Most voluntary changes in accounting principles are reported retrospectively. This means for each year reported in the comparative statements, we make those statements appear as if the newly adopted accounting method had been applied all along. A journal entry is created to adjust all account balances affected as of the date of the change. In the first set of financial statements after the change, a disclosure note describes the change and justifies the new method as preferable. It also describes the effects of the change on all items affected, including the fact that the retained earnings balance was revised in the statement of shareholders’ equity.Melas Company changed from the LIFO to the FIFO inventory costing method on January 1, Year 3. Inventory values at the end of each year since the inception of the company are as follows:

FIFO LIFO
Year 1 $195,000 $177,500
Year 2 $390,000 $355,000

Ignoring income tax considerations, prepare the appropriate journal entry, dated January 1, Year 3, to report this accounting change. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Answers

Answer 1

Answer:

Explanation: times all the number together

Related Questions

ordan Electronics currently produces the shipping containers it uses to deliver the electronics products it sells. The monthly cost of producing 9,200 containers follows. Unit-level materials $ 5,800 Unit-level labor 6,400 Unit-level overhead 3,900 Product-level costs* 9,600 Allocated facility-level costs 26,600 *One-third of these costs can be avoided by purchasing the containers. Russo Container Company has offered to sell comparable containers to Jordan for $2.80 each. Required Calculate the total relevant cost. Should Jordan continue to make the containers
In leading the push for proficient strategy execution and operating excellence, top-level managers need to take the lead on all of the following EXCEPT:_________a. being out in the field and seeing how well operations are going.b. delegating authority to middle and lower-level managers and creating a sense of empowerment among employees to move the implementation process forward.c. gathering information firsthand and gauging the progress beingmade.d. learning the obstacles in the path of good execution and clearing the way for progress.e. holding periodic ceremonies to honor people who excel in displaying the company values and ethical principles.
Suppose you buy lunch for $15.40 that includes a 8% sales tax. How much did the restaurant charge you for the lunch (excluding any tax) and how much does the restaurant owe for sales tax?a. $16.10 for lunch and $1.19 for sales tax.b. $14.81 for lunch and $1.29 for sales tax.c. $16.10 for lunch and $1.29 for sales tax.d. $14.91 for lunch and $1.19 for sales tax.
abstraction enables us to apply a function to each value in a list and returns a new list of the results
Coronado Company had the following department information for the month: Total materials costs $55000 Equivalent units of materials 10000 Total conversion costs $81000 Equivalent units of conversion costs 15000 What is the total manufacturing cost per unit

2. In industries that process joint products, the costs of the raw materials inputs and the sales values of intermediate and final products are often volatile. Change the data area of your worksheet to match the following: If your formulas are correct, you should get the correct answers to the following questions. a. What is the overall profit if all intermediate products are processed into final products?

Answers

Answer:

The answer is "74,000".

Explanation:

Please find the complete question in the attached file.

Profitability analysis of the total business:

The combined value for final sales $4,69,000$

Low cost of manufacturing end products:

Wool's cost $2,35,000$

Process cost of segregation $40,000$

Combined dyeing cost s $1,20,000 \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 3,95,000$

Gain benefit $74,000$

Final answer:

To determine the overall profit in industries that process joint products, calculate the difference between the sales value of the final products and the costs of the raw materials inputs.

Explanation:

In industries that process joint products, the overall profit can be determined by calculating the difference between the sales value of the final products and the costs of the raw materials inputs. To find out the overall profit, follow these steps:

Calculate the total sales value of the final products by summing up the sales values of all the final products.
Calculate the total costs of the raw materials inputs by summing up the costs of all the raw materials.
Subtract the total costs of raw materials inputs from the total sales value of the final products.

The resulting value will be the overall profit if all intermediate products are processed into final products.

Learn more about Overall profit in industries processing joint products here:

brainly.com/question/32612934

#SPJ11

What is a graduated lease

Answers

Answer with Explanation:

A "graduated lease" is a type of lease that is long-term in nature. Here, the lessor/landlord enters into an agreement with the lessee/tenant/occupant that the property that the tenant will be renting is subject to an increase or decrease in the rental fee depending on its market value as the years pass by. So, this means that the rental fee is not stable or fixed, rather it changes with times.

