FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

: 37 . 11 () : 20 24 22 18 13 098 13 Ramco, Inc, changed from the average-cost to the FIFO cost flow assumption

image text in transcribed
: 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 is 20%. What is the amount of retained earnings if Ramco prepare Pjournal entry in 2016 to record the change in accounting policy 120,000 .4 0 320,000 . 600,000 . 480,000 :D

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Deferred Income Taxes

Accounting For Deferred Income Taxes

Authors: Bobby Carmichael

2nd Edition

1119724562, 9781119724568

More Books

Students also viewed these Accounting questions

Question

★★★★★
Refer to the data for Ranger Company below. Ranger Company purchases 17,280 units of Product Beta each year in lots of 864 unit's per-order. The cost of placing one order is $10, and the cost of...

Answered: 1 week ago

Question

★★★★★
The nation of Elbonia has long banned the export of its highly prized puka shells. A newly elected president, however, removes the export ban. This change in policy causes the nations currency to...

Answered: 1 week ago

Question

★★★★★
A chipped cracked sheet of glass is useless to us.

Answered: 1 week ago

Question

★★★★★
Two firms compete in a homogeneous product market where the inverse demand function is P = 10 2Q (quantity is measured in millions). Firm 1 has been in business for one year, while firm 2 just...

Answered: 1 week ago

Question

★★★★★
File IO: You need to include the struct Person, createPerson, and printPerson from 2). (Code "2)" is at very bottom) a) Write a function that opens a file named test and prints some random text to...

Answered: 1 week ago

Question

★★★★★
The balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 $ $ 158,800 84,000...

Answered: 1 week ago

Question

★★★★★
You have $420 in an account which pays 4.1% compounded annually. If you invest your money for 9 years, then how many dollars of interest will you earn by the end of the term? The amount of interest...

Answered: 1 week ago

Question

★★★★★
Americans are greedy because everybody sues everybody on everything." Do you agree with above statement, and why there are many more liability litigation cases seeking huge amount for damage remedy...

Answered: 1 week ago

Question

★★★★★
You require 4.300 kg prepared carrots for service. The trimming loss for carrots is 14%. What quantity of raw carrots will you require for preparation? Enter your answer to 3 decimal places, e.g....

Answered: 1 week ago

Question

★★★★★
How does the battery from Tesla cars negatively impact the environment? Does Tesla negatively impact the environment at all? If so, how? What could Tesla do to help solve these impacts?

Answered: 1 week ago

Question

★★★★★
United States Motors Inc. (USMI) manufactures automobiles and light trucks and distributes them for sale to consumers through franchised retail outlets. As part of the franchise agreement,...

Answered: 1 week ago

Previous Question Next Question