Homework Answers
|
2017 |
2016 |
2015 |
|
|
Income before income tax |
$ 5,85,000.00 |
$ 6,22,000.00 |
$ 5,01,000.00 |
|
Income tax |
$ 1,75,500.00 |
$ 1,86,600.00 |
$ 1,50,300.00 |
|
Net income |
$ 4,09,500.00 |
$ 4,35,400.00 |
$ 3,50,700.00 |
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Practice Brief Exercise 4-5 During 2017, Metlock Inc. changed from LIFO to FIFO inventory pricing. Metlock...
Practice Brief Exercise 4-5 During 2017, Metlock Inc. changed from LIFO to FIFO inventory pricing. Metlock...
Practice Brief Exercise 4-5 During 2017, Metlock Inc. changed from LIFO to FIFO inventory pricing. Metlock began operations in 2015 and its pretax income in 2016 and 2015 under LIFO was $520,000 and $602,000, respectively. Pretax income using FIFO pricing in the prior years would have been $554,000 in 2015 and $662,000 in 2016. In 2017, Metlock reported pretax income using FIFO pricing of $629,000. Show comparative income statements for Metlock beginning with wIncome before income tax," as presented n...
During 2017, Buffalo Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2016 and...
During 2017, Buffalo Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2016 and 201 operations) under FIFO was $ 174,100 and $ 197,880, respectively. Pretax income using weighted-average pricing in the 151.800 in 2016 and $ 182000 in 2 29%.) 15. In 2017,Buffalo reported pretax income (using weighted-average pricing) of $ 203,000. Show comparative inning with Income before income tax as presented on the 2017 income statement.(The tax rate in all years is
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...
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...
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,...
Vaughn Company began operations in 2018 and for simplicity reasons, adopted weighted average pricing for inventory....
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...
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...
Presented below are income statements prepared on a LIFO and FIFO basis for Waterway Company, which...
Presented below are income statements prepared on a LIFO and
FIFO basis for Waterway Company, which started operations on
January 1, 2016. The company presently uses the LIFO method of
pricing its inventory and has decided to switch to the FIFO method
in 2017. The FIFO income statement is computed in accordance with
the requirements of GAAP. Waterway’s profit-sharing agreement with
its employees indicates that the company will pay employees 10% of
income before profit-sharing. Income taxes are ignored.
LIFO...
Presented below are income statements prepared on a LIFO and FIFO basis for Marigold Company, which...
Presented below are income statements prepared on a LIFO and
FIFO basis for Marigold Company, which started operations on
January 1, 2016. The company presently uses the LIFO method of
pricing its inventory and has decided to switch to the FIFO method
in 2017. The FIFO income statement is computed in accordance with
the requirements of GAAP. Marigold’s profit-sharing agreement with
its employees indicates that the company will pay employees 10% of
income before profit-sharing. Income taxes are ignored
LIFO...
Sage Company began operations on January 1, 2015, and uses the average-cost method of pricing inventory....
Sage 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
$15,860
$18,810
$12,090
2016
18,010
20,800
14,140
2017
19,970
24,990
16,870
(a) Prepare the journal entry necessary to record
a change from the average cost method to the FIFO method in 2018.
(Credit account...
Practice Brief Exercise 4-5 During 2017, Metlock Inc. changed from LIFO to FIFO inventory pricing. Metlock began operations in 2015 and its pretax income in 2016 and 2015 under LIFO was $520,000 and $602,000, respectively. Pretax income using FIFO pricing in the prior years would have been $554,000 in 2015 and $662,000 in 2016. In 2017, Metlock reported pretax income using FIFO pricing of $629,000. Show comparative income statements for Metlock beginning with wIncome before income tax," as presented n...
During 2017, Buffalo Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2016 and 201 operations) under FIFO was $ 174,100 and $ 197,880, respectively. Pretax income using weighted-average pricing in the 151.800 in 2016 and $ 182000 in 2 29%.) 15. In 2017,Buffalo reported pretax income (using weighted-average pricing) of $ 203,000. Show comparative inning with Income before income tax as presented on the 2017 income statement.(The tax rate in all years is
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...
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...
Presented below are income statements prepared on a LIFO and
FIFO basis for Waterway Company, which started operations on
January 1, 2016. The company presently uses the LIFO method of
pricing its inventory and has decided to switch to the FIFO method
in 2017. The FIFO income statement is computed in accordance with
the requirements of GAAP. Waterway’s profit-sharing agreement with
its employees indicates that the company will pay employees 10% of
income before profit-sharing. Income taxes are ignored.
LIFO...
Presented below are income statements prepared on a LIFO and
FIFO basis for Marigold Company, which started operations on
January 1, 2016. The company presently uses the LIFO method of
pricing its inventory and has decided to switch to the FIFO method
in 2017. The FIFO income statement is computed in accordance with
the requirements of GAAP. Marigold’s profit-sharing agreement with
its employees indicates that the company will pay employees 10% of
income before profit-sharing. Income taxes are ignored
LIFO...
Sage 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
$15,860
$18,810
$12,090
2016
18,010
20,800
14,140
2017
19,970
24,990
16,870
(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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