:

Change in inventory method is said to be the difference between the previous years ending inventory and the current years ending inventory.

Comparative Income Statement:

The comparative income statement is similar to income statement but includes different components under separate headings. The comparative income statement includes revenues, expenses, gains, and losses from both continuing and non continuing operations. The operating income section is referred as income from continuing operations before income taxes.

To Journalize: The entry to record the change in accounting principle of CB Company

Answer 7

Chapter 20, Problem 20.1P

(1)

To determine

Change in inventory methods:

Change in inventory method is said to be the difference between the previous years ending inventory and the current years ending inventory.

Comparative Income Statement:

The comparative income statement is similar to income statement but includes different components under separate headings. The comparative income statement includes revenues, expenses, gains, and losses from both continuing and non continuing operations. The operating income section is referred as income from continuing operations before income taxes.

To Journalize: The entry to record the change in accounting principle of CB Company

Answer 8

(2)

To determine

To prepare: Comparative income statements beginning with income from continuing operations of CB Company for the year 2016-2015.

Answer 9

(2)

To determine

To prepare: Comparative income statements beginning with income from continuing operations of CB Company for the year 2016-2015.

Answer 10

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Answer 11

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Answer 12

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Answer 13

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To prepare: Comparative income statements beginning with income from continuing operations of CB Company for the year 2016-2015.

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