Business, 29.11.2019 02:31 Inrimid3619
Wolfgang kitchens has always used the fifo inventory costing method for both financial reporting and tax purposes. at the beginning of 2018, wolfgang decided to change to the lifo method. net income in 2018 was correctly stated as $90 million. if the company had used lifo in 2017, its cost of goods sold would have been higher by $7 million that year. company accountants are able to determine that the cumulative net income for all years prior to 2017 would have been lower by $23 million if lifo had been used all along, but have insufficient information to determine specific effects of using lifo in 2016. last year, wolfgang reported the following net income amounts in its comparative income statements:
col1 ($ in millions) 2017 2016 2015
col2 net income $ 94 $ 92 $ 90
required: 1. prepare the journal entry at the beginning of 2018 to record the change in accounting principle. (ignore income taxes.)
2. what amounts will wolfgang report for net income in its 2018–2016 comparative income statements?
Answers: 2
Business, 21.06.2019 23:00
The monthly payment m of a loan of amount p for y years with an interest rate r can be calculated by the formula: m = p(r/12) 1 â’ (1 + r/12)â’12y calculate the monthly payment and the cummulative total payment for a $100,000 loan with an interest rate of 4.85% if taken out for 10 years, for 11 years, etc., up to a 30 year term. display the results in a three-column table where the first column is the number of years, the second is the monthly payment, and the third is the cummulative total payment. note: use format bank; for this problem. also, remember to represent the interest rate as a decimal (e.g. 0.0485) 2. a torus-shaped water tube is designed to have a volume of 8, 000in3 . the volume of the tube, v , and its surface area, s, are given by: v = 1 4 ď€ 2 (a + b)(b â’ a) 2 s = ď€ 2 (b 2 â’ a 2 ) if a = kb, determine s, a, and b for k = 0.2, 0.3, 0.7. display the results in a table
Answers: 1
Business, 22.06.2019 12:50
In june 2009, at the trough of the great recession, the bureau of labor statistics announced that of all adult americans, 140,196,000 were employed, 14,729,000 were unemployed and 80,729,000 were not in the labor force. use this information to calculate: a. the adult population b. the labor force c. the labor-force participation rate d. the unemployment rate
Answers: 3
Business, 22.06.2019 19:00
Which of the following would cause a shift to the right of the supply curve for gasoline? i. a large increase in the price of public transportation. ii. a large decrease in the price of automobiles. iii. a large reduction in the costs of producing gasoline
Answers: 1
Wolfgang kitchens has always used the fifo inventory costing method for both financial reporting and...
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