This lease is also called a "graded lease." An increase in rental fee is common for real estates that are being rented while a decrease in rental fee is common for equipment or machinery that are being rented.

Slapshot Company makes ice hockey sticks. Last week, direct materials (wood, paint, Kevlar, and resin) costing $28,000 were put into production. Direct labor of $28,000 (10 workers x 100 hours x $28 per hour) was incurred. Manufacturing overhead equaled $55,000. By the end of the week, the company had manufactured 5,600 hockey sticks.1.Calculate the total prime cost for last week.$2. Calculate the per-unit prime cost. Round your answer to the nearest cent.$ per unit3. Calculate the total conversion cost for last week.$4. Calculate the per-unit conversion cost. Round your answer to the nearest cent.$ per unit

Answers

Answer:

Part 1. Calculate the total prime cost for last week

Direct materials 28,000

Add Direct labor 28,000

Prime Cost 56,000

Part 2. Calculate the per-unit prime cost

per-unit prime cost=$56,000/5,600

=$10.00

Part 3. Calculate the total conversion cost for last week

Direct labor 28,000

Add Manufacturing Overheads 55,000

Total conversion cost 83,000

Part 4. Calculate the per-unit conversion cost.

per-unit conversion cost=$83,000/5,600

=$14.82

Explanation:

Part 1. Calculate the total prime cost for last week

Prime Cost = Direct Materials + Direct Labor

Part 2. Calculate the per-unit prime cost

Per Unit Prime Cost = total prime cost/number of units manufactured

Part 3. Calculate the total conversion cost for last week

Conversion Cost = Direct Labor + Manufacturing Overheads

Part 4. Calculate the per-unit conversion cost.

Per-unit conversion cost =Total Conversion Cost / number of units manufactured

Final answer:

The total prime cost last week was $56,000, and the per-unit prime cost was $10. The total conversion cost was $83,000, and the per-unit conversion cost was $14.82.

Explanation:

The prime cost is calculated by adding the costs of the direct materials and direct labor. Therefore, the total prime cost for Slapshot Company last week was $28,000 (direct materials) + $28,000 (direct labor) = $56,000.

The per-unit prime cost is calculated by dividing the total prime cost by the number of units produced. Therefore, it is $56,000 ÷ 5,600 hockey sticks = $10 per unit (rounded to the nearest cent).

The conversion cost is calculated by adding the cost of direct labor and manufacturing overhead. Therefore, the total conversion cost last week was $28,000 (direct labor) + $55,000 (overhead) = $83,000.

The per-unit conversion cost is calculated by dividing the total conversion cost by the number of units produced. Therefore, it is $83,000 ÷ 5,600 hockey sticks = <-strong>$14.82 per unit (rounded to the nearest cent).

Learn more about Cost Calculation here:

brainly.com/question/34783456

As a contemporary manager, your employees will be motivated to provide you with important feedback if:A. you provide closed-end surveys on a monthly basis.
B. you prepare daily, company-wide passive voicemail messages.
C you institute a respectful rank and file politeness plan, where middle and higherlevel managers are addressed as "Mr.", "Ms", or "Dr.".
D. you solicit open-ended responses from your employees.

Answers

Answer:D

D, is the is the answer.

What is the effect of contractionary fiscal policy in the short run?

Answers

Answer:

D. It will decrease the output level

Explanation:

Answer: d

Explanation:

What is the specific eight-digit Codification citation (XXX-XX-XX-X) that describes the information about loans and trade receivables that is to be disclosed in the summary of significant accounting policies?

Answers

Answer: FASB ACS 310-10-50-2: “Receivables—Overall—Disclosure—Accounting Policies for Loans and Trade Receivables.

Explanation:

For the purposes of establishing standard frame of referencing for for items such as articles, textbooks, and other similar items, the FASB uses an 8 digit codification cititation format that works in the following way.

i. Topics — FASB ASC 310 to access the Receivables Topic

ii. Subtopics — FASB ASC 310-10 to access the Overall Subtopic of Topic 310

iii. Sections — FASB ASC 310-10-15 to access the Scope Section of Subtopic 310-10

iv. Paragraph — FASB ASC 310-10-15-2 to access paragraph 2 of Section 310-10-15"

The specific eight-digit Codification citation that describes the information about loans and trade receivables that is to be disclosed in the summary of significant accounting policies is,

FASB ACS 310-10-50-2: “Receivables—Overall—Disclosure—Accounting Policies for Loans and Trade Receivables.

