Accounting change on beginning retained earnings, Accounting Basics

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Accounting change on beginning retained earnings

On December 31, 2013, Gifts Galore, Inc. appropriately changed its inventory valuation method from weighted-average cost to FIFO method for financial statement and income tax purposes. The change will result in a $1,500,000 increase in the beginning inventory at January 1, 2013. Assume a 30% income tax rate. The cumulative effect of this accounting change on beginning retained earnings is ??

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Accounting Basics: Accounting change on beginning retained earnings

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The change will result in a $1,500,000 increase in the beginning inventory at January 1, 2013. Assume a 30% income tax rate. The cumulative effect of this accounting change on beginning retained earnings is ??

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Accounting Basics: Accounting change on beginning retained earnings

Reference No:- TGS042143

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Recent Questions Asked Accounting Basics

Q : What tax issues should consider

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Accounting change on beginning retained earnings

Reference No:- TGS042143

Recent Questions Asked Accounting Basics

Q : What tax issues should consider

Q : Calculate the coefficient of variation

Q : Explain concept of more is better satisfied for both goods

Q : Determining the constant growth

Q : Accounting change on beginning retained earnings

Q : Compute dow''s basic and diluted earnings per share

Q : Aspect of financial management

Q : Allocating the service department costs

Q : Different legal forms of business organization

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