Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help! Questions out of 3 points On January 1, 2020, Spector Enterprises changed its method of accounting for inventory from weighted average cost to
please help!
Questions out of 3 points On January 1, 2020, Spector Enterprises changed its method of accounting for inventory from weighted average cost to FIFO cost. This resulted in an Increase in net income as follows: Year 2020 2019 2018 Amount 100,000 125,000 150,000 The company is subject to a 40% tax rate. What adjustment, if any, is required to restate the 2020 retained eaming balance for these events? Question 6 O out of 3 point Use the Twain Corporation dataset below to answer this question. When Twain Corporation prepares its 2010 income statement, what is the amount reported for et sales in 20192 Columna Columns Data set below for Twain Corporation for the year anded 12/31/10 Cost of goods sold Gain on disposal of the Shelby division discontinued Gain on disposal of part of the Johnson division Interest expense Interest revenue Los on sale of investment securities Loss from operation of the Shelby division which was discontinued Loss on writedown of Property Plant & Equipment Sales Bales discounts Sales returns and allowances Selling general and administrative expenses Shares outstanding Tax rate 1.200,000 350,000 40,000 90.000 120.000 80,000 500,000 100.000 3,000,000 25,000 75,000 500,000 200.000 40.0% Question 7 out of sports Use the Twain Corporation data set below to now this question What is the tomount sed there and losses in 2010 ta mutile income statement is prepared? Column2 Columnt Data set below for Twain Corporation for the year ended 12/31/18 Cost of goods sold Gain on disposal of the Shelby division discontinued Gain on disposal of part of the Johnson division Interest expense interest revenue Loss on sale of investment securities Los from operation of the Shelby division which was discontinued Loss on writedown of Property Plant & Equipment Sales Sales discounts Sales returns and allowances Selling general and administrative expenses Shares outstanding Tax rate 1.200,000 350,000 40.000 90,000 120,000 10.000 500,000 100.000 3,000,000 25,000 75,000 500.000 200.000 400 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started