subject
Business, 28.01.2020 19:51 lilypup004

The year 1 financial statements of bice company reported net income for the year ended december 31, year 1, of $2 million. on july 1, year 2, subsequent to the issuance of the year 1 financial statements, bice changed from an accounting principle that is not generally accepted to one that is generally accepted. if the generally accepted accounting principle had been used in year 1, net income for the year ended december 31, year 1, would have been decreased by $1 million. on august 1, year 2, bice discovered a mathematical error relating to its year 1 financial statements. if this error had been discovered in year 1, net income for the year ended december 31, year 1, would have been increased by $500,000. what amount, if any, should be included in net income for the year ended december 31, year 2, because of the items noted above?
a. $1,000,000 decrease.
b. $500,000 increase.
c. $0.
d. $500,000 decrease.

ansver
Answers: 2

Another question on Business

question
Business, 22.06.2019 02:30
Required information [the following information applies to the questions displayed below.] the following data is provided for garcon company and pepper company. garcon company pepper company beginning finished goods inventory $ 13,800 $ 18,850 beginning work in process inventory 16,700 20,700 beginning raw materials inventory 8,800 13,500 rental cost on factory equipment 28,250 26,650 direct labor 22,400 37,400 ending finished goods inventory 17,300 14,300 ending work in process inventory 23,200 19,400 ending raw materials inventory 5,900 9,600 factory utilities 11,250 15,000 factory supplies used 10,900 5,700 general and administrative expenses 32,500 44,500 indirect labor 2,500 9,880 repairs—factory equipment 4,820 2,150 raw materials purchases 41,500 63,000 selling expenses 54,800 49,000 sales 238,530 317,510 cash 33,000 23,700 factory equipment, net 222,500 124,825 accounts receivable, net 13,400 23,950 required: 1. complete the table to find the cost of goods manufactured for both garcon company and pepper company for the year ended december 31, 2017. 2. complete the table to calculate the cost of goods sold for both garcon company and pepper company for the year ended december 31, 2017.
Answers: 2
question
Business, 22.06.2019 05:50
Emily spent her summer vacation in buenos aires, argentina, where she got plastic surgery for a fraction of what it would cost in the united states. this is an example of:
Answers: 2
question
Business, 23.06.2019 07:50
To record a 6% stock dividend, accountants use to record a 55% stock dividend, accountants use a. par value per share; market price per share b. par value per share; par value per share c. market price per share; market price per share d. market price per share; par value per share
Answers: 1
question
Business, 23.06.2019 10:00
Governments sometimes erect barriers to trade other than tariffs and quotas. which of the following is not an example of this type of trade barrier? a. a requirement that the employees of domestic firms that engage in foreign trade pay income taxes b. restrictions on imports for national security reasons c. a requirement that imports meet health and safety requirements d. a requirement that the u.s. government buy military uniforms only from u.s. manufacturers
Answers: 2
You know the right answer?
The year 1 financial statements of bice company reported net income for the year ended december 31,...
Questions
question
Mathematics, 07.10.2020 21:01
question
Mathematics, 07.10.2020 21:01
question
Mathematics, 07.10.2020 21:01
question
Mathematics, 07.10.2020 21:01
Questions on the website: 13722359