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The current year's net earnings were $8,019,000 or $0.65 per diluted share, compared with $32,067,000 or $2.63 per dilu...
6) When calculating diluted earnings per share, the effect of stock options: A) Will increase the...
6) When calculating diluted earnings per share, the effect of stock options: A) Will increase the numerator, but never effect the denominator. B) Is included if antidilutive. C) Is included if dilutive.. D) Will never effect diluted earnings per share and can be ignored. DDIOHO ntla n 7) Dulce Corporation had 200,000 shares current year. There were also fully vested options for 10,000 shares of common stock with an exercise price of $20. The market price of the common stock...
Swifty Co. decides at the beginning of 2017 to adopt the FIFO method of inventory valuation. Swifty had used the LIFO method for financial reporting since its inception on January 1, 2015, and had mai...
Swifty Co. decides at the beginning of 2017 to adopt the FIFO method of inventory valuation. Swifty had used the LIFO method for financial reporting since its inception on January 1, 2015, and had maintained records adequate to apply the FIFO method retrospectively. Swifty concluded that FIFO is the preferable inventory method because it reflects the current cost of inventory on the balance sheet. The following table presents the effects of the change in accounting principles on inventory and cost...
7-72 LIFO, FIFO, Purchase Decisions, and Earnings per Share Kansas Seed Corn Supplies, a company with...
7-72 LIFO, FIFO, Purchase Decisions, and Earnings per Share Kansas Seed Corn Supplies, a company with 100,000 shares of common stock outstanding, had the following transactions during 20X1, its first year in business: Sales Purchases 1,000,000 pounds @ $5 900,000 pounds @ $2 300,000 pounds @ $3 The current income tax rate is a flat 40%; the rate next year is expected to be 35%. It is December 20 and Brian Fleming, the president, is trying to decide whether to...
On January 31, 2011, the Company elected to change its costing method for the material component...
On January 31, 2011, the Company elected to change its costing method for the material component of raw materials, work in process, and finished goods inventory to the lower of cost or market using the first-in first-out ("FIFO") method, from the lower of cost or market using the last-in first out ("LIFO") method. The labor and overhead components of inventory have historically been valued on a FIFO basis. The Company believes that the FIFO method for the material component of...
Cheyenne Co. decides at the beginning of 2020 to adopt the FIFO
Exercise 22-03Cheyenne Co. decides at the beginning of 2020 to adopt the FIFO method of inventory valuation. Cheyenne had used the LIFO method for financial reporting since its inception on January 1, 2018, and had maintained records adequate to apply the FIFO method retrospectively. Cheyenne concluded that FIFO is the preferable inventory method because it reflects the current cost of inventory on the balance sheet. The following table presents the effects of the change in accounting principles on inventory and...
Lower-of-Cost-Net-Realizable-Value Method The following data are taken from the Browning Corporation's inventory accounts: Item Unit Net...
Lower-of-Cost-Net-Realizable-Value Method The following data are taken from the Browning Corporation's inventory accounts: Item Unit Net Realizable Code Quantity_Cost Value ACE 100 $27 $25 BDF 300 29 31 GHJ 400 22 18 MBS 200 23 27 Calculate the value of the company's ending inventory using the lower-of-cost-or-net realizable value method applied to each item of inventory. Ending Inventory Value: $ Inventory Turnover and Days' Sales in Inventory The Western Company installed a new inventory management system at the beginning of...
H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year....
H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows: Quantity on Hand ENDING INVENTORY, CURRENT YEAR Net Realizable Unit Cost When Value (Market) Acquired (FIFO) at Year-End $ 23 $ 20 48 Item 58 60 18 78 358 LO Required: Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable...
Problem 5-1 Reporting a change in accounting principle (LO 5-1) Barden, Inc., operates a retail chain...
