What amount should orca report as the cumulative effect

Assignment Help Accounting Basics
Reference no: EM131578029

Question - During 2017, Orca Corp. decided to change from the FIFO method of inventory valuation to the weighted-average method. Inventory balances under each method were as follows:


FIFO

Weighted-average

January 1, 2017

$71,000

$77,000

December 31, 2017

$79,000

$83,000

Orca's income tax rate is 30%.

In its 2017 financial statements, what amount should Orca report as the cumulative effect of this accounting change?

Reference no: EM131578029

Questions Cloud

Historic economic decades : Choose which 2 of the historic economic decades your team will research for this course project. You may choose any two decade pairs.
What specific word choice clues the reader in : What specific word choice clues the reader in, What is the author's attitude about the subject
What are the adjusting entries necessary at december : Assuming that the books have not been closed, what are the adjusting entries necessary at December 31, 2018
What are the deliverables of the specification phase : What are the main parts of the SRS document recommended by IEEE? What are the deliverables of the specification phase? List the possible uses of the FSM model.
What amount should orca report as the cumulative effect : In its 2017 financial statements, what amount should Orca report as the cumulative effect of this accounting change
Describing why you feel important to your readers : describing why you feel each event could be important to your readers
Propose dfs components that you would consider implementing : Propose the DFS components that you would consider implementing and configuring based on the needs of the organization. Provide a rationale for your proposal.
Determine the amounts of the components of pension expense : Determine the amounts of the components of pension expense that should be recognized by the company in 2017
How many functions are there from s to t in the given case : There are more functions from the real numbers to the real numbers than most of us can imagine. However in discrete mathematics we often work with functions.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Financing sources city enterprise fund

A city's Enterprise Fund issued revenue bonds with a face value of $10,000,000-the Enterprise Fund will report total other financing sources in the amount of

  How does the total contribution margin unit contribution

1. how does the total contribution margin unit contribution margin x total number of units sold differ from the gross

  Determine the cost recovery for 2014

Kendra Brown, a sole proprietor, acquires a new five-year asset on April 17, 2014, for $480,000. This is the only asset acquire by Kendra during the year. Kendra does NOT elect §179 and elects out of bonus depreciation. On September 1, 2014..

  What is nolan return on assets

Nolan manufactures, markets, and sells cellular telephones. The average total assets for Nolan is $250,000. In its most recent year.

  On september 1 2010 winans corporation acquired aumont

on september 1 2010 winans corporation acquired aumont enterprises for a cash payment of 687130. at the time of

  Overhead activity health insurance premiums your firm picks

overhead activity health insurance premiums. your firm picks up 80 of health insurance for its employees. identify at

  Cash flows associated with holding a job

It may surprise you that there are cash flows associated with holding a job. Construct a simple cash flow statement and payback calculation for when your job expenses will be covered for employment you currently have or have had in the past. Inclu..

  Government reporting agencies

Why is it difficult to develop accounting reporting categories that are uniform for governments within the same type of entity (e.g. cities) and even more difficult to develop them for governments within different types of entities

  Scarora hardwoods a custom manufacturer of furniture uses

scarora hardwoods a custom manufacturer of furniture uses job-order costing. the following transactions to support job

  Calculate the estimated cleaning supplies cost

Using the high low method, calculate the variable cost per student day and the fixed cost per two-week period for cleaning supplies.

  Rs is a small retailer located in a tourist district the

rs is a small retailer located in a tourist district. the company purchase their building 11 years ago at a cost

  Determine the value of a large manufacturing

Which of the following approaches would an assessor most likely use if she were trying to determine the value of a large manufacturing plant?

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!

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