Miscalculated accumulated depreciation on assets sold

Assignment Help Financial Accounting

Reference no: EM133209402

Question

In recording the 20X9 disposals, Janel James, Brony's Bikes' plant assets accountant, miscalculated the accumulated depreciation on the assets sold and thereby overstated the gain on disposal by $3,090,000. Draft Audit Adjustment 10 at the bottom of WP 11.4 to correct for this misstatement.

Reference no: EM133209402

Questions Cloud

Sustainability reporting and management paradise : Discuss 1-2 sustainability-related issues that are material for PC but are not covered in the industry-level disclosure standards.

Limited liability partnership : A limited liability partnership has the following characteristics: it protects limited liability, and the partners can share the profits.

Transferor of accounts receivable : which of the following would prevent the Transferor of Accounts Receivable from recording the transaction as a "Sale"?

Electronic data gathering analysis and retrieval data base : The Electronic Data Gathering Analysis and Retrieval Data Base may be found one the website of which of the entities?

Miscalculated accumulated depreciation on assets sold : In recording the 20X9 disposals, Janel James, Brony's Bikes' plant assets accountant, miscalculated the accumulated depreciation on the assets sold

Accounting cycle : It is the final step in the accounting cycle. You are at the end of the month, and you have to reset the temporary accounts prior to the new period starting.

Define service-product bundle : Define service-product bundle that is being provided for guests, including the tangible services, the intangible services and the facilitating goods.

Current attempt in progress-what is amount of the check : Current Attempt in Progress Sheffield Company sells merchandise on account for $5100 to Pharoah Company. What is the amount of the check?

Taxable compensation income : What is the taxable compensation income?

User Account

All Pages