Prepare indigo 2017 journal entry to correct the error

Assignment Help Financial Accounting
Reference no: EM132419029

In 2017, Indigo Corporation discovered that equipment purchased on January 1, 2015, for $61,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 30%. Indigo uses straight-line depreciation.

Prepare Indigo's 2017 journal entry to correct the error. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Reference no: EM132419029

Questions Cloud

Estimate the dividend growth rate for exxon mobil : Use four methods (arithmetic average growth rate, compound average growth rate, regression, and earnings retention model)
Calculate the cost of equity using the dcf method : Calculate the cost of equity using the DCF method. Calculate the cost of equity using the CAPM method.
Name two ways that can you transfer risk : What should you tell Icahn about being able to purchase such a policy? Name two ways that can you transfer risk?
ECON6000 Economic Principles and Decision Making Assignment : ECON6000 Economic Principles and Decision Making Assignment Help and Solution, Laureate International Universities, Australia. What is First Home Owners Grant
Prepare indigo 2017 journal entry to correct the error : Prepare Indigo's 2017 journal entry to correct the error. (Credit account titles are automatically indented when amount is entered.
What is the npv and irr : If the cost of capital is 12%, should the company proceed? What is the NPV and IRR? Please explain in details
How a company is doing along its strategic marketing : What are the most useful performance criteria to determine how a company is doing along its strategic marketing performance?
What is the cash payments to suppliers : Using the direct method compute cash payments to suppliers. What is the Cash payments to suppliers?
Create the journal entries to record a cash sale : Create the journal entries to record a cash sale of a sweater for $22.00 where the cost of the sweater to Target was $15.00. Include explanations.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Inadequate segregation of duties

Inadequate segregation of duties in accounts payable

  Prepare an income statement balance sheet

Prepare an income statement, balance sheet, and statement of changes in stockholders equity; analyze results. The following information was obtained from the records of Shae, Inc.:

  Calculate the ebit-eps indifference pointemco products has

calculate the ebit-eps indifference point.emco products has a present capital structure consisting only of common stock

  Department on fabios overall net operating income

Fabio Corporation is considering eliminating a department that has a contribution margin of $28,000 and $72,000 in fixed costs. Of the fixed costs, $15,000 cannot be avoided. The effect of eliminating this department on Fabio's overall net operating ..

  Prepare adjusting journal entries

Prepare Adjusting Journal Entries. Review Post Closing Trial Balance. Prepare an Income Statement & Balance Sheet. Run / Calculate important financial ratios.

  Include the debit-credit-account name-amount

List the journal entries required in the following situations. Include the debit, credit, account name, amount, accounting period (month), and whether each account is an asset, liability, equity, revenue, or expense. During the June close, you receiv..

  Discuss the bank statement included a nsf from a customer

the bank statement included a NSF from a customer ,for $460.00

  What is cs basis in the partnership after the distribution

If the partnership did not make the section 743 election, how would this affect the price C would receive for his interest? Explain. What is C’s basis in the land and building? What is C’s basis in the partnership after the distribution?

  Construct brandywine 2007 income statement

Construct Brandywine 2007 income statement and what were brandywire net income, total profit margin,and cash flow?

  Selling the material rather than selling it as is as scrap

Degner Inc. has some material that originally cost $19,500. The material has a scrap value of $13,300 as is, but if reworked at a cost of $2,100, it could be sold for $14,000. What would be the incremental effect on the company's overall profit of re..

  Employees are paid every saturday for the preceding work

employees are paid every saturday for the preceding work week. if a balance sheet is prepared on wednesday december

  Presentation of unusual items in financial statements

A potential investor or lender may be very interested in evaluating a company's current operations that will continue into the future. If unusual items are not separated, the ratios and analysis will be distorted and will likely be meaningless. What ..

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