Question: Shannon AG, changed from the average-cost to the FIFO cost flow assumption in 2019. The increase in the prior year's income before taxes is 1,200,000.

Shannon AG, changed from the average-cost to the FIFO cost flow assumption in 2019. The increase in the prior year's income before taxes is €1,200,000. The tax rate is 40%. Prepare Shannon's 2019 journal entry to record the change in accounting policy.

Step by Step Solution

★★★★★

3.28 Rating (163 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Inventory 1200000 De... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

1353-B-M-A-I(4668).docx

120 KBs Word File

Students Have Also Explored These Related Managerial Accounting Questions!

Shannon, Inc. changed from the average cost 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 Shannons 2010...

The Cecil-Booker Vending Company changed its method of valuing inventory from the average cost method to the FIFO cost method at the beginning of 2018. At December 31, 2017, inventories were $120,000...

The Cecil-Booker Vending Company changed its method of valuing inventory from the average cost method to the FIFO cost method at the beginning of 2009. At December 31, 2008, inventories were $120,000...

Shannon AG, changed from the average-cost to the FIFO cost flow assumption in 2019. The increase in the prior year's income before taxes is 1,200,000. The tax rate is 40%. Prepare Shannon's 2019...

Shannon AG, changed from the average-cost to the FIFO cost flow assumption in 2022. The increase in the prior years income before taxes is 1,200,000. The tax rate is 40%. Prepare Shannons 2022...

BE21.3 (LO 1) Shannon AG, changed from the average-cost to the FIFO cost flow assumption in 2025. The increase in the prior years income before taxes is 1,200,000. The tax rate is 40%. Prepare...

Shannon, Inc., changed from the average-cost to the FIFO cost flow assumption in 2015. The increase in the prior years income before taxes is 1,200,000. The tax rate is 40%. Prepare Shannons 2015...

: 37 . 11 () : 20 24 22 18 13 098 13 Ramco, Inc, changed from the average-cost to the FIFO cost flow assumption in 2016. The increase in the prior year's income before taxes is 600,000. The tax rate...

Choices Intel Inc, changed from the average-cost to the FIFO cost flow assumption in 2016. The increase in the prior year's income before taxes is $400,000. The tax rate is 20%. What amount of ?...

Ramco, Inc., changed from the average-cost to the FIFO cost flow assumption in 2016. The increase in the prior year's income before taxes is C600,000. The tax rate is 20%. What is the amount of...

A 90-day non-interest-bearing note for $3300 is dated August 1. What would be a fair selling price of the note on September 1 if money can earn 7.75%?

Ja'Marr Chase had the following split times for his 40-yd dash. Given 1 yd = 0.91 m, drag and drop the answers accordingly 10-yard time: 1.18 Average velocity is Instantaneous velocity for first ten...

Using the data for Problem

1.1. What characteristics of a company do you think influence it to use flex time with its workers versus one which has employer-directed irregular hours?

Refer to the data in E13-11 and assume instead that Mustafa Limited has chosen not to recognize paid sick leave until it is used, and has chosen to accrue vacation time at expected future rates of...

Listed below are selected transactions of Schultz Department Store for the current year ending December 31. 1. On December 5, the store received $500 from the Selig Players as a deposit to be...

The following are selected 2017 transactions for Darby Corporation Sept. 1 Purchased inventory from Orion Ltd. on account for $50,000. Darby uses a periodic inventory system and records purchases...

The two stocks in your portfolio, X and Y, have independent returns, so the correlation between them, rey is zero. Your portfolio consists of $50,000 Invested in Stock X and 550,000 invested in Stock...

You have a credit card with a balance of $12,400 and an APR of 17.6 percent compounded monthly. You have been making monthly payments of $240 per month, but you have received a substantial raise and...

age 3 of 3 2 3 Question 11 (0.2 points) Which one of the following is an example of systematic risk? 1) Major layoff by a regional manufacturer of power boats ge 2: 2) Surprise firing of a firm's...