change in accounting principle answer v1

change in accounting principle answer v1 - Version 1 Name...

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Version 1 Name and # 05 and '06 profit and loss 15 06 balance sheet 10 Retained earnings roll forward 10 Inventory COGS LIFO FIFO Change LIFO FIFO Change 1/1/2005 $- $- $- $- $- $- 12/31/2005 $200 $150 $(50) $600 $650 $50 12/31/2006 $230 $330 $100 $1,100 $950 $(150) 12/31/2007 $400 $600 $200 $1,500 $1,400 $(100) Adjusted Original Adjusted Original 2007 2006 2006 Change 2005 2005 Change Sales $4,000 $3,500 $3,500 $- $4,000 $4,000 $- COGS 1,400 950 1,100 (150) 650 600 50 1,300 900 900 - 900 900 - Income before tax 1,300 1,650 1,500 150 2,450 2,500 (50) Income tax 520 660 600 60 980 1,000 (20) Net income $780 $990 $900 $90 $1,470 $1,500 $(30) Adjusted Original 2007 2006 2006 Change Cash $6,000 $5,500 $5,500 - Inventory 600 330 230 100 Total assets $6,600 $5,830 $5,730 $100 Income tax liability 792 640 600 40 APIC 10 10 10 R.E. 5,798 5,180 5,120 60 $6,600 $5,830 $5,730 $100 Roll forward of 2006 R.E. 2006 as originally stated
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change in accounting principle answer v1 - Version 1 Name...

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