Exercise 4-14 Tim Mattke Company began operations in 2018 and for simplicity reasons, adopted weighted-average pricing for inventory. In 2020, in accordance with other companies in its industry, Tim Mattke changed its inventory pricing to FIFO. The pretax income data is reported below.
| Year | Weighted-Average | FIFO |
| 2018 | $370,000 | $395,000 |
| 2019 | 390,000 | 430,000 |
| 2020 | 410,000 | 450,000 |
Q1
What is Tim Mattke’s net income in 2020? Assume a 20%
tax rate in all years.
| Net Income |
Q2
Compute the cumulative effect of the change in
accounting principle from weighted-average to FIFO inventory
pricing.
| Net effect |
Q3
Show comparative income statements for Tim Mattke Company, beginning with income before income tax, as presented on the 2020 income statement.
| 2020 | 2019 | 2018 | |
| Income before income tax | |||
| Income tax | |||
| Net income |
In: Finance
You have just been appointed as an innovation manager in an ambitious medium-sized company designing and producing power tools (such as drills and saws). The company wants to promote breakthrough innovation. One of your first tasks is to think about innovation performance metrics to use. What advice will you give to the CEO regarding the metrics?
In: Operations Management
4. Apply sports team cohesion research findings to improving your new department at work. As the newly assigned supervisor to a new department, what conditions would you set up to improve both task and social cohesion and performance in your department? Review the chapter findings and other research.
Apply: The student will use information in new situations while demonstrating their skills in written communication, critical thinking, and information literacy.
3. Help the Team! Empower Team cohesion and collective self-efficacy?
: Create: Students will produce new works or ideas by formulating practical solutions to social problems while demonstrating their skills in written communication, critical thinking, and information literacy.
Imagine you are the sports psychologist assigned to an underachieving basketball team. The coach needs your assistance. Describe the interventions you would use to improve both team cohesion and collective self-efficacy. Research and provide your rationale.
3. Compare and contrast these concepts: Team Cohesion and Collective Efficacy
4. Compare and contrast these concepts: Team process goals and performance goals
In: Psychology
____ occurs when a homogenous and highly cohesive group is focuses on maintaining unanimity, thus failing to evaluate alternatives fairly and suppressing contrary opinions both from within the group and from outside the group.
Select one:
a. Confirmation Bias
b. Group Polarization
c. Social Loafing
d. Groupthink
____ is the tendency of a group to make more extreme decisions than they would make if the individual group members were acting individually.
Select one:
a. Collective Group Norms
b. Group Polarization
c. Groupthink
d. Intergroup Processes
_____ is contributing less effort while in a group than one would if working individually.
Select one:
a. Social Loafing
b. Production Blocking
c. Collective Group Norms
d. Intergroup Processes
The____ is the belief that deindividuating settings do not lead to anonymity or a loss of personal identity, rather, they help foster a more social or collective identity.
Select one:
a. Social Identity Model of Disinhibition Effects
b. Theory of Reasoned Action
c. Theory of Planned Behavior
d. Three-component Model
In: Psychology
Janice Watts, a 24-year-old female client, is admitted after a motor vehicle crash for a closed reduction of the left fibula and tibia fractures and application of a cylinder plaster cast because of the edema present. The client had previously used crutches and has a pair of crutches. She will be non–weight-bearing. The vital signs are T, 98° F; BP, 120/70 mm Hg; HR, 78 beats/ minute; RR, 20 breaths/minute. She stated the pain is relieved after the narcotic analgesic was provided 30 minutes earlier and that she is comfortable. The client had suffered a concussion as well and will remain in the hospital for the next 24 hours. The client has no known allergies. She has no previous hospitalizations and does not take any medications. The LPN/LVN will need to take care of the client after she has the cast applied in the casting room.
Questions:
In: Nursing
Provided below is the incomplete income statement (for 2020) and balance sheet (Dec 31 2019 and Dec 31 2020) for SCOTTY Inc. SCOTTY Inc. Income Statement For the year ended Dec. 21, 2020 Net sales $8,953 Cost of goods sold $5,865 Depreciation $? EBIT $? Interest paid $675 Earnings before taxes $? Taxes $400 Net income $705 Dividends paid $? Addition to retained earnings $450 SCOTTY Inc. Balance Sheet as at December 31, 2019 and 2020 2019 2020 2019 2020 Cash $725 $1,135 Accounts payable $859 $1,031 Accounts rec. $2,330 $? Notes payable $? $4,020 Inventory $3,240 $5,202 Current liabilities $? $? Current assets $? $? Long-term debt $9,250 $9,750 Net fixed assets $? $9,211 Common stock $250 $? Retained earnings $? $2,797 Total assets $16,083 $17,848 Total liabilities & equity $? $? a) Fill in the missing values for entries in the income statement and balance sheet in the table provided below. MISSING ENTERIES VALUES Depreciation EBIT Earnings before taxes Dividends paid Current assets (2019) Net fixed assets (2019) Notes payable (2019) Current Liabilities (2019) Retained earnings (2019) Total liabilities & equity (2019) Accounts receivables (2020) Current assets (2020) Current Liabilities (2020) Common stock (2020) Total liabilities & equity (2020) b) What is the company’s net working capital at the end of 2019 and at the end of 2020?
In: Finance
Comment on the big-picture cause or justification of poverty in the U.S. and how the current economic system affects it.
Are you taking an "individual responsibility" or "collective responsibility" approach?
In: Economics
Collective Bargaining, What it's Good For? gives a good explanation of why unions are important to all humans. can you explain in 200 word counts?
In: Economics
P18.1 Anthony Ltd. began business on January 1, 2019. At December 31, 2019, it had a $58,500 balance in the Deferred Tax Liability account that pertains to property, plant, and equipment acquired on July 1, 2019 at a cost of $900,000. The property, plant, and equipment is being depreciated on a straight-line basis over six years for financial reporting purposes, and is a Class 8—20% asset for tax purposes. Anthony's income before income tax for 2020 was $60,000. Anthony Ltd. follows IFRS.
The following items caused the only differences between accounting income before income tax and taxable income in 2020.
Income tax rates have not changed since the company began operations.
Instructions
a. Calculate the balance in the Deferred Tax Asset or Deferred Tax Liability account at December 31, 2020.
b. Calculate income tax payable for 2020.
c. Prepare the journal entries to record income taxes for 2020.
d. Prepare the income tax expense section of the income statement for 2020, beginning with the line “Income before income tax.”
e. Indicate how deferred taxes should be presented on the December 31, 2020 SFP.
f. How would your response to parts (a) to (e) change if Anthony reported under ASPE?
In: Accounting
In: Economics