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 $ 600 $ 570 $ 560 cost of goods sold (fifo) (64 ) (58 ) (56 ) cost of goods sold (average) (98 ) (92 ) (88 ) operating expenses (326 ) (322 ) (314 ) dividends of $37 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.

What other aspects of ecuadorian culture, other than its predominant religion and language, might affect that country’s culture?

Miko willingly admits that she is not an accountant by training. she is concerned that her balance sheet might not be correct. she has provided you with the following additional information. 1. the boat actually belongs to miko, not to skysong, inc.. however, because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. to be consistent, she also listed as a liability of the corporation her personal loan that she took out at the bank to buy the boat. 2. the inventory was originally purchased for $27,500, but due to a surge in demand miko now thinks she could sell it for $39,600. she thought it would be best to record it at $39,600. 3. included in the accounts receivable balance is $11,000 that miko loaned to her brother 5 years ago. miko included this in the receivables of skysong, inc. so she wouldn’t forget that her brother owes her money. (b) provide a corrected balance sheet for skysong, inc.. (hint: to get the balance sheet to balance, adjust stockholders’ equity.) (list assets in order of liquidity.)

Which statement best explains the relationship between points a and b? a. consumption reaches its highest point, and then supply begins to fall. b. inflation reaches its highest point, and then the economy begins to expand. c. production reaches its highest point, and then the economy begins to contract. d. unemployment reaches its highest point, and then inflation begins to decrease.