Shannon AG, changed from the average-cost to the FIFO cost flow assumption in 2022. The increase in
Question:
Shannon AG, changed from the average-cost to the FIFO cost flow assumption in 2022. The increase in the prior year’s income before taxes is €1,200,000. The tax rate is 40%. Prepare Shannon’s 2022 journal entry to record the change in accounting policy.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 83% (6 reviews)
The journal entry to record the change in cost flow assumption from averagecost to FIFO in Shannon A...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
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Question Posted:
Students also viewed these Business 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...
-
Brody Company makes Industrial cleaning solvents. Various chemicals, detergent, and water are mixed together and then bottled in 10-gallon drums. Brody provided the following information for last...
-
Once the best product concept is picked up, which of the following terms subject to evaluated in business analysis. O a. All of these. O b. Rate of return capital O c. Capital investment, O d. Market...
-
A standard "35-mm" slide measures 24.0 mm by 36.0 mm. Suppose a slide projector produces a 60.0-cm by 90.0-cm image of the slide on a screen. The focal length of the lens is 12.0 cm. (a) What is the...
-
The equation of motion of a particle is s = t3 - 3t, where is in meters and is in seconds. Find (a) The velocity and acceleration as functions of t, (b) The acceleration after 2 s, and (c) The...
-
On January 1, 2013, Dr. Marcie Cousins established Health-Wise Medical, a medical practice organized as a corporation. The following conversation occurred the following August between Dr. Cousins and...
-
What is dividend growth that is higher per share than for the total amount of dividends paid out a sign of? What is dividend growth that is higher for the total amount of dividends paid out than the...
-
Using the following information, compute the labor rate variance. Number of nightstands produced . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 Actual hours...
-
Given: segment AB || segment DE, C is the midpoint of segment DB. Prove: AABC AEDC Fill in the missing statement for the proof. A ZAZE B ZCZE C ZBZE Statements Proof Reasons segment AB || segment DE...
-
Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2021, appears below. December 31 is the company?s fiscal...
-
Ramirez Co. decides at the beginning of 2022 to adopt the FIFO method of inventory valuation. Ramirez has used the average-cost method for financial reporting since its inception on January 1, 2020,...
-
Botticelli SpA was organized in late 2019 to manufacture and sell hosiery. At the end of its fourth year of operation, the company has been fairly successful, as indicated by the following reported...
-
Li 1 + y CoO 2 is an anode for lithium batteries. Cobalt is present as a mixture of Co(III) and Co(II). Most preparations also contain inert lithium salts and moisture. To find the stoichiometry, Co...
-
The following financial data were adapted from recent financial statements for Water Source, Inc.: Sales $27,800 Operating assets: Property, plant, and equipment 17,800 Intangibles 1,200. Calculate...
-
1. For a mass-spring-damper system with m=4, c=.75, and k=6, determine the damping coefficient, natural frequency, and damped frequency for the system. On a single graph, compare the analytical...
-
Using the following year-end information for Blackstone, LLC, calculate the quick ratio: Cash $ 66,400 Short-term investments 12,400 Accounts receivable 48,500 Inventory 240,000 Prepaid expenses...
-
It is proposed to reduce the mass of an automobile by constructing the frame out of "aluminum alloys" rather than out of "low-carbon steel." The mass of a beam is proportional to the "materials...
-
Calculate the mass inertia for the following figures: a) R1 = 5CM R2=10CM L=20CM STEEL MATERIAL, density 7800kg/m3 Ri L R
-
Pretax financial income for Lake plc is 300,000, and its taxable income is 100,000 for 2019. Its only temporary difference at the end of the period relates to a 70,000 difference due to excess...
-
Baxter, Inc., owns 90 percent of Wisconsin, Inc., and 20 percent of Cleveland Company. Wisconsin, in turn, holds 60 percent of Clevelands outstanding stock. No excess amortization resulted from these...
-
On January 1, 2015, a machine was purchased for $90,000. The machine has an estimated salvage value of $6,000 and an estimated useful life of 5 years. The machine can operate for 100,000 hours before...
-
On January 1, 2016, Locke Company, a small machine-tool manufacturer, acquired for $1,260,000 a piece of new industrial equipment. The new equipment had a useful life of 5 years, and the salvage...
-
Romo Company spent $190,000 developing a new process, $45,000 in legal fees to obtain a patent, and $91,000 to market the process that was patented, all in the year 2017. How should these costs be...
-
The unadjusted trial balance of Pina Ltd., a public company following IFRS, at December 31, 2023, is as follows: Debit Credit Cash $11,300 Accounts receivable 59,000 Allowance for doubtful accounts...
-
Ceder Company has compiled the following data for the upcoming year: Sales are expected to be 13,000 units at $47.00 each. Each unit requires 3 pounds of direct materials at $2.30 per pound. Each...
-
Receipts: Property taxes Sales taxes Dividend income Charges for general government services Charges for public safety services Charges for public works Charges for health and sanitation services...
Study smarter with the SolutionInn App