Homework Answers
Part A
Net income = 473400*(1-35%) = $307710
Part B
Net effect = ((414000-390600)*65%)+((421500-410000)*65%)+((473400-414700)*65%) = $60840
Part C
|
2020 |
2019 |
2018 |
|
|
Income before income taxes |
473400 |
421500 |
414000 |
|
Income tax (35%) |
165690 |
147525 |
144900 |
|
Net income |
$307710 |
$273975 |
$269100 |
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Vaughn Company began operations in 2018 and for simplicity reasons, adopted weighted average pricing for inventory....
Tim mattke company began operation in 2018 and for simplicity reason adopted weighted-average pricing for inventory....
Tim
mattke company began operation in 2018 and for simplicity reason
adopted weighted-average pricing for inventory. In 2020, in
accordance with other companies in its industry, mattke changed its
inventory pricing to FIFO. The pretax income data is reported below
A. what is Mattkes net income in 2020? Assime a 20% rate in
all years
B.compute the cummulative effect of the change in accounting
principle from weighted-average to FIFo inventory pricing
C. show comparative income statements for Tim Mattke company,...
Blossom Company began operations in 2018 and for simplicity reasons, adopted weighted average pricing for inventory....
Blossom Company began operations in 2018 and for simplicity reasons, adopted weighted average pricing for inventory. In 2020, in accordance with other companies in its industry, Blossom changed its inventory pricing to FIFO. The pretax income data is reported below. Year 2018 2019 2020 Weighted- Average $382.100 398,700 421,100 FIFO $398,800 426,900 466,900 (a) Your answer is correct What is Blossom's net income in 2020? Assume a 35% tax rate in all years. Net Income $ $ 303485 eTextbook and...
Tim Mattke Company began operations in 2018 and for simplicity reasons, adopted weighted-average pricing for inventory....
Tim Mattke Company began operations in 2018 and for simplicity reasons, adopted weighted-average pricing for inventory. In 2020, in accordance with other companies in its industry, Tim Mattke changed its inventory pricing to FIFO. Financial statement data is as follows. Pretax Income Year Weighted-Average FIFO Applicable Tax Rate Dividends Declared 2018 $370,000 $395,000 20% $ 0 2019 390,000 430,000 20% 100,000 2020 410,000 450,000 20% 80,000 Instructions: Prepare a statement of retained earnings for Tim Mattke Company for the year...
Sweet Company began operations in 2015 and for simplicity reasons, adopted weighted-average pricing for inventory. In...
Sweet Company began operations in 2015 and for simplicity reasons, adopted weighted-average pricing for inventory. In 2017, in accordance with other companies in its industry, Sweet changed its inventory pricing to FIFO. The pretax income data is reported below. Year Weighted-Average FIFO 2015 $379,700 $401,700 2016 407,400 427,900 2017 413,500 469,200 What is Sweet’s net income in 2017? Assume a 35% tax rate in all years. Net Income Compute the cumulative effect of the change in accounting principle from weighted-average...
Zehms Company began operations in 2013 and adopted weighted-average pricing for inventory. In 2015, in accordance...
Zehms Company began operations in 2013 and adopted
weighted-average pricing for inventory. In 2015, in accordance with
other companies in its industry, Zehms changed its inventory
pricing to FIFO. The pretax income data is reported below.
Year
Weighted-Average
FIFO
2013
$370,000
$395,000
2014
390,000
420,000
2015
410,000
460,000
(a)
What is Zehms's net income in 2015? Assume a 35% tax rate in all
years.
Question 3 View Policies Current Attempt In Progress During 2020, Vaughn Company changed from FIFO to...
Question 3 View Policies Current Attempt In Progress During 2020, Vaughn Company changed from FIFO to weighted average inventory pricing Pretax income in 2019 and 2018 (Vaughn's first year of operations) under FIFO was $172,490 and $186,830, respectively. Pretax income using weighted average pricing in the prior years would have been $154,000 in 2019 and $188,000 in 2018. In 2020, Vaughn reported pretax income (using weighted average pricing) of $220,600. Show comparative Income statements for Vaughn, beginning with "Income before...
Instructions Compute earnings per share data as it should appear in the 2020 income statement of...
Instructions Compute earnings per share data as it should appear in the 2020 income statement of Shiga Naoya Cor- poration. (Round to two decimal places.) E4.14 (LO4) (Change in Accounting Principle) Tim Mattke Company began operations in 2018 and for simplicity reasons, adopted weighted average pricing for inventory. In 2020, in accordance with other companies in its industry, Mattke changed its inventory pricing to FIFO. The pretax income data is reported below. Weighted- Year Average FIFO 2018 $370,000 $395.000 390,000...
E4.12 (LO 5) (Retained Earnings Statement) Eddie Zambrano Corporation began operations on January 1, 2017. During...
