Millington materials is a leading supplier of building equipment, building products, materials, and timber for sale, with over 200 branches across the mid-south. on january 1, 2021, management decided to change from the average inventory costing method to the fifo inventory costing method at each of its outlets. the following table presents information concerning the change. the income tax rate for all years is 25%. income before income tax fifo average cost difference before 2020 $ 30 million $ 16 million $ 14 million 2020 16 million 10 million 6 million 2021 20 million 18 million 2 million required: 1. prepare the journal entry to record the change in accounting principle. 2. determine the net income to be reported in the 2021–2020 comparative income statements. 4. indicate the affect of the change in the 2021–2020 comparative statements of shareholders’ equity assuming cash dividends were $2 million each year and that no dividends were paid prior to 2020.

Answers

Answer 1

The net income to be reported in the 2021–2020 comparative income statements is $15 million and $12 million.

How to calculate the net income?

The journal entry to record the change in accounting principle will be:

Inventory = $20 million

Income tax payable = $5 million.

Retained earnings = $15 million

Also, the net income in 2020 will be:

= $16 - (25% × $16)

= $16 - $4.

= $12 million

The net income in 2021 will be:

= $20 - (25% × $20)

= $20 - $5

= $15 million.

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Related Questions

Drag the correct labels to the circle. Not all labels will be used. Identify the challenges to development in contemporary sub-saharan africa

Answers

The challenges to development in contemporary sub-Saharan Africa is:

Debt and economic dependence on foreign nations.

How do you handle the issues to development in Sub-Saharan Africa?

Others are:

Public health concerns including HIV/AIDS. Education gap due to lack of state funded schools. Lack of clean drinking water.

The issues of growth in Sub-Saharan Africa are said to be  multidimensional in nature.

Conclusively, It is one that needs constant involvement of the world's population via the use of democratic institutions and methods. It also involves the work of governments and others.

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The length of the apothem of the hexagon is about inches. the perimeter of the hexagon is inches. the area of the hexagon is about square inches.

Answers

Answer: 13.9 | 96.0 | 667.2 |

Explanation:

A round wastepaper basket with a 0.15-m radius opening is in a uniform electric field of 300n/c, perpendicular to the opening. the total flux through the sides and bottom, in n · m^2 c, is

Answers

The total flux through the sides and bottom in nm^2 c, is 84.78Nm²/C

What is Gauss' law?

Gauss' law states describes what an electric field will look like due to a known distribution of electric charge.

The equation that represents Gauss' law is;

Total flux = Electric charges × Area

Where area of a sphere =4πr²

Total flux = Electric charges × 4πr²

Electric charges = 300n/c

Radius = 0.15-m

Therefore total flux = 300× 4× π× 0.15²

= 300 × 4 × 3.14 × 0.0225

= 84.78Nm²/C

Therefore, the total flux through the sides and bottom in nm^2 c, is 84.78Nm²/C

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Turning off your phone while driving is part of which phase of risk management brainly

Answers

Turning off your phone while driving is part of control phase of risk management

What is risk management?

Risk management is the process of identifying, assessing and controlling obtacle that can negatively affect an organization.

Phases of risk management are identify, assess, control, monitoring and reporting

Turning off your phone while driving is part of control phase of risk management

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Answer:

Control Phase

Explanation:

i took test and got right.

The rio treaty of 1947 was a defense agreement between brainly

Answers

Answer:

North America and South America

Explanation:

An atom in the ground state contains a total of 5 electrons

Answers

Answer:

The element will be Boron which has 5 electrons in it, and at the atomic nucleus it consists of 5 neutrons and 5 protons.

The lewis electron dot structure for boron will have three dots on the atom.

Which can be represented as · X :

Where X represents the element and dots represents the electrons present in the outermost valence shell.

Boron distributes its 5 electrons in this way, that first shell has 2 electrons and the second shell has 3 electrons.

Explanation:

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Calculate the potential difference across a 25-ohm. Resistor if a 0. 3-a current is flowing through it. V

Answers

The answer would be 7.5 V

Use the extended euclidean algorithm to express gcd(252, 356) as a linear combination of 252 and 356.

