At the beginning of 2024 , a construction company that began operations in 2022 changed from the completed-contract method to th 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: The company reports two years of comparative statements. Assuming an income tax rate of 20% for all years, the effect of this accounting change on prior periods after taxes should be reported by a credit of $864000 on the 2023 income statement. $864000 on the 2024 retained earnings statement. $324000 on the 2023 retained earnings statement. $584000 on the 2024 income statement
Other questions asked by students
Basic Math
1.2K views
Approximate the solution s to x 4x 4 0 using a graphing utility to x...
Statistics
1.2K views
Statistics
1.2K views
possible List all the permutations of five objects x y z s and t taken...
Algebra
1.2K views
Accounting
1.2K views
Accounting
1.2K views
The Chungs are married with one dependent child. They report the following information for 2023...
Accounting
1.2K views
Accounting
1.2K views
Accounting
1.2K views
Marigold Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at...
Finance
1.2K views
54.00 56.00 3.40% 3.00% 3 15.00% 3 Use the Black-Scholes option pricing model to price...