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Bryant Construction Company changed from the completed-contract to the percentage-of-completion method of accounting for long-term construction contracts during 2010. For tax purposes, the company employs the completed-contract method and will continue this approach in the future. The appropriate information related to this change is as follows. Pretax Income from: Percentage of Completion Completed Contract Difference 2009 $972,200 $745,700 $226,500 2010 922,700 493,100 429,600 Instructions (a) Assuming that the tax rate is 40%, what is the amount of net income that would be reported in 2010? $ (b) What entry is necessary to adjust the accounting records for the change in accounting principle? (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
What are the differences between an outlay for a capital project and a capital outlay from the General Fund or special revenue fund?
Kinney distributes $6,000 to each shareholder on February 1, 2006, and distributes another $3,000 to each shareholder on September 1. Explain how is Erin taxed on this distribution
In a manufacturing company which one of the following audit procedures would give the least assurance of the existence of the assets in the general ledger balance of investment in stocks and bonds at the audit date? Examination of paid checks is..
Financial statement analysis - Is application of analytical tools to general-purpose financial statements and associated data for making business decisions.
The standard direct labor wage are is $8.00 and the standard quantity of hours allowed for the actual level of output was 5,000 direct labor hours. Illustrate what is the direct labor efficiency variance?
What factors are likely to drive a firm's outlays for new capital andfor working capital? What ratios would you use to help generate forecasts of these outlays?
Calculation of Material handling costs, predetermined overhead costs and account balance and find the cost recorded in the inventory account after this event
Quantity-actual production time 1.5 hours, rest periods and clean up 0.33 hours, and setup and downtime 0.18 hours. Compute Standard direct labor rate per hour.
How many tickets must be sold for the more deluxe event in order for it to yield the same profit as the original plan?
What are the equivalent units for conversion and material using the weighted average technique?
BLP Corporation reported wages expense of $224,000, wages payable of $89,400 at the beginning of the year and wages payable of $71,300 at the end of the year. Determine Cash payments for wages during the year
Determine the net present value of the investment in the service center. Should Munster invest in the service center? Calculate internal rate of return of the investment to the nearest ½ percent.
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