Answers

The Euclidean algorithm gives us

356 = (1 • 252) + 104

252 = (2 • 104) + 44

104 = (2 • 44) + 16

44 = (2 • 16) + 12

16 = (1 • 12) + 4

12 = (3 • 4) + 0

which means gcd(252, 356) = 4. Now we work backwards:

4 = 16 - 12

4 = 16 - (44 - (2 • 16)) = (3 • 16) - 44

4 = 3 • (104 - (2 • 44)) - 44 = (3 • 104) - (7 • 44)

4 = (3 • 104) - (7 • (252 - (2 • 104))) = (17 • 104) - (7 • 252)

4 = (17 • (356 - 252)) - (7 • 252) = (17 • 356) - (24 • 252)

Select the correct answer. how would you write 6 × 6 × 6 × 6 as an exponential expression? a. 6 × 4 b. 6 > 4 c. 6^4

Answers

Answer:

C is the answer

Explanation:

There are four 6 and when we take 6 common their power is added that sums up to 4.

never underestimate the power of a girl with a book

Answers

Explanation:

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A company purchased $3,700 of merchandise on july 5 with terms 2/10, n/30. on july 7, it returned $850 worth of merchandise. on july 12, it paid the full amount due. assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on july 12 is:

Answers

The correct journal entry to record the payment is; Debit Accounts Payable $2,850; credit Merchandise Inventory $57; credit Cash $2,793

How to edit journal entry?

We are told that the company purchased $3,700 of merchandise. Thus;

Debit Accounts Payable = $3700 - $850

Debit Accounts Payable = $2850

From online calculator, the credit Merchandise Inventory will be calculated to give $57.

Thus, the credit Cash is;

Credit Cash = Debit Accounts Payable - credit Merchandise Inventory

Credit Cash = 2850 - 57

Credit Cash = $2,793

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Is this statement true or false? a person who has been impeached may not be tried in a regular court of law

Answers

Answer:

False

Explanation:

You have 2 coins that equal 30 cents one of them is not a quarter

Answers

Answer:

.25 cents (Quarter) and .05 cents (Nickle)

Explanation:

The trick to this is: "One of them is not a quarter!"  This does not mean that one of them is not a quarter.  The nickle is not a quarter, therefore, I would venture that a quarter and a nickle are the appropriate response.

Yet, is there is more information that was omitted from this math problem, it definitely needs to be reconsidered.

which of the following best describes the conflict between judicial candidates competing in partisan elections and the idea that judges should be above partisan disagreement and special interests?

Answers

The option that describes the conflict is the need of raising money and looking for endorsements often gives a show of favoritism or bias.

What is conflict?

Conflict is a term that depicts the disagreement  between two or more people due to difference in thought pattern, attitudes, etc.

Note that this conflict can lead to  heated arguments, physical abuses, fighting, etc. The conflict between judicial candidates competing in partisan elections and the idea that judges should be above partisan disagreement and special interests result from the need of raising money and looking for endorsements often gives a show of favoritism or bias.

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What change would shift the equilibrium system to the left

Answers

Answer:

Lowering the system temperature

Raising the temperature of the system is akin to increasing the amount of a reactant, and so the equilibrium will shift to the right. Lowering the system temperature will likewise cause the equilibrium to shift left. For exothermic processes, heat is viewed as a product of the reaction and so the opposite temperature dependence is observed.

Choose the correct word or phrase to complete the sentence. no me digas, _____ favor. por para

Answers

Answer:

No me digas, por favor

Explanation:

Please = por favor

Answer:

por

Explanation:

have sum trust

What is significant about vicente fox’s election as mexico’s president in 2000? it signaled the start of another revolution. it meant the beginning of single-party rule. it marked the end of single-party rule. it ended years of conflict with the united states.

Answers

The significance of Vicente Fox’s election as Mexico’s president in 2000 was that its marked the end of single-party rule.

What is the meaning of a single-party rule?

