User Account

All Pages

Prepare the correcting entry necessary

Assignment Help Accounting Basics
Reference no: EM131790354

Question - The reported net incomes for the first 2 years of Sinclair Products, Inc., were as follows: 2010, $147,000; 2011, $185,000. Early in 2012, the following errors were discovered.

1. Depreciation of equipment for 2010 was overstated $19,000.

2. Depreciation of equipment for 2011 was understated $38,500.

3. December 31, 2010, inventory was understated $50,000.

4. December 31, 2011, inventory was overstated $14,200.

Instructions: Prepare the correcting entry necessary when these errors are discovered. Assume that the books for 2011 are closed. (Ignore income tax considerations.)

Reference no: EM131790354

Questions Cloud

Determine annual interest rate for a mutual fund return : Melinda Gibbs would like for her descendants to be able draw $40,000 every year for ever starting 30 years from now.
What is the probability that he will score higher than 675 : According to data from the College Board, the mean quantitative SAT score for male college bound high school seniors is 530.
Calculate the contribution margin per day : Calculate the annual fixed costs. Calculate the contribution margin per day. How many days does the boat need to be chartered so that the business breaks even?
The probability of stanford-binet iqs : Stanford-Binet IQs for children are approximately Normally distributed and have m = 100 and s = 15.
Prepare the correcting entry necessary : Prepare the correcting entry necessary when these errors are discovered. Assume that the books for 2011 are closed
What is the knowledge problem : The market process (the forces that bring us closer to equilibrium) is said to solve the knowledge problem. What is the knowledge problem?
What is the probability that a baby will have a length : According to National Vital Statistics, the average length of a newborn baby is 19.5 inches with a standard deviation of 0.9 inch.
Determine the gross profit from sales for the period : Determine the total sales and the total cost of merchandise sold for the period. Determine the gross profit from sales for the period
What is the elasticity of marty labor supply : Using the optimal amount of work from parts a and c, what is the elasticity of Marty's labor supply? Is Marty's labor supply elastic?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Accountants who have accounting degrees

Accountants who have accounting degrees

  Complete this case involving adelphia communications

Complete this case involving Adelphia Communications, available online in the Connect library. By completing the requirements of this case, which ask you to explain how accounting concepts apply to Adelphia's business, you will learn the challenges a..

  Types of adjustments applicable to category

Distinguish between the two categories of adjusting entries, and identify the types of adjustments applicable to each category.

  What should be the minimum selling price per computer

Brand X Computers makes and sells computers. What should be the minimum selling price per computer in negotiating a price for the special order

  Kay dart enterprises uses a machine that removes the bark

kay dart enterprises uses a machine that removes the bark from cut timber. the machine is unreliable and results in a

  Societies set benchmarks to guide members via communication

Societies set benchmarks to guide members through communications with one another. Also, however, it is not frequently evident to the stripped eye; organizations have comparative measures administering their activities and capacity to keep workin..

  Problem on home equity loan

In mid-2015, Elizabeth and Fitzwilliam, successful entrepreneurs, moved in together and bought a house. Although unmarried, they are co-owners of the property.

  Prepare a multiple-step income statement for 2013 including

rembrandt paint company had the following income statement items for the year ended december 31 2013 in

  Prepare the income statement

Prepare the income statement, statement of changes in stockholders equity, balance sheet, and statement of cash flows.

  What are the net cash flows from operating activities for

the following information reflects cash flow and other activities of framer company for six months ended june 30th paid

  Tabular analysis of transactions

A tabular analysis of transactions made throughout August 2010 by Witten Company during its first month of operations

  Weighted average shares outstanding

The common stock equivalents added to the company's weighted average shares outstanding used for basic earnings per share was computed using the treasury stock methods.

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