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Question 1 - On December 31, 2022, Seanette, Inc. appropriately changed its inventory valuation method to weighted- average cost from FIFO cost for financial statement and income tax purposes. The change will result in a P11,750,000 decrease in the beginning inventory at Jan. 1, 2022. Assume a 30% income tax rate. The cumulative effect of this accounting change on beginning retained earnings is? Indicate whether Increase or Decrease.
Question 2 - Joey Corp. failed to accrue warranty costs of P170,000 in its December 31, 2022 financial statements. In addition, a change from straight-line to accelerated depreciation made at the beginning of 2023 resulted in a cumulative effect of P130,000 on Joey' retained earnings. Both the P170,000 and the P130,000 are net of related income taxes. What amount should Joey report as prior period adjustment in 2023?
What is the effect of error on the accounting equation and what is the ending balance in stockholders equity
Include in your response an explanation of the difference in behavior of variable and fixed cost, including an example to illustrate your explanation.
What is the maximum amount Lathorp would be willing to pay for another 500 pounds of metal? How many extra units they will be able to manufacture?
Does Dula Gibbon have an ethical dilemma? If so, what is it? What are her options? How would you solve her problem? Be prepared to defend your answer.
Diego Company manufactures one product that is sold for $72 per unit in two geographic regions-the East and West regions. What is the unit product cost under variable costing? What is the unit product cost under absorption costing
Which of the following is the amount of sunk costs in this problem and When the incremental revenues and expenses are analyzed, the company is better off b
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How the balance for depreciation expense for equipment is 4,772,000. Can someone please help
If Speedy establishes its selling prices using a markup percentage of 50% of its total job cost, then how much would it have charged Mr. Wilkes?
May and August were the lowest and highest activity levels, and Lisle uses the high-low method to analyze cost behavior. Which of the statements is true
Discuss the applicability or nonapplicability of using standard costing for a product classified. What are some primary criticisms of using standard cost systems in today's manufacturing environment?
For Year 2000, Rider Ltd produced 100,000 units and sold 75,000 units. Compute the cost of the ending finished goods inventory
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