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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...
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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,...
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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...
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Vaughn 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, Vaughn changed its inventory pricing to FIFO. The pretax income data is reported below. Weighted Average Year FIFO 2018 $390,600 $414,000 2019 421,500 410,000 414,700 2020 473,400 What is Vaughn's net income in 2020? Assume a 35% tax rate in all years Net Income $ e Textbook and Media Compute the cumulative effect of...
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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...
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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...
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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...
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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)...
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Presented below is information related to Ivan Calderon Corp.
for the year ended December 31, 2020.
Tim Mattke Company began operations in 2018 and adopted
weighted-average method for inventory. In 2020, in accordance with
other companies in its industry, Tim Mattke changed its inventory
policy to FIFO. Financial statement data is as follows.
Pretax Income
Year
Weighted Average
FIFO
Income Tax Rate
Dividends Declared
2018
$ 370,000
$ 395,000
20%
$ 0
2019
390,000
430,000
20%
100,000
2020
410,000
450,000...
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need helpnwith this retained earnings
3 of 6 Chapter 04 Homework - Statement of Retained Earnings Exercise 4-14 Statement of retained earnings with PPA Tim Mattke. Company began operations in 2018 and adopted weighted-average method for inventory. In 2020, in accordance with other companies in its industry, Tim Mattke changed its inventory policy to FIFO. Financial statement data is as follows. Pretax Income Weighted Income Tax Dividends Year Average FIFO Rate Declared 2018 170.000 395,000 20% $0 2019 390,000 430,000...
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,...
Vaughn 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, Vaughn changed its inventory pricing to FIFO. The pretax income data is reported below. Weighted Average Year FIFO 2018 $390,600 $414,000 2019 421,500 410,000 414,700 2020 473,400 What is Vaughn's net income in 2020? Assume a 35% tax rate in all years Net Income $ e Textbook and Media Compute the cumulative effect of...
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...
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...
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)...
need helpnwith this retained earnings
3 of 6 Chapter 04 Homework - Statement of Retained Earnings Exercise 4-14 Statement of retained earnings with PPA Tim Mattke. Company began operations in 2018 and adopted weighted-average method for inventory. In 2020, in accordance with other companies in its industry, Tim Mattke changed its inventory policy to FIFO. Financial statement data is as follows. Pretax Income Weighted Income Tax Dividends Year Average FIFO Rate Declared 2018 170.000 395,000 20% $0 2019 390,000 430,000...