During 2016 (its first year of operations) and 2017, Batali
Foods used the FIFO inventory costing method for both financial
reporting and tax purposes. At the beginning of 2018, Batali
decided to change to the average method for both financial
reporting and tax purposes.
Income components before income tax for 2018, 2017, and 2016 were
as follows ($ in millions):
| 2018 | 2017 | 2016 | |||||||
| Revenues | $ | 570 | $ | 540 | $ | 530 | |||
| Cost of goods sold (FIFO) | (61 | ) | (55 | ) | (53 | ) | |||
| Cost of goods sold (average) | (92 | ) | (86 | ) | (82 | ) | |||
| Operating expenses | (314 | ) | (310 | ) | (302 | ) | |||
Dividends of $34 million were paid each year. Batali’s fiscal year
ends December 31.
Required:
1. Prepare the journal entry at the beginning of
2018 to record the change in accounting principle. (Ignore income
taxes.)
2. Prepare the 2018–2017 comparative income
statements.
3. & 4. Determine the balance in retained
earnings at January 2017 as Batali reported using FIFO method and
determine the adjustment of balance in retained earnings as on
January 2017 using average method instead of FIFO method.
In: Accounting
Viscoelasticity and the non-linear rheology of polymers are responsible for phenomena such as rod climbing or die swell as well as part of the challenge of processing polymer melts. 1) explain why from a polymer physics point of view polymer melts can have non-Newtonian behaviors that do not scale linearly with molecular weight and 2) explain what one of these two examples are and posit an explanation for it.
In: Mechanical Engineering
It is believed that 1/4 of adults over 50 years old graduated from high school. We want to see if the percentage is the same for 30 year olds. How many should we survey in order to estimate the proportion of non-grads within 0.06 with 90 % confidence? Suppose we have no idea of the % of non-grads, what would be the "n" value?
In: Statistics and Probability
The Austrian Trade-Cycle Theory of the Business Cycle assumes:
a.) the recurrence of the business cycle is a monetary phenomenon.
b.) the non-neutrality of money. Money has a driving force of its own.
c.) mal-investments are introduced in the boom of the business cycle and not in
the bust of the cycle. Capital consumption is the characteristic feature of the
bust of a non-financial crisis business cycle.
d.) all of the above.
In: Economics
1. Given the non-template strand of DNA, draw the template strand with the 5' and 3' ends labeled. Draw the RNA molecule with the proper 5' and 3' ends labeled
Non-Template Strand: 3'- AAT GCT CGT AGC TTC GAT CGG ATC GA-5'
2. How many amino acids would the RNA molecule code for?
In: Biology
Given a list of numbers, could you build a Turing machine to sort them into non-decreasing order? Non-decreasing order is essentially the same thing as increasing order, except that it recognizes that some of the numbers might be repeated. Explain why this is or why this is not possible. Do not try to give an algorithm or even a description of how the machine would work--just an explanation as to why it is or is not possible.
In: Computer Science
Write a function lbs2lboz(p) that takes a non-negative number, p , that represents a weight in pounds and outputs a pair (l,o) such that l is an integer and p=l+o/16.
Write a function oz2lboz(oz) that takes a non-negative number, oz , that represents a weight in ounces and outputs a pair (l,o) such that l is an integer and oz=l*16+o.
on python
In: Computer Science
Your original post must well detailed and should demonstrate an understanding and ability to apply relevant key concepts. In addition to your original post, you should respond to at least two of your peers. Make your responses constructive, and include your sources of information where applicable.
The Uruguay Round of the GATT began a process of phasing out the use of voluntary export restraints. Why did they come into widespread use in the 1980s? For instance, given that VERs (voluntary export restraints) are a form of quotas, and that they create quota rents and a larger reduction in national welfare than tariffs, why did nations use them instead of tariffs?
The GATT strongly favors tariffs as a protective measure over quotas or other non-tariff measures. It encourages new members to convert quotas to their tariff equivalents. One of the main reasons that tariffs are preferred is because they are more transparent, particularly by comparison to non-tariff measures. Explain the idea of transparency and how non-tariff measures may be non-transparent. Use examples to support your arguments.
In: Economics
Now consider even integers with non-repeating digits. Calculate the number of even integers where digits can not be repeated
In: Statistics and Probability
Refined crude oil has been used to lubricate moving parts in a wide variety of machines and engines. These petroleum-based lubricants are extracted from natural crude oil, and must be refined, desalted, dewaxed, and distilled from crude feedstock. However, recently, engineers are moving towards non-petroleum based lubricants or known as synthetic lubricants. Obtain information about non-petroleum based lubricants and summarize your findings in a brief report by following the format given below. The report should contain minimum 1500 words (excluding figure and table title and content, references)
|
Section 1: Introduction |
|
Section 2: Categories and types of available petroleum based lubricants |
|
Section 3: Categories and types of available non petroleum based lubricants |
|
Section 4: Difference between petroleum based and non-petroleum based lubricants |
|
Section 5: Issues and challenges with petroleum based lubricants |
|
Section 6: References (website url, date assessed AND/OR name of journal/ book, author) Minimum 3 references |
In: Mechanical Engineering