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ACCT 231 ACCT231 ACCT/231 Wk12Hmwk.docx – Katja Iversen Week 12 Homework

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ACCT 231 ACCT231 ACCT/231 Wk12Hmwk.docx – Katja Iversen Week 12 Homework

Katja Iversen

Week 12 Homework

E22-5

a. 2017 2016

Sales 3000 3000

Cost of Goods Sold 1100 940

Operating Expense 1000 1000

Profit Sharing Expense 96 100

Net Income $804 $960

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ACCT 231 ACCT231 ACCT/231

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ACCT 231 ACCT231 ACCT/231 Wk12Hmwk.docx - Katja Iversen Week 12 Homework, Champlain College

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ACCT 231 ACCT231 ACCT/231 Wk12Hmwk.docx – Katja Iversen Week 12 Homework

Katja Iversen

Week 12 Homework

E22-5

a. 2017 2016

Sales 3000 3000

Cost of Goods Sold 1100 940

Operating Expense 1000 1000

Profit Sharing Expense 96 100

Net Income $804 $960

b.This is because of the change in accounting principles. According to the regula-tions, indirect effects that happened before changing accounting principles should be recorded in the year that the change occurred.

Retained Earnings, January 1 8000

Cum. effect of change 60

Retained Earnings, January 1, adjusted 8060

Add: Net Income 804

Deduct: Dividends 500

Retained Earnings, December 31 $8,364

E22-7

a.Retained Earnings8000Inventory8000

FIFO Avg. Cost Difference
2012 26000 24000 2000
2013 30000 25000 5000
2014 28000 27000 1000
Total: 8000
Net Income:

ACCT 231 ACCT231 ACCT/231 Wk12Hmwk.docx – Katja Iversen Week 12 Homework

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