Shannon, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2012.
Question:
Shannon, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2012. The increase in the prior year’s income before taxes is $1,200,000. The tax rate is 40%. Prepare Shannon’s 2012 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: 87% (8 reviews)
Shannon Incs 2012 journal entry to record the change in accounting p...View the full answer
Answered By
BillClinton Muguai
I have been a tutor for the past 5 years. I have experience working with students in a variety of subject areas, including computer science, math, science, English, and history. I have also worked with students of all ages, from elementary school to college. In addition to my tutoring experience, I have a degree in education from a top university. This has given me a strong foundation in child development and learning theories, which I use to inform my tutoring practices.
I am patient and adaptable, and I work to create a positive and supportive learning environment for my students. I believe that all students have the ability to succeed, and it is my job to help them find and develop their strengths. I am confident in my ability to tutor students and help them achieve their academic goals.
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Shannon, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2010. The increase in the prior years income before taxes is $1,200,000. 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...
-
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...
-
Which of the following statements about Erlang are TRUE? Check all that apply All functions in an .erl file are public by default, i.e. callable from the shell or from any other file All parameters...
-
One effect of the great recession was to lower the interest rate on fixed-rate mortgages. A sample of 30-year fixed-rate mortgage rates taken from financial institutions in the Pacific Northwest...
-
A semiconductor manufacturer has developed three different methods for reducing particle counts on wafers. All three methods are tested on five wafers and the after-treatment particle count obtained....
-
True or False. The time variation of the solution can be found from the phase-plane trajectories.
-
Dempsey Inc. is a retailer operating in British Columbia. Dempsey uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the inventory...
-
On January 1, 2020, Stream Company acquired 20 percent of the outstanding voting shares of Q-Video, Inc., for $702,000. Q-Video manufactures specialty cables for computer monitors. On that date,...
-
Black Media Inc. owns and operates a large number of news-papers across Canada. On 1 October 20X5, the board of directors voted unanimously to dispose of one of those newspapers, The Daily Con. Black...
-
Refer to the accounting change by Wertz Construction Company in BE22-1. Wertz has a profitsharing plan, which pays all employees a bonus at year-end based on 1% of pretax income. Compute the indirect...
-
Tedesco Company changed depreciation methods in 2012 from double-declining-balance to straight line. Depreciation prior to 2012 under double-declining-balance was $90,000, whereas straight-line...
-
In Gansu Ltd., direct labor is 20 per hour. The company expects to operate at 10,000 direct labor hours each month. In January 2020, direct labor totaling 206,000 is incurred in working 10,400 hours....
-
You are a law student spending your summer working for a lawyer. She has been forwarded the attached cease and desist letter by her client, Veteran House Inc., a not-for-profit corporation providing...
-
This is pertaining the opening of an LLC company. It will be a restaurant business by the beach in the state of Florida, Boca Raton County. List all state and federal requirements for starting a...
-
Plaintiff - a North Carolina resident - bought a horse for $5000 from a breeder who lives in Virginia. Plaintiff traveled to Virginia to buy the horse, and at no time did Defendant travel to North...
-
First, visit the News website of the United States Attorney's Office for the Eastern District of Pennsylvania and select a press release of interest to your group highlighting a recent example of a...
-
You are watching an object that is moving in SHM. When the object is displaced 0.620 m to the right of its equilibrium position, it has a velocity of 2.20 m/s to the right and an acceleration of 8.55...
-
For Problems a-b, we take S = {x2, x, 1} as the standard basis in P2 and introduce a new basis N = {2x2 - x, x2, x2 + 1} (a) Express in terms of the new basis N the standard basis polynomials (b)...
-
Hardin Services Co. experienced the following events in 2016: 1. Provided services on account. 2. Collected cash for accounts receivable. 3. Attempted to collect an account and, when unsuccessful,...
-
The following are selected account balances of the Albertson Company as of December 31, 2007: Purchases (net) ..............$63,000 Merchandise inventory, January 1, 2007 .... 20,000 Gain on sale of...
-
Where would each of the following items most likely be reported in a companys financial statements? Assume the monetary amount of each item is material. 1. Bad debts expense 2. Sales discounts taken...
-
Where would each of the following items most likely be reported in a companys financial statements? Assume the monetary amount of each item is material and the company uses a periodic inventory...
-
Melissa Cutt is thinking about buying some shares of EZLawn Equipment, at $36.44 per share. She expects the price of the stock to rise to $43.62 over the next 3 years. During that time she also...
-
At the beginning of the week, Taylan's restaurant had a beginning inventory of food and beverages totaling $4,000. During the week, additional food and beverages purchases totaled $3,000. At the end...
-
1. Identify the auditor's role in the internal and external auditing processes. 2. Identify one law, regulation, and statue affecting healthcare
Study smarter with the SolutionInn App