The journal entry to record the change in the accounting method. Given information: Tax rate is 40%. Cumulative cost of goods as per average cost method is $140,000. Cumulative cost of goods as per LIFO method would have been $300,000.

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Answer 1

Question

Chapter 21, Problem 21.2BE

To determine

To prepare: The journal entry to record the change in the accounting method.

Given information:

Tax rate is 40%.

Cumulative cost of goods as per average cost method is $140,000.

Cumulative cost of goods as per LIFO method would have been $300,000.

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PLEASE HELP. ALL RED CELLS ARE INCORRECT. NOTICE, REVENUE ACCOUNTS ARE IN THE DROPDOWN!

Journalize these transactions, also post the transcations to T-accounts and determine month-end balances. Finally prepare a trail balance.

Suppose during 2023, BlueStar Shipping reported the following financial information (in millions): Net Sales: $40,000 Net Income: $150 Total Assets at Beginning of Year: $26,000 • Total Assets at End of Year: $24,800 Calculate the following: (a) Asset Turnover (b) Return on Assets (ROA) as a percentage

Answer 2

Question

Chapter 21, Problem 21.2BE

To determine

To prepare: The journal entry to record the change in the accounting method.

Given information:

Tax rate is 40%.

Cumulative cost of goods as per average cost method is $140,000.

Cumulative cost of goods as per LIFO method would have been $300,000.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 21, Problem 21.2BE

To determine

To prepare: The journal entry to record the change in the accounting method.

Given information:

Tax rate is 40%.

Cumulative cost of goods as per average cost method is $140,000.

Cumulative cost of goods as per LIFO method would have been $300,000.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 21, Problem 21.2BE

To determine

To prepare: The journal entry to record the change in the accounting method.

Given information:

Tax rate is 40%.

Cumulative cost of goods as per average cost method is $140,000.

Cumulative cost of goods as per LIFO method would have been $300,000.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 21, Problem 21.2BE

To determine

To prepare: The journal entry to record the change in the accounting method.

Given information:

Tax rate is 40%.

Cumulative cost of goods as per average cost method is $140,000.

Cumulative cost of goods as per LIFO method would have been $300,000.

Answer 6

Chapter 21, Problem 21.2BE

To determine

To prepare: The journal entry to record the change in the accounting method.

Given information:

Tax rate is 40%.

Cumulative cost of goods as per average cost method is $140,000.

Cumulative cost of goods as per LIFO method would have been $300,000.

Answer 7

Chapter 21, Problem 21.2BE

To determine

To prepare: The journal entry to record the change in the accounting method.

Given information:

Tax rate is 40%.

Cumulative cost of goods as per average cost method is $140,000.

Cumulative cost of goods as per LIFO method would have been $300,000.

Answer 8

Expert Solution & Answer

Answer 9

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Answer 10

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Answer 11

Ch. 21 - Are accounting changes permitted in financial...Ch. 21 - How do firms report accounting changes under the...Ch. 21 - Prob. 21.3Q Ch. 21 - How do firms account for changes in accounting...Ch. 21 - Prob. 21.5Q Ch. 21 - Prob. 21.6Q Ch. 21 - Prob. 21.7Q Ch. 21 - Prob. 21.8Q Ch. 21 - Do accounting errors that self-correct within two...Ch. 21 - Does a firm need to correct an error that...

The journal entry to record the change in the accounting method. Given information: Tax rate is 40%. Cumulative cost of goods as per average cost method is $140,000. Cumulative cost of goods as per LIFO method would have been $300,000.

Solution Summary: The author explains the journaling process of recording the transactions of an organization in a chronological order.

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To prepare: The journal entry to record the change in the accounting method.

Given information:

Tax rate is 40%.

Cumulative cost of goods as per average cost method is $140,000.

Cumulative cost of goods as per LIFO method would have been $300,000.

Want to see the full answer?

Chapter 21 Solutions

The journal entry to record the change in the accounting method. Given information: Tax rate is 40%. Cumulative cost of goods as per average cost method is $140,000. Cumulative cost of goods as per LIFO method would have been $300,000.

Solution Summary: The author explains the journaling process of recording the transactions of an organization in a chronological order.

Videos

To prepare: The journal entry to record the change in the accounting method. Given information: Tax rate is 40%. Cumulative cost of goods as per average cost method is $140,000. Cumulative cost of goods as per LIFO method would have been $300,000.

Want to see the full answer?

Chapter 21 Solutions

To prepare: The journal entry to record the change in the accounting method.

Given information:

Tax rate is 40%.

Cumulative cost of goods as per average cost method is $140,000.

Cumulative cost of goods as per LIFO method would have been $300,000.