Harrington precision parts repaired one of its boeing 737

Reference no: EM13599814

Harrington Precision Parts repaired one of its Boeing 737 aircrafts at a cost of $150,000. Harrington Precision Parts erroneously capitalized this cost as part of the cost of the plane.

1. How will this accounting error affect Harrington Precision Parts' net income? Ignore depreciation.
2. Should the company correct the error or can it ignore the error to report more favorable earnings results?

Reference no: EM13599814

Questions Cloud

Calculate working capital and the current ratio at year-end : management of rivers co. anticipates that its year-end balance sheet will show current assets of 12828 and current

The production manager of rordan corporation has submitted : the production manager of rordan corporation has submitted the following forecast of units to be produced by quarter

Swift corp a capital goods manufacturing business that : swift corp a capital goods manufacturing business that started on jan 4 2012 and operates on a calendar year basis

How should you evaluate macgivers annual report in light of : macgiver brass is a brass plating firm with sales of 8 million and profits before taxes of 625000. macgiver has a loan

Harrington precision parts repaired one of its boeing 737 : harrington precision parts repaired one of its boeing 737 aircrafts at a cost of 150000. harrington precision parts

Locos operates a chain of sandwich shops the company is : locos operates a chain of sandwich shops. the company is considering two possible expansion plans. plan a would open

Determine the total amount of product cost cost of goods : on august 1 2010 sietens corporation had the following account balances raw material inventorydirect and indirect 72000

Kingsley products ltd is using a model 400 shaping machine : kingsley products ltd. is using a model 400 shaping machine to make one of its products. the company is expecting to

Simple plant manufactures dna test strips manufacturing : simple plant manufactures dna test strips. manufacturing overhead is applied to units produced using direct labor

Reviews

Write a Review

Required(*) Message

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?

Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

Accounting problems

Accounting problems, Draw a detailed timeline incorporating the dividends, calculate the exact Payback Period b) the discounted Payback Period. the IRR, the NPV, the Profitability Index.

Theory of interest - term structure of interest rates

Term Structure of Interest Rates

Write a report on internal controls

Write a report on Internal Controls

Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

Liquidity and profitability

Distinguish between liquidity and profitability.

What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

Capm and venture capital

CAPM and Venture Capital

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

User Account

All Pages