E4.12 (LO 5) (Retained Earnings Statement) Eddie Zambrano Corporation began operations on January 1, 2017. During its first 3 years of operations, Zambrano reported net income and declared dividends as follows. Net Income Dividends Declared 2017 $ 40,000 $ -0- 2018 125,000 50,000 2019 160,000 50,000 The following information relates to 2020. Income before income tax $240,000 Prior period adjustment: understatement of 2018 depreciation expense (before taxes) $ 25,000 Cumulative decrease in income from change in inventory methods (before taxes)...
how to prepare retained earnings statement Exercise 4-14 Statement of retained earnings Tim Mattke Company began...
how to prepare retained earnings statement
Exercise 4-14 Statement of retained earnings Tim Mattke Company began operations in 2018 and for simplicity reasons, adopted weighted average pricing for inventory. In 2020, in accordance with other companies in its industry, Tim Mattke changed its inventory pricing to FIFO. Financial statement data is as follows. Pretax Income Weighted-A Applicable Dividends Year verage FIFO Tax Rate Declared 201 $370,000 $395,000 20% $ 0 201 390,000 430,000 20% 100,000 202 410,000 450,000 20% 80,000...
Vaughn Company began operations on January 1, 2015, and uses the average-cost method of pricing inventory....
Vaughn Company began operations on January 1, 2015, and uses the
average-cost method of pricing inventory. Management is
contemplating a change in inventory methods for 2018. The following
information is available for the years 2015–2017.
Net Income Computed Using
Average-Cost Method
FIFO Method
LIFO Method
2015
$15,900
$19,170
$12,110
2016
17,880
20,980
13,990
2017
20,180
25,060
17,120
(a) Prepare the journal entry necessary to record
a change from the average cost method to the FIFO method in 2018.
(Credit account...
Tim
mattke company began operation in 2018 and for simplicity reason
adopted weighted-average pricing for inventory. In 2020, in
accordance with other companies in its industry, mattke changed its
inventory pricing to FIFO. The pretax income data is reported below
A. what is Mattkes net income in 2020? Assime a 20% rate in
all years
B.compute the cummulative effect of the change in accounting
principle from weighted-average to FIFo inventory pricing
C. show comparative income statements for Tim Mattke company,...
Blossom Company began operations in 2018 and for simplicity reasons, adopted weighted average pricing for inventory. In 2020, in accordance with other companies in its industry, Blossom changed its inventory pricing to FIFO. The pretax income data is reported below. Year 2018 2019 2020 Weighted- Average $382.100 398,700 421,100 FIFO $398,800 426,900 466,900 (a) Your answer is correct What is Blossom's net income in 2020? Assume a 35% tax rate in all years. Net Income $ $ 303485 eTextbook and...
Zehms Company began operations in 2013 and adopted
weighted-average pricing for inventory. In 2015, in accordance with
other companies in its industry, Zehms changed its inventory
pricing to FIFO. The pretax income data is reported below.
Year
Weighted-Average
FIFO
2013
$370,000
$395,000
2014
390,000
420,000
2015
410,000
460,000
(a)
What is Zehms's net income in 2015? Assume a 35% tax rate in all
years.
Question 3 View Policies Current Attempt In Progress During 2020, Vaughn Company changed from FIFO to weighted average inventory pricing Pretax income in 2019 and 2018 (Vaughn's first year of operations) under FIFO was $172,490 and $186,830, respectively. Pretax income using weighted average pricing in the prior years would have been $154,000 in 2019 and $188,000 in 2018. In 2020, Vaughn reported pretax income (using weighted average pricing) of $220,600. Show comparative Income statements for Vaughn, beginning with "Income before...
Instructions Compute earnings per share data as it should appear in the 2020 income statement of Shiga Naoya Cor- poration. (Round to two decimal places.) E4.14 (LO4) (Change in Accounting Principle) Tim Mattke Company began operations in 2018 and for simplicity reasons, adopted weighted average pricing for inventory. In 2020, in accordance with other companies in its industry, Mattke changed its inventory pricing to FIFO. The pretax income data is reported below. Weighted- Year Average FIFO 2018 $370,000 $395.000 390,000...
E4.12 (LO 5) (Retained Earnings Statement) Eddie Zambrano Corporation began operations on January 1, 2017. During its first 3 years of operations, Zambrano reported net income and declared dividends as follows. Net Income Dividends Declared 2017 $ 40,000 $ -0- 2018 125,000 50,000 2019 160,000 50,000 The following information relates to 2020. Income before income tax $240,000 Prior period adjustment: understatement of 2018 depreciation expense (before taxes) $ 25,000 Cumulative decrease in income from change in inventory methods (before taxes)...
how to prepare retained earnings statement
Exercise 4-14 Statement of retained earnings Tim Mattke Company began operations in 2018 and for simplicity reasons, adopted weighted average pricing for inventory. In 2020, in accordance with other companies in its industry, Tim Mattke changed its inventory pricing to FIFO. Financial statement data is as follows. Pretax Income Weighted-A Applicable Dividends Year verage FIFO Tax Rate Declared 201 $370,000 $395,000 20% $ 0 201 390,000 430,000 20% 100,000 202 410,000 450,000 20% 80,000...
Vaughn Company began operations on January 1, 2015, and uses the
average-cost method of pricing inventory. Management is
contemplating a change in inventory methods for 2018. The following
information is available for the years 2015–2017.
Net Income Computed Using
Average-Cost Method
FIFO Method
LIFO Method
2015
$15,900
$19,170
$12,110
2016
17,880
20,980
13,990
2017
20,180
25,060
17,120
(a) Prepare the journal entry necessary to record
a change from the average cost method to the FIFO method in 2018.
(Credit account...
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