Intermediate Accounting Plus Mylab Accounting With Pearson Etext -- Access Card Package (2nd Edition)
Intermediate Accounting Plus Mylab Accounting With Pearson Etext -- Access Card Package (2nd Edition)
2nd Edition
ISBN: 9780134833101
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
Question
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Chapter 21, Problem 21.7P

a.

To determine

To prepare: Journal entry to record the accounting change made in 2018.

b.

To determine

Cumulative effect of the accounting changes made in 2018.

c.

To determine

To prepare: Multiple step income statement for JEC.

d.

To determine

To prepare: The footnote for the accounting changes in 2018.

e.

To determine

To prepare: Retained earnings column of statement of stockholder’s equity for the year ended 31 December, 2108.

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The net changes in the balance sheet accounts of Amy Corporation for the year 2021 are shown below. Account   Debit   Credit Cash   $ 103,530     Short-term investments       $143,990 Accounts receivable   93,058     Allowance for doubtful accounts       15,827 Inventory   88,298     Prepaid expenses       27,132 Investment in subsidiary (equity method)       29,750 Plant and equipment   249,900     Accumulated depreciation       154,700 Accounts payable   96,033     Accrued liabilities       25,585 Deferred tax liability   18,445     8% serial bonds       83,300 Common stock, $10 par       107,100 Additional paid-in capital       178,500 Retained earnings—Appropriation for bonded indebtedness   71,400     Retained earnings—Unappropriated   45,220          $765,884   $765,884   An analysis of the Retained Earnings—Unappropriated account follows: Retained earnings unappropriated, December 31, 2020       $1,547,000 Add: Net income…
The following information is provided in the 2021 annual report to shareholders of paris-perfume.com: Required: Compute the missing amount in the paris-perfume.com financial statement Information. (Do not round your Intermediate calculations.) Accounts receivable Inventory Other assets Total assets Total liabilities Total stockholders' equity Net sales Cost of goods sold Net income Return on assets Receivables turnover Inventory turnover Asset turnover Return on equity Profit margin on sales December 31, 2021 million 72 million million million million million For the year ended Dec. 31, 2021 million million 42 million 10 % $ $ 8.0 12.0 2.7 20 % 5 % December 31, 2020 75 million 32 million $ S S S S $ 172 million 279 million 75 million 204 million
Culver Corporation had the following 2020 income statement. Revenues $94,000 Expenses 60,000 $34,000 In 2020, Culver had the following activity in selected accounts. Accounts Receivable 1/1/20 20,000 Write-offs A¹ Revenues 94,000 Collections 83,000 12/31/20 29.900 Allowance for Doubtful Accounts Write-offs 1.100 1/1/20 Bad debt expense 1.100 12/31/20 1.000 1,600 1.500

Chapter 21 Solutions

Intermediate Accounting Plus Mylab Accounting With Pearson Etext -- Access Card Package (2nd Edition)

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