Shannon, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2025.
Question:
Shannon, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2025. The increase in the prior year’s income before taxes is $1,200,000. The tax rate is 20%. Prepare Shannon’s 2025 journal entry to record the change in accounting principle.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (4 reviews)
Inventory X Defer...View the full answer
Answered By
DIPAK BHOYE
"I am a M.sc (organic chemistry) from NMU India and also a BSc graduate from The University of NMU, india.
I have many years of tutoring experience and I enjoyed teaching all grades students. I have been tutoring with other tutoring sites also and has a very good circle of more than 500 students from USA UK India and some other from South Asia tool am doing one to one tutoring also and like to teach Reactions and mechanism all subjects specially network problem wisi etc and i also like tutoring physics.chemistry Maths and Chemistry subjects and i have also tutoring many students for SAT exam So love tutoring and can taught all grades student. Many of my students' parents message me that your lessons improved our children's grades . So loving tutoring. I love eating and that too of different cuisines. I made many self-papers for this exam which include the basics of chemistry and elementary of all chemistry topics. Initially I worked as a Research Associate at The University of NMU Maharashtra and While at The University I assisted professors with their research work, preparation of course material on corporate finance and equity analyst
0.00
0 Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 9781119790976
18th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Question Posted:
Students also viewed these Business questions
-
Robert Boey, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2008. The increase in the prior years income before taxes is $1,000,000. The tax rate is 40%. Prepare...
-
Shannon, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2020. The increase in the prior years income before taxes is $1,200,000. The tax rate is 20%. Prepare...
-
Shannon, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2012. The increase in the prior years income before taxes is $1,200,000. The tax rate is 40%. Prepare...
-
The bank portion of the bank reconciliation for Langer Company at November 30, 2017, was as follows. The bank statement contained two memoranda: 1. A credit of $5,285 for the collection of a $5,140...
-
Shown are partial financial statements for Garners' Platoon Mental Health Care, Inc. Fill in the blanks on the four financial statements. Garners Platoon Mental Health Care, Inc. Balance Sheet as of...
-
The Four-Leaf Clover Corporation makes two products, LC1 and LC2. Each product uses a different type of raw materials, and the company provides you with the following data for the most recent year:...
-
Plaintiff contracted to install a boiler for defendant. After plaintiff had installed and tested the boiler, but before final payment to plaintiff had been made, defendant took custody of the boiler...
-
Department and activity-cost rates, service sector Radhikas Radiology Center (RRC) performs x-rays, ultrasounds, CT scans, and MRls. RRC has developed a reputation as a top Radiology Center in the...
-
1 Problem 4 - A firm's optimal output choice (10 points) Consider a price taking firm, where the market price for the output is given by P. The firm's output choice is denote by Q. The firm has a...
-
Pure Plant Beauty is a sole proprietorship that has a developed a new line of skin care and makeup that uses natural and organic ingredients. The company showed the following adjusted account...
-
Refer to the accounting change by Wertz Construction Company in BE21.1. Wertz has a profit-sharing plan, which pays all employees a bonus at year-end based on 1% of pretax income. Compute the...
-
Holder-Webb Company began operations on January 1, 2023, and uses the average-cost method of pricing inventory. Management is contemplating a change in inventory methods for 2026. The following...
-
A change in which of the following results in a change in the maximum profit in a newsvendor setting? a. The revenue received from salvaging inventory. b. The regular selling price of the product. c....
-
Assume that every asset has the same expected return and variance. Furthermore, all assets have the same covariance with each other. As the number of assets in the portfolio grows, which becomes more...
-
Farrods PLC has a market value of 800 million and 35 million shares outstanding. Redridge department store has a market value of 300 million and 25 million shares outstanding. Farrods is...
-
Classify the following events as mostly systematic or mostly unsystematic: (a) The Bank of Englands base rate increases unexpectedly. (b) A company renegotiates its bank debt after breaching a...
-
Both AstraZeneca plc, a large pharmaceutical firm, and Shire plc, a major prescription medicine manufacturer, are thinking of investing in an Indian generic drugs company. Assume that both...
-
As financial manager of Cosco Pacific Limited, you have been tasked with determining your firms cost of debt and cost of equity capital. (a) The shares currently sell for HK$10.40, and the dividend...
-
Describe the paradox of active fundamental analysis.
-
The May 2014 revenue and cost information for Houston Outfitters, Inc. follow: Sales Revenue (at standard).............. $ 540,000 Cost of Goods Sold (at standard) ..........341,000 Direct Materials...
-
Charlie Brown, controller for the Kelly Corporation, is preparing the companys income statement at year-end. He notes that the company lost a considerable sum on the sale of some equipment it had...
-
Simpson Corp. is an entertainment firm that derives approximately 30% of its income from the Casino Knights Division, which manages gambling facilities. As auditor for Simpson Corp., you have...
-
Simpson Corp. is an entertainment firm that derives approximately 30% of its income from the Casino Knights Division, which manages gambling facilities. As auditor for Simpson Corp., you have...
-
Problem 1. Compute for the expected Return for this specific asset with different probabilides Probability Possible Rate of Return 822 30 10 35 8 15 20 8 12 Problem 2: Compute for the Expected Return...
-
I need assistance: Explore at least two bitcoin block/blockchain explorers. Report (a) which explorers you tried, and (b) details (including the hash) of at least two interesting transactions,...
-
If you decrypt and run the file, you'll get a unique hash based on your GTID. What is the hash generated? Example:a123242342342342342934234 need explaination on how to grab the file, than explation...
Study smarter with the SolutionInn App