This is a political situation whereby a party dominates and hold the major position of office for long period.

The election of  Vicente Fox ended the single-party rule as he defeated Institutional Revolutionary Party that have ruled Mexico for more than 70 years.

Therefore, the Option C is correct.

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Answer:

C

Explanation:

did test

You should always read footnotes, as they often contain valuable information.
What is horizontal gene transfer?

Answers


Horizontal gene transfer (HGT), also known as lateral gene transfer, refers to the movement of genetic information across normal mating barriers, between more or less distantly related organisms, but can also be known as the acquisition by an organism of genetic information by transfer, for example via the agency of a virus, from an organism that is not its parent and is typically a member of a different species.

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What is the point of view of this poster from 1943? a) passage of the civil rights act is needed. b) racial equality is vital to united states prosperity. c) cooperation by all will result in american world war ii victory. d) desegregation of the armed forces will cause victory in world war i.

Answers

The point of view of this poster from 1943 was that cooperation by all will result in american world war ii victory.

What was the World War II?

The world war II was a global war involving most of the countries that lasted from 1939 to 1945. World War II began in Europe on September 1, 1939, when Germany invaded Poland.

The point of view of this poster from 1943 was that cooperation by all will result in american world war ii victory.

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Answer: THE ANSWER IS C.) "Cooperation by all will result in American World War II victory."

Explanation: I JUST TOOK THE 50 QUESTION PROGRESS LEARNING TEST ON K12

Which one of the kingdoms is not characterized by cells that contain membrane-bound organelles?

Answers

Answer:

Kingdom monera

Explanation:

Kingdom monera includes unicellular prokaryotic organisms that lack a well-defined nucleus and other membrane-bound organelles.

Tungsten wire is used as the filament in light bulbs. it glows white-hot as current passes through it. tungsten is used in light bulbs because its high converts electric energy into light and heat.

Answers

Tungsten is used in light bulbs because its high resistance converts electric energy into light and heat.

What is Resistance measurements?

Resistance measurements is often seen as that state which shows the condition of a part of or a full circuit.

Note that when there is higher resistance, there will be a lower current flow and in the case of Tungsten that is used in light bulbs, its high resistance converts electric energy into light and heat.

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Answer:

resistance!!

Explanation:

Researchers are studying two different designs of computer keyboards

Answers

There are several types of keboard designs and research is ongoing to improve their efficiency e,g  QWERTY, QWERTZ and AZERTY keyboards

Types of Keyboards

Bellow is an extended list of the various types of keyboards

Qwerty KeyboardsWired KeyboardsNumeric KeypadsErgonomic KeyboardsWireless KeyboardsUSB KeyboardsBluetooth Keyboards

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Which value for y in the table would be least likely to indicate an association between the variables? 0. 06 0. 24 0. 69 1. 0

Answers

i think 0.06 do i pick one of those?

What inference can be made about the grandmother’s point of view in this excerpt? she is eager to assimilate herself and her family into mainstream american culture. she is unwilling to embrace any aspect of multiculturalism because she detests american culture. she wants to preserve her family’s mexican culture even though she no longer lives in mexico. she believes that marrying an ""okie"" is equivalent to ruining any prospects of financial success.

Answers

Answer:

it is C She wants to preserve her family’s Mexican culture even though she no longer lives in Mexico.

Explanation:

Based on the excerpt, an inference which can be made about the grandmother’s point of view is: option C.

What is an inference?

An inference simply refers to a process through which a reader can deduce the meaning or message (information) that is associated with a literary work, especially through induction.

Based on the excerpt, we can infer and logically deduce that the grandmother’s point of view is to preserve her family’s Mexican culture, even though she's no longer living (residing) in Mexico. Also, she told her son to marry a Mexican girl rather than Okies such as the Italian and French.

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A new car is purchased for 16200 dollars. The value of the car depreciates at 14. 25% per year. What will the value of the car be, to the nearest cent, after 6 years?

