Business, 27.12.2020 15:50 anaislewis8296
During 2021, a construction company that began operations in 2019 changed from the completed-contract method to the percentage-of-completion method for accounting purposes but not for tax purposes. Gross profit figures under both methods for the past three years appear below:
Completed-Contract Percentage-of-Completion
2019 $466000 $889000
2020 615000 940000
2021 690000 1040000
$1771000 $2869000
Assuming an income tax rate of 30% for all years, the effect of this accounting change on prior periods should be reported by a credit of:
a. $525,000 on the 2018 income statement.
b. $770,000 on the 2018 retained earnings statement.
c. $770,000 on the 2018 income statement.
d. $525,000 on the 2018 retained earnings statement.
Answers: 3
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During 2021, a construction company that began operations in 2019 changed from the completed-contrac...
History, 19.09.2019 08:10
History, 19.09.2019 08:10