User Account

All Pages

Compute the amount that Karen Company should report

Assignment Help Accounting Basics
Reference no: EM132869912

Question - At the beginning of January 2018, Karen Company decided to change from FIFO method to weighted average inventory valuation method. Balances of inventory under each method are as follows:

FIFO Weighted Average

December 31, 2016 Php 1,000,000 Php 900,000

December 31, 2017 Php 1,200,000 Php 1,350,000

December 31, 2018 Php 1,320,000 Php 1,200,000

Required - Prepare all the necessary journal entries and compute for the amount that Karen Company should report as the effect of this accounting change in its 2018 statement of retained earnings.

Reference no: EM132869912

Questions Cloud

Optimal performance of the database in long run : Defining relationships within a database can improve search capabilities and optimal performance of the database in the long run.
Find the expected return : The possible return (in %) under these situations is visualized to be 14, 8, 3 and -2 respectively. Find the expected return
Designers for new software product : Imagine you are leading a team of designers for a new software product. During the kickoff meeting, the team starts to discuss design guidelines.
What fraction of the firm equity will you need to sell : Suppose you borrow $1.1 million. According to MM, what fraction of the firm's equity will you need to sell to raise the additional $3.3 million you need
Compute the amount that Karen Company should report : Prepare all the necessary journal entries and compute for the amount that Karen Company should report as the effect of this accounting change
Business continuity planning and disaster recovery : You are a consulting team formed to advise a group of managers who are to review the technology policies for their organizations.
Construct a time series plot of housing starts : a. Construct a time series plot of housing starts. Do you see a pattern in the data?
What would be the present value of expected dividend stream : If the discount rate is 11.6%, what would be the present value of the expected dividend stream (aka the expected price of the firm's stock)
Post the transactions in the ledger : Collected unbilled service income for Permit Fees of 40,000 and remitted 30,000 of the total collection. Post the transactions in the ledger. Use T-accounts

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd