Question: Current Attempt in Progress Tamarisk, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2020. The increase in

Current Attempt in Progress Tamarisk, Inc., changed from the LIFO cost flow

Current Attempt in Progress Tamarisk, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2020. The increase in the prior year's income before taxes is $1,150,000. The tax rate is 20%. Prepare Tamarisk's 2020 journal entry to record the change in accounting principle. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation I Debit Credit eTextbook and Media List of Accounts Attempts: 0 of 1 used Submit Answer

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

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

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Isit correct? If not please correct it. Alyssa Company manufactures its product through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process....

Question 2 of 10 A - /1 E View Policies Current Attempt in Progress Novak, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2020. The increase in the prior year's...

Current Attempt in Progress Carla, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2 0 2 5 . The increase in the prior year's income before taxes is $ 1 , 1 5 0 ,...

Tamarisk, 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 $1,058,000. The tax rate is 20%. Prepare...

At the beginning of 2020 . Sandhill Construction Company changed from the completed-contract method to recognizing revenue over time (percentage-of-completion) for financial reporting purposes. The...

CHANGE IN ACCOUNTING PRINCIPLE 1 At the beginning of 2 0 2 1 , Sage Construction Company changed from the completed - contract method to recognizing revenue over time ( percentage - of - completion )...

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...

Q1) Concord, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2020. The increase in the prior year's income before taxes is $1,088,000. The tax rate is 20%....

Stellar, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2020. The increase in the prior year's income before taxes is $1,000,000. The tax rate is 20%. Prepare...

Carla, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2020. The increase in the prior year's income before taxes is $1,452,000. The tax rate is 20%. Prepare...

Explain what the shoe-leather costs of inflation and the menu costs of inflation are. Compare how these costs change as the rate of inflation rises.

Assume the following totals for Minihaha Tubing for the year ended December 31, 2020: Assume the following totals for Minihaha Tubing for the year ended December 31, 2020: Employee FICA tax $71000...

9 3 6 Evaluate the integral. 2 5 . y s 1 1 x 2 x dx

At the end of the current year, Accounts Receivable has a balance of $700,000; Allowance for Doubtful Accounts has a credit balance of $5,500; and net sales for the year total $3,500,000. Bad debt...

Journalize the following transactions, using the allowance method of accounting for uncollectible receivables: Oct. 2. Received $600 from Rachel Elpel and wrote off the remainder owed of $1,350 as...

Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: June 2. Received $1,200 from Melissa Crone and wrote off the remainder owed of...

Develop a three-period weighted moving average forecast for periods 4 through 11. Use weights of 0.4, 0.35, and 0.3, with the most recent observation weighted the highest. Calculate the MFE, MAD, and...

Develop two exponential smoothing forecasts for periods 2 through 11. For the rst forecast, use a = 0.2. For the second, use a = 0.7. Assume that your forecast for period 1 was 250. Plot the results....

On January 1 , Tara bought a new television from Best Buy on credit from the store. Best Buy did not file a financing statement. Tara had cash flow problems and sold her television to Maria. Maria...

Peggy Richards is considering purchasing the vacant lot adjacent to her current restaurant location. Peggy is convinced that by purchasing and paving it to make a parking lot, the additional net...

Jodi Jackson is the general manager of a student-operated public restaurant in a hospitality management program at a large state university. She used her old dish machine for as long as she could,...

Michele Austin knows that cap rates are a good way to estimate the value of a lodging property. She is considering the purchase of three different properties. The financial information she has about...