Problem 5-1 Reporting a change in accounting principle (LO 5-1) Barden, Inc., operates a retail chain that specializes in baby clothes and accessories that are made to its specifications by a number of overseas manufacturers. Barden began operations 20 years ago and has always employed the FIFO method to value its inventory. Since Barden’s inception, prices have generally declined as a result of intense competition among Barden’s suppliers. In 20X0, however, prices began to rise significantly as these suppliers succumbed...
B is Earnings per share on common stock Current Position Analysis The following data were taken from...
B is Earnings per share on
common stock
Current Position Analysis The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Current Previous Year Year Current assets: Cash $535,000 $448,000 Marketable securities 619,500 504,000 Accounts and notes 253,50D 158,000 receivable (net) Inventories 887,000 590,700 Prepaid expenses 457,000 271,300 Total current assets $2,752,000 $2,072,000 Qument liabilities: Accounts and notes payable (short-term) Accrued liabilities Total currerit liabilities $371,200 268,800 $640,000 $392,000 169,000 $550,000...
Kingbird Inc. has recently hired a new independent auditor, Karen Ogleby, who says she wants “to get everything straight...
Kingbird Inc. has recently hired a new independent auditor, Karen Ogleby, who says she wants “to get everything straightened out.” Consequently, she has proposed the following accounting changes in connection with Kingbird Inc.’s 2020 financial statements. For each of the changes described above, decide whether: (1) The change involves an accounting principle, accounting estimate, or correction of an error. (2) Restatement of opening retained earnings is required. (1) (2) 1. At December 31, 2019, the client had a receivable of...
6) When calculating diluted earnings per share, the effect of stock options: A) Will increase the numerator, but never effect the denominator. B) Is included if antidilutive. C) Is included if dilutive.. D) Will never effect diluted earnings per share and can be ignored. DDIOHO ntla n 7) Dulce Corporation had 200,000 shares current year. There were also fully vested options for 10,000 shares of common stock with an exercise price of $20. The market price of the common stock...
7-72 LIFO, FIFO, Purchase Decisions, and Earnings per Share Kansas Seed Corn Supplies, a company with 100,000 shares of common stock outstanding, had the following transactions during 20X1, its first year in business: Sales Purchases 1,000,000 pounds @ $5 900,000 pounds @ $2 300,000 pounds @ $3 The current income tax rate is a flat 40%; the rate next year is expected to be 35%. It is December 20 and Brian Fleming, the president, is trying to decide whether to...
On January 31, 2011, the Company elected to change its costing method for the material component of raw materials, work in process, and finished goods inventory to the lower of cost or market using the first-in first-out ("FIFO") method, from the lower of cost or market using the last-in first out ("LIFO") method. The labor and overhead components of inventory have historically been valued on a FIFO basis. The Company believes that the FIFO method for the material component of...
Lower-of-Cost-Net-Realizable-Value Method The following data are taken from the Browning Corporation's inventory accounts: Item Unit Net Realizable Code Quantity_Cost Value ACE 100 $27 $25 BDF 300 29 31 GHJ 400 22 18 MBS 200 23 27 Calculate the value of the company's ending inventory using the lower-of-cost-or-net realizable value method applied to each item of inventory. Ending Inventory Value: $ Inventory Turnover and Days' Sales in Inventory The Western Company installed a new inventory management system at the beginning of...
H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows: Quantity on Hand ENDING INVENTORY, CURRENT YEAR Net Realizable Unit Cost When Value (Market) Acquired (FIFO) at Year-End $ 23 $ 20 48 Item 58 60 18 78 358 LO Required: Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable...
B is Earnings per share on
common stock
Current Position Analysis The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Current Previous Year Year Current assets: Cash $535,000 $448,000 Marketable securities 619,500 504,000 Accounts and notes 253,50D 158,000 receivable (net) Inventories 887,000 590,700 Prepaid expenses 457,000 271,300 Total current assets $2,752,000 $2,072,000 Qument liabilities: Accounts and notes payable (short-term) Accrued liabilities Total currerit liabilities $371,200 268,800 $640,000 $392,000 169,000 $550,000...
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