Solution-Changed from the lifo inventory to the fifo

Changed from the lifo inventory to the fifo inventory method

Assignment Help Accounting Basics

Reference no: EM131008455

Ray Solutions decided to make the following changes in its accounting policies on January 1, 2011:

1. Changed from the cash to the accrual basis of accounting for recognizing revenue on its service contracts.

2. Adopted straight-line depreciation for all future equipment purchases, but continued to use accelerated depreciation for all equipment acquired before 2011.

3. Changed from the LIFO inventory method to the FIFO inventory method.

Required:

For each accounting change Ray undertook, indicate the type of change and how Ray should report the change. Be specific.

Reference no: EM131008455

Questions Cloud

Why should companies disclose changes in accounting : For each accounting change DRS undertook, indicate the type of change and how DRS should report the change. Be specific.

What is economic growth and economic development : Your Case Analysis should demonstrate an understanding of relevant key concepts and appropriate conceptual frameworks.

Problem regarding the consumer confidence : At various times in 2007, when asked if economic conditions were getter better or worse, consistently more than 20% of U.S. adults said better. On January 19-20, 2008, when Gallup polled 2590 U.S. adults, only 13% said that conditions were getting..

Summarize the given data using a segmented bar graph : Construct a pie chart to summarize this data set, and write a sentence or two summarizing how people responded to this question. Summarize the given data using a segmented bar graph.

Changed from the lifo inventory to the fifo inventory method : For each accounting change Ray undertook, indicate the type of change and how Ray should report the change. Be specific.

Determine the equation of the tangent line : Determine the equation of the tangent line to f(x) = x2(2x +1)2 at x = 1

What are two ways to mitigate the risk of bankrupcy : What are two ways to mitigate the risk of bankrupcy of a third-world client of a construction project?

Evidence of a change in the percent of bills : A billing company that collects bills for doctors' offices in the area is concerned that the percentage of bills being paid by Medicare has risen. Historically, that percentage has been 31%. An examination of 8368 recent bills reveals that 32% of ..

Find the stocks expected return : If common stock has a beta of 1.2. The risk free rate is 4% and the expected return on the market is 9%. Using the CAPM to find the stocks expected return. Please walk me through the steps.

User Account

All Pages

Changed from the lifo inventory to the fifo inventory method

Reference no: EM131008455

Reference no: EM131008455

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT