Change in inventory methods: Change in inventory method is said to be the difference between the previous years’s ending inventory and the current year’s ending inventory. Disclosure Note: Disclosure notes are added in the footnotes of the financial statement of a company. These notes contain certain information about the company which cannot be enclosed in the face of the income statement, balance sheet, statement of cash flows , and statement of changes in equity. To Prepare: the disclosure note for M Department Stores which will be included in the 2016 financial statements.

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Answer 1

Question

Chapter 20, Problem 20.2BYP

Requirement 1:

To determine

Change in inventory methods:

Change in inventory method is said to be the difference between the previous years’s ending inventory and the current year’s ending inventory.

Disclosure Note:

Disclosure notes are added in the footnotes of the financial statement of a company. These notes contain certain information about the company which cannot be enclosed in the face of the income statement, balance sheet, statement of cash flows, and statement of changes in equity.

To Prepare: the disclosure note for M Department Stores which will be included in the 2016 financial statements.

Requirement 2:

To determine

To Explain: the reason for which the cumulative effect of the change on prior years’ income is not determinable.

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Answer 2

Question

Chapter 20, Problem 20.2BYP

Requirement 1:

To determine

Change in inventory methods:

Change in inventory method is said to be the difference between the previous years’s ending inventory and the current year’s ending inventory.

Disclosure Note:

Disclosure notes are added in the footnotes of the financial statement of a company. These notes contain certain information about the company which cannot be enclosed in the face of the income statement, balance sheet, statement of cash flows, and statement of changes in equity.

To Prepare: the disclosure note for M Department Stores which will be included in the 2016 financial statements.

Requirement 2:

To determine

To Explain: the reason for which the cumulative effect of the change on prior years’ income is not determinable.

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Answer 3

Question

Chapter 20, Problem 20.2BYP

Requirement 1:

To determine

Change in inventory methods:

Change in inventory method is said to be the difference between the previous years’s ending inventory and the current year’s ending inventory.

Disclosure Note:

Disclosure notes are added in the footnotes of the financial statement of a company. These notes contain certain information about the company which cannot be enclosed in the face of the income statement, balance sheet, statement of cash flows, and statement of changes in equity.

To Prepare: the disclosure note for M Department Stores which will be included in the 2016 financial statements.

Requirement 2:

To determine

To Explain: the reason for which the cumulative effect of the change on prior years’ income is not determinable.

Expert Solution & Answer

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Answer 4

Question

Chapter 20, Problem 20.2BYP

Requirement 1:

To determine

Change in inventory methods:

Change in inventory method is said to be the difference between the previous years’s ending inventory and the current year’s ending inventory.

Disclosure Note:

Disclosure notes are added in the footnotes of the financial statement of a company. These notes contain certain information about the company which cannot be enclosed in the face of the income statement, balance sheet, statement of cash flows, and statement of changes in equity.

To Prepare: the disclosure note for M Department Stores which will be included in the 2016 financial statements.

Requirement 2:

To determine

To Explain: the reason for which the cumulative effect of the change on prior years’ income is not determinable.

Expert Solution & Answer

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Answer 5

Chapter 20, Problem 20.2BYP

Requirement 1:

To determine

Change in inventory methods:

Change in inventory method is said to be the difference between the previous years’s ending inventory and the current year’s ending inventory.

Disclosure Note:

Disclosure notes are added in the footnotes of the financial statement of a company. These notes contain certain information about the company which cannot be enclosed in the face of the income statement, balance sheet, statement of cash flows, and statement of changes in equity.

To Prepare: the disclosure note for M Department Stores which will be included in the 2016 financial statements.

Requirement 2:

To determine

To Explain: the reason for which the cumulative effect of the change on prior years’ income is not determinable.

Answer 6

Chapter 20, Problem 20.2BYP

Requirement 1:

To determine

Change in inventory methods:

Change in inventory method is said to be the difference between the previous years’s ending inventory and the current year’s ending inventory.

Disclosure Note:

Disclosure notes are added in the footnotes of the financial statement of a company. These notes contain certain information about the company which cannot be enclosed in the face of the income statement, balance sheet, statement of cash flows, and statement of changes in equity.

To Prepare: the disclosure note for M Department Stores which will be included in the 2016 financial statements.

Answer 7

Chapter 20, Problem 20.2BYP

Requirement 1:

To determine

Change in inventory methods:

Change in inventory method is said to be the difference between the previous years’s ending inventory and the current year’s ending inventory.

Disclosure Note:

Disclosure notes are added in the footnotes of the financial statement of a company. These notes contain certain information about the company which cannot be enclosed in the face of the income statement, balance sheet, statement of cash flows, and statement of changes in equity.

To Prepare: the disclosure note for M Department Stores which will be included in the 2016 financial statements.

Answer 8

Requirement 2:

To determine

To Explain: the reason for which the cumulative effect of the change on prior years’ income is not determinable.

Answer 9

Requirement 2:

To determine

To Explain: the reason for which the cumulative effect of the change on prior years’ income is not determinable.

Answer 10

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Answer 11

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Answer 12

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Answer 13

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