ACC 577 Week 6 Quiz ( 100 % Correct Answers ) For more course tutorials visit www . uophelp . com
par stock was $ 50 . The journal entry to record the issuance of stock to the option holders at date of exercise will include :
Question 18
On August 31 , 20x4 , Harvey Co . decided to change from the FIFO periodic inventory system to the weighted average periodic inventory system . Harvey is on a calendar year basis . The cumulative effect of the change is determined
Question 19
For its first year of operations , Cable Corp . recorded a $ 100,000 expense in its tax return that will not be recorded in its accounting records until next year . There were no other differences between its taxable and financial statement income . Cable ' s effective tax rate for the current year is 45 %, but a 40 % rate has already been passed into law for next year . In its year-end balance sheet , what amount should Cable report as a deferred tax asset ( liability )?
Question 20
Tack , Inc . reported retained earnings balance of $ 150,000 at December 31 , 20x3 . In June 20x4 , Tack discovered that merchandise costing $ 40,000 had not been included in inventory in its 20x3 financial statements . Tack has a 30 % tax rate . What amount should Tack report as adjusted beginning retained earnings in its statement of retained earnings at December 31 , 20x4 ?
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ACC 577 Week 6 Quiz ( 100 % Correct Answers ) For more course tutorials visit www . uophelp . com