Hampton's Construction,Inc

question 293

Multiple Choice

Hampton's Construction,Inc.decided to change from completed-contract method of accounting to percentage-of-completion method.Hampton will continue to us the completed-contract method for income tax purposes.The following information is available for net income.The income tax rate for all years is 35%. What is the journal entry to record the change in accounting principle on January 1,2016?

• A)No journal entry need for prospective application of the change in principle.
• C) Construction in Progress 72,000
• D) Retained Earnings-Prior Period Adj. 33,150

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Definitions:

Impulse Control Disorder

A psychiatric condition characterized by difficulty resisting the impulse to perform actions that could be harmful to oneself or others.

Family History

A record of the health and medical conditions of an individual's relatives, important for understanding genetic risks or predispositions.

Mental Illness

A disorder that affects a person's mood, thinking, and behavior, encompassing a wide range of mental health conditions.

Alcohol Abuse

The excessive and harmful consumption of alcohol, leading to negative health, social, and legal consequences.