Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the lawrence company began its operations on janua

The Lawrence Company began its operations on January 1, 2013, and used the LIFO method...

50.1K

Verified Solution

Question

Accounting

image
image
The Lawrence Company began its operations on January 1, 2013, and used the LIFO method of accounting for its inventory. On January 1. 2015, Lawrence Company adopted FIFO in accounting for its inventory. The following information is available regarding cost of goods sold for each method: Assuming a tax rate of 30% and the same accounting change adopted for tax purposes, how would the effect of the accounting change be reported in opening retained earnings on the 2015 financial statements? +$360,000 adjustment +$252.000 adjustment no adjustment ($700,000) adjustment

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Question 16 HCO3- is secreted from pancreatic cells into the pancreatic duct by which of the following...

Medical Sciences
Q

Using the video link describe the 3 positions to get a good shot of in...

Biology
Q

Two similar coils of radius R are lying concentrically with their planes at right angles...

Physics
Q

Six identical conducting rods are joined as shown in figure Points A and D are...

Physics
Q

N 7 Leah wrote the equation x4 6 32 2 What number makes the equation...

Basic Math
Q

Eric rented a truck for one day. There was a base fee of $15.99, and...

Basic Math
Q

opoints You are considering two business plans....

Accounting
Q

Residual Income and Investment Decisions Allard, Inc., presented two years of data for its Frozen...

Accounting
Q

Although the company has already established medical and retirement plan benefits, Toni Prevosti...

Accounting
Q

Suppose you are the owner of a small woodworking business that is privately incorporated. You...

Accounting
Q

Beyer Company is considering buying an asset for $320,000. It is expected to produce the...

Accounting
Q

which of the following is NOT true about closing entries? a. there are four closing...

Accounting