Alpha Geek

(8)

$10/per page/Negotiable

About Alpha Geek

Levels Tought:
University

Expertise:
Accounting,Algebra See all
Accounting,Algebra,Architecture and Design,Art & Design,Biology,Business & Finance,Calculus,Chemistry,Communications,Computer Science,Environmental science,Essay writing,Programming,Social Science,Statistics Hide all
Teaching Since: Apr 2017
Last Sign in: 345 Weeks Ago, 2 Days Ago
Questions Answered: 9562
Tutorials Posted: 9559

Education

  • bachelor in business administration
    Polytechnic State University Sanluis
    Jan-2006 - Nov-2010

  • CPA
    Polytechnic State University
    Jan-2012 - Nov-2016

Experience

  • Professor
    Harvard Square Academy (HS2)
    Mar-2012 - Present

Category > Accounting Posted 29 May 2017 My Price 5.00

Zehms Company began operations in 2010 and adopted weighted-average pricing for inventory

 

Zehms Company began operations in 2010 and adopted weighted-average pricing for inventory. In 2012, in accordance with other companies in its industry, Zehms changed its inventory pricing to FIFO. The pretax income data is reported below.

Instructions
(a) What is Zehms’s net income in 2012? Assume a 35% tax rate in all years.
(b) Compute the cumulative effect of the change in accounting principle from weighted-average to FIFO inventory pricing.
(c) Show comparative income statements for Zehms Company, beginning with income before income tax, as presented on the 2012 incomestatement.
 
 

Answers

Alpha Geek
(8)
Status NEW Posted 29 May 2017 11:05 AM My Price 5.00

-----------

Attachments

file 1496058572-Answer.docx preview (118 words )
Z-----------ehm-----------s C-----------omp-----------any----------- be-----------gan----------- op-----------era-----------tio-----------ns -----------in -----------201-----------0 a-----------nd -----------ado-----------pte-----------d w-----------eig-----------hte-----------d-a-----------ver-----------age----------- pr-----------ici-----------ng -----------for----------- in-----------ven-----------tor-----------y. -----------In -----------201-----------2, -----------in -----------acc-----------ord-----------anc-----------e w-----------ith----------- ot-----------her----------- co-----------mpa-----------nie-----------s i-----------n i-----------ts -----------ind-----------ust-----------ry,----------- Ze-----------hms----------- ch-----------ang-----------ed -----------its----------- in-----------ven-----------tor-----------y p-----------ric-----------ing----------- to----------- FI-----------FO.----------- Th-----------e p-----------ret-----------ax -----------inc-----------ome----------- da-----------ta -----------is -----------rep-----------ort-----------ed -----------bel-----------ow.-----------Ins-----------tru-----------cti-----------ons-----------(a)----------- Wh-----------at -----------is -----------Zeh-----------msâ-----------€™s----------- ne-----------t i-----------nco-----------me -----------in -----------201-----------2? -----------Ass-----------ume----------- a -----------35%----------- ta-----------x r-----------ate----------- in----------- al-----------l y-----------ear-----------s.(-----------b) -----------Com-----------put-----------e t-----------he -----------cum-----------ula-----------tiv-----------e e-----------ffe-----------ct -----------of -----------the----------- ch-----------ang-----------e i-----------n a-----------cco-----------unt-----------ing----------- pr-----------inc-----------ipl-----------e f-----------rom----------- we-----------igh-----------ted------------av-----------era-----------ge -----------to -----------FIF-----------O
Not Rated(0)