Answers

Answer: $6440.5

Explanation:

Use the lump sum formula to calculate the value of the car after 6 years:

[tex]\begin{aligned}P &=16200\left(1-\frac{14.25}{100}\right)^{6} \\&\left.=16200+\left(\frac{85.75}{100}\right)^{6} \\&=16200(0.8575)^{6} \\&=16200 \times 0.39756 \\&=6440.50301\end{aligned}[/tex]

Therefore, to the nearest cent, the car value of the car will be $6440.5 after 6 years.

One-year-old sydney cries when his father hands him to an unfamiliar babysitter and leaves the room. Sydney’s reaction is a result of his acquisition of

Answers

Answer: Baby Rafael cries when his mother leaves him with a new babysitter separation anxiety

Explanation:

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Which of the payment options would you recommend to a new employee? a. either one. hourly and salaried employees earn the same amount per week. b. hourly pay. hourly employees make more per week than salaried employees. c. salaried pay. salaried employees make more per week than hourly employees. d. there is not enough information given to compare weekly earnings.

Answers

The type of recommended payment will depend on the type of period and earning amount, thereby more information is required to choose one option.

Which is the type of payment?

The type of payment generally makes reference to the period in which a person earns a particular amount of money.

For example, in a salaried payment option, an employee might earn more money per week than an hourly employee.

To determine the recommended payment it is required to obtain more information about monthly/weekly and day earning options.

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Answer:

Ready

Explanation:



In what way are the passages similar? both include compelling characters living in cities that have the yellow fever. both show a view of african americans living in cities that have the yellow fever. both discuss the feelings of real people living through the yellow fever. both describe in detail the setting of cities that have the yellow fever.

Answers

The passage are similar because they both show a view of African Americans living in cities that have the yellow fever.

How did the yellow fever affected the African Americans?

The yellow fever was an acute infection that affected the black inhabitants and strucked them down because it was their first exposure to the infection agent.

However, the passage in question were excerpts from Fever 1793 and The Summer of the Pestilence.

Both of the passages tells and give a view of African Americans living in cities that have the yellow fever.

Therefore, the Option B is correct

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Answer:

B is the correct answer mark brainliest <3

Explanation:

A species whose oxidation number decreases in a reaction is

Answers

Answer:

An atom is oxidized if its oxidation number increases, the reducing agent, and an atom is reduced if its oxidation number decreases, the oxidizing agent. The atom that is oxidized is the reducing agent, and the atom that is reduced is the oxidizing agent.

Amira is writing a literary analysis of amy tan's "two kinds," maxine hong kingston's the woman warrior, and jade snow wong’s fifth chinese daughter. which thesis statement is the most effective?

Answers

A possible thesis statement for this analysis would be the differences between parents and children's dreams lead to conflict.

What is a thesis statement?

It is a sentence that shows the author's position and that works as the main idea in an argumentative text such as analysis.

What do these three texts have in common?

In these stories, parents have defined expectations about their children. However, the chidlren expectations are quite different, which leads to conflict and event negative consequences.

What is a posible thesis statement?

Considering the similarity of these texts a possible thesis statement is "he differences between parents and children's dreams lead to conflict".

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Answer:

Amira is writing a literary analysis of amy tan's "two kinds," maxine hong kingston's the woman warrior, and jade snow wong’s fifth chinese daughter. which thesis statement is the most effective?

O A.  There is a difference between a child's desires and a parent's dreams, as shown in Amy Tan’s "Two Kinds."

O  B. There is conflict and rebellion between children and their parents, as shown in Amy Tan's "Two Kinds," Maxine Hong Kingston's The Woman Warrior, and Jade Snow Wong's Fifth Chinese Daughter.

O  C. The difference between a child's desires and a parent's dreams can lead to conflict and rebellion, as shown in Amy Tan's "Two Kinds," Maxine Hong Kingston's The Woman Warrior, and Jade Snow Wong's Fifth Chinese Daughter.

O  D. The difference between a child's desires and a parent's dreams can lead to conflict and rebellion, as Amy Tan, Maxine Hong Kingston, and Jade Snow Wong show.

Explanation:

You're welcome.

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