Notsofast inc acquired land for 500000 on 712010 it

Assignment Help Accounting Basics
Reference no: EM13481423

Notsofast Inc. acquired land for $500,000 on 7/1/2010. It erroneously recorded the full amount as an expense. Explain what Notsofast must do when it discovers the error in 2011. What recommendations would you give to avoid such errors in the future?

Reference no: EM13481423

Questions Cloud

Timber ridge corporation was organized on january 1 2013 : the following information is available for grey goose inc.beginning retained
The board of directors of a corporation are elected by the : the board of directors of a corporation are elected by the corporate registrar. b. are responsible for day-to-day
Prepare financial statements for sherwood company showing : errors in financial statementsthe following financial statements are available for sherwood real estate companybalance
A village ordered supplies for its fire department at an : a village ordered supplies for its fire department at an estimated cost of 16700. the supplies were received with an
Notsofast inc acquired land for 500000 on 712010 it : notsofast inc. acquired land for 500000 on 712010. it erroneously recorded the full amount as an expense. explain what
Zack is a farmer who buys his feed and fertilizer from a : zack is a farmer who buys his feed and fertilizer from a farmer cooperative. in 2012 zack purchased 300000 in feed and
The financial statements for nike inc are available at the : the financial statements for nike inc. are available at the appendix b link above. the following additional information
What types of non-current assets are carried on the balance : company ford motor company fwhat types of non-current assets are carried on the balance sheet?what is the companys
Business what are the requisites of an ideal firm also : what are the requisites of an ideal firm? also discuss the criteria for the choice of

Reviews

Write a Review

Accounting Basics Questions & Answers

  What was the balance in work in process inventory account

On June 1, 2012, Dalton Production Company had beginning balances as shown in the T-accounts below. Materials inventory Work in process inventory Finished goods inventory Manufacturing overhead 10,000 20,000 25,000 41,000 During June.

  Journalize the first semiannually interest payment on dec

on july 2012 hallo corporation a wholesaler of communication equipment issued 34000000.00 of 20year 12 bonds at a

  Which of the following is true about a cash flow statement

which of the following is true about a cash flow statement using the indirect method of determining cash from

  Ending baldwins balance in common stock be next year

Suppose next year the Baldwin Company generates $44,200 in net profit, pays $12,000 in dividends, total assets increase by $55,000, and total liabilities remain unchanged. What will ending Baldwins balance in Common Stock be next year?

  Problem related to salvage value

Pare Long-Haul, Inc. is considering the purchase of a tractor-trailer that would cost $104,520, would have a useful life of 6 years, and would have no salvage value.

  Find out total stockholders equity

On January 1, 2010, Gucci Brothers Inc. started the year with a $500,000 credit balance in retained earnings and a $608,000 balance in common stock. During 2010, the company earned net income of $109,000, paid a dividend of $14,200, and issued mor..

  Computing fair value of lll

The book value of LLL's assets and owners' equity before the acquisition were $50 million and $30 million, respectively. Compute the fair value of LLL's liabilities that Compton incurred in the acquisition.

  What governing bodies set accounting standards

Financial statements are prepared in accordance with what? What governing bodies set accounting standards? Why do you think financial statements are required to be prepared using the same standards?

  Deduction for qualifying five-year equipment

Elaine owns an unincorporated manufacturing business. In 2011, she purchases and places in service $250,000 of qualifying five-year equipment for use in her business. Her taxable income from the business before any section 179 deduction is $70,000..

  What are the three classifications of funds

The two questions listed below are from the 15 edition, Wilson. Accounting for government and nonprofit entities.

  Question on rate of return

The ABC Co. has no debt in its capital structure, a beta of 0.8, and raises all funds through sale of common stock. The current market rate for similar stock is 14% and the risk-free rate is 6%.

  Net cost of the goods

Hunter Company purchased merchandise inventory with an invoice price of $12,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Hunter Company pays within the discount period?

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