User Account

All Pages

Is peridot required to revise prior year financial statement

Assignment Help Accounting Basics
Reference no: EM132668561

The Peridot Company purchased machinery on January 2, 2019, for $840,000. A five-year life was estimated and no residual value was anticipated. Peridot decided to use the straight-line depreciation method and recorded $168,000 in depreciation in 2019 and 2020. Early in 2021, the company revised the total estimated life of the machinery to eight years.

Required:

Problem 1. What type of change is this?

Problem 2. Is Peridot required to revise prior years' financial statements as a result of the change?

Problem 3. Is Peridot required to provide a disclosure note to report the change?

Problem 4. Determine depreciation for 2021.

Reference no: EM132668561

Questions Cloud

Leaders without officially holding leadership : Individuals can serve as leaders without officially holding a leadership title. Based on your understanding of these best practices.
What management assertions may be at risk relative to sales : What management assertions may be at risk relative to sales. Give full reasons for your choices. In your answer explain what management assertions are.
Find what is the correlation : What is the correlation? WACC, as we know, is the weighted cost that a company incurs for capital funding whether that be through debt financing or stock.
Compute alternative minimum tax : Compute Alternative Minimum Tax, how to compute self-employment tax, and the requirements to claim the various non-refundable and refundable credit.
Is peridot required to revise prior year financial statement : The Peridot Company purchased machinery on January 2, 2019, Is Peridot required to revise prior years' financial statements as a result of the change?
Briefly present two companies-members of partnership : Briefly present the two companies, members of partnership. What is the kind of this partnership and what are its main reasons?
Find june direct material price variance : June's direct material price variance? During June, CII produced and sold 10,000 containers using 980 pounds of direct materials at an average cost per pound
Environmental scanning : Evaluate the internal and external environments of your selected company using an environmental scan.
Present an understanding of a return on equity : Present an understanding of a return on equity (ROE) and earnings per share (EPS) to a pseudo group of investors or senior management.

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.

  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

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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