Bryant Construction Company changed from the cost-recovery to the percentage-of-completion method of accounting for longterm construction contracts
Question:
Bryant Construction Company changed from the cost-recovery to the percentage-of-completion method of accounting for longterm construction contracts during 2022. For tax purposes, the company employs the costrecovery method and will continue this approach in the future. The information related to this change is as follows.
Instructions
a. Assuming that the tax rate is 40%, what is the amount of net income that would be reported in 2022?
b. What entry or entries is/are necessary to adjust the accounting records for the change in accounting policy?
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ANSWER a To calculate the amount of net income that would be reported in 2022 we need to calculate t...View the full answer
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Related Book For 
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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