subject
Business, 05.12.2019 18:31 rorofhs2009

Fantasy fashions had used the lifo method of costing inventories, but at the beginning of 2018 decided to change to the fifo method. the inventory as reported at the end of 2017 using lifo would have been $24 million higher using fifo. retained earnings reported at the end of 2016 and 2017 was $244 million and $264 million, respectively (reflecting the lifo method). those amounts reflecting the fifo method would have been $254 million and $276 million, respectively. 2017 net income reported at the end of 2017 was $32 million (lifo method) but would have been $34 million using fifo. after changing to fifo, 2018 net income was $40 million. dividends of $9 million were paid each year. the tax rate is 40%. required:
1. prepare the journal entry at the beginning of 2018 to record the change in accounting principle.
2. in the 2018–2017 comparative income statements, what will be the amounts of net income reported for 2017 and 2018?
3. prepare the 2018–2017 retained earnings column of the comparative statements of shareholders’ equity.

ansver
Answers: 3

Another question on Business

question
Business, 22.06.2019 10:00
Marco works in the marketing department of a luxury fashion brand. he is making a presentation on the success of a recent marketing campaign that included a fashion show. which slide elements can he use to include photographs and footage of the fashion show in his presentation? marco can use the: table images audio option to include photographs and the: flowcharts images video option to include footage of the fashion show.
Answers: 1
question
Business, 22.06.2019 17:30
You should do all of the following before a job interview except
Answers: 2
question
Business, 22.06.2019 20:30
Read the overview below and complete the activities that follow.apartment complexes often look for ways to recruit new tenants and retain current tenants. although apartment complexes offer the tangible benefit of shelter to their tenants, many apartment complexes also offer additional services to tenants to encourage tenants to stay or to support the rent prices. the following scenario identifies the several service gaps of a company that runs an apartment complex as well as solutions for reducing these service gaps.concept review: customers have certain expectations about how a service should be delivered. a service gap occurs when the delivery of a service fails to meet customer expectations. there are four types of service gaps: knowledge gap, standards gap, delivery gap, and the communications gap. it is important for marketers to identify these gaps and develop strategies for minimizing them.match the example or solution to the appropriate service gap category.1. wait for repairs 5. train employees well2. understand expectations 6. incentives for tenants3. do not overpromise 7. family movie night4. empower employees 8. delayed lawn careservice gap example solutionknowledge gap standards gap delivery gap communication gap
Answers: 3
question
Business, 22.06.2019 21:00
The purpose of the transportation approach for location analysis is to minimize which of the following? a. total costsb. total fixed costsc. the number of shipmentsd. total shipping costse. total variable costs
Answers: 1
You know the right answer?
Fantasy fashions had used the lifo method of costing inventories, but at the beginning of 2018 decid...
Questions
question
Social Studies, 30.10.2020 01:00
question
Mathematics, 30.10.2020 01:00
question
Mathematics, 30.10.2020 01:00
Questions on the website: 13722359