Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 6.00

Cherokee Construction Company

(Change in Principle—Long-Term Contracts) Cherokee Construction Company began operations in 2011 and changed from the completed-contract to the percentage-of-completion method of accounting for long-term construction contracts during 2012. For tax purposes, the company employs the completed contract method and will continue this approach in the future. (Hint: Adjust all tax consequences through the Deferred Tax Liability account.) The appropriate information related to this change is as follows.

Pretax Income from
 

Percentage-of-Completion

Completed-Contract

Difference

2011

$780,000

$610,000

$170,000

2012

700,000

480,000

220,000

Instructions

(a) Assuming that the tax rate is 35%, what is the amount of net income that would be reported in 2012?

(b) What entry(ies) are necessary to adjust the accounting records for the change in accounting principle?

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 06:09 PM My Price 6.00

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