The specific eight-digit codification citation should be FASB ACS 310-10-50-2.

Information of FASB:

Here FASB applied an 8 digit codification citation format that works in the following way.

i. Topics — FASB ASC 310 to access the Receivables Topic

ii. Subtopics — FASB ASC 310-10 to access the Overall Subtopic of Topic 310

iii. Sections — FASB ASC 310-10-15 to access the Scope Section of Subtopic 310-10

iv. Paragraph — FASB ASC 310-10-15-2 to access paragraph 2 of Section 310-10-15"

Learn more about receivables here: brainly.com/question/24509758

Other Questions

Exercise 23-21 Emeric and Ellie’s Painting Service estimates that it will paint 15 small homes, 10 medium homes, and 3 large homes during the month of June 2017. The company estimates its direct labor needs as 40 hours per small home, 76 hours for a medium home, and 134 hours for a large home. Its average cost for direct labor is $29 per hour. Prepare a direct labor budget for Emeric and Ellie’s Painting Service for June 2017.

For the statements below select the appropriate terms from the given choices. 1. A revenue not yet recognized; collected in advance. 2. Office supplies on hand that will be used in the next period. 3. Interest revenue collected; not yet recognized. 4. Rent not yet collected; already recognized. 5. An expense incurred; not yet paid or recorded. 6. A revenue recognized; not yet collected or recorded. 7. An expense not yet incurred; paid in advance. 8. Interest expense incurred; not yet paid.

Broomhilda manufactures broomsticks for her fellow witch (and wizard) friends. Broomhilda uses a job order cost system and applies overhead to production on the basis of direct labor cost. On September 1, Job 50 (a super deluxe broom complete with a separate sleep space and shower area as well as an espresso machine) was the only job in process. The costs incurred prior to September on this job were as follows: direct materials $20,000, direct labor $12,000, and manufacturing overhead $16,000. As of September 1, Job 49 (a broom shaped like a cat with some extra cargo space for all the cats) had been completed at a cost of $90,000 and was part of finished goods inventory. There was a $15,000 balance in the Raw Materials Inventory account. During the month of September, Broomhilda began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account during the month for $122,000 and $158,000, respectively. The following additional events occurred during the month.1. Purchased additional raw materials of $90,000 on account.2. Incurred manufacturing overhead costs as follows: indirect materials $17,000 (including broom polish and specially crafted scissors to trim stray twigs), indirect labor $20,000 (Hansel and Gretel clean the shop and run errands for the elves), depreciation expense on equipment $12,000 (Broomhilda has multiple molding stations for each broom she creates), and various other manufacturing overhead costs on account $16,000.3. Assigned direct materials and direct labor to jobs as follows: Job no. Direct Materials Direct Labor50 10,000 5,00051 39,000 25,00052 30,000 20,000Required:a. Calculate the predetermined overhead rate for September, assuming Broomhilda estimates total manufacturing overhead costs of $840,000 and direct labor costs of $700,000 for September.b. Open job cost sheets for Jobs 50, 51, and 52. Enter the September 1 balances on the job cost sheet for Job 50.c. Prepare the journal entries to record the purchase of raw materials, and the manufacturing overhead costs incurred during the month of March.d. Prepare the summary journal entries to record the assignment of direct materials, direct labor, and manufacturing overhead costs to production. In assigning overhead costs, use the overhead rate calculated in (1). Post all costs to the job cost sheets as necessary.e. Total the job cost sheets for any job(s) completed during the month. Prepare the journal entry (or entries) to record the completion of any job(s) during the month.f. Prepare the journal entry (or entries) to record the sale of any job(s) during the month.g. What is the balance in the Finished Goods Inventory account at the end of the month? What job(s) does this balance consist of? 8. What is the amount of over- or underapplied overhead? Prepare the journal entry to close this to Cost of Goods Sold

You are considering purchasing stock in Canyon Echo. You feel the company will increase its dividend at 4.6 percent indefinitely. The company just paid a dividend of $3.41 and you feel that the required return on the stock is 11 percent. What is the price per share of the company's stock?