How could you verify the amount

Assignment Help Accounting Basics
Reference no: EM133010344

Question - In the Truck account, there is a debit entry for a new truck in the amount of $45,000. You suspect that this figure is wrong.  You find that the source document for the transaction is missing from the files when you look for it. How could you verify the amount? If an error has been made, how would you fix it? Are there any other considerations you need to make when accounting for long-term assets?

Reference no: EM133010344

Questions Cloud

How much salary expense should be recorded two days : The calendar year accounting period ends on Wednesday, December 31. How much salary expense should be recorded two days later on January 2?
Experience the same frustrations that you experienced : If you were the leader in a flat organization, do you think you could find ways to make sure that the employees didn't experience the same frustrations that you
What month-end adjusting entry to record salaries earned : Magic Shop pays each of its two office employees each Friday. What the month-end adjusting entry to record the salaries earned but unpaid is?
Identify issues and address significant background facts : 2. Define and explain a question or problem about how the topic is related to COVID-19 that would have an impact on management
How could you verify the amount : Question - In the Truck account, there is a debit entry for a new truck in the amount of $45,000. How could you verify the amount
What the change in owner capital during the year was : What the change in owner's capital during the year was? On January 1 of the current year, Nakamoto Yuta Company reported owner's capital totaling P122,500.
Interpret user requirements and project management : Interpret user requirements and project management related data and make appropriate recommendations within a project context
What is the amount of net income for johnny suh : What is the amount of net income during 2021, assuming that as of December 31, 2021, assets were P980,000, and liabilities were P255,000?
What will be the adjusting entry to accrue wages expense : Employees work 5 days a week and the company pays P900 a day in wages. What will be the adjusting entry to accrue wages expense at the end of January?

Reviews

Write a Review

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.

  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

Free Assignment Quote

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd