Prepare the correcting entry necessary

Assignment Help Accounting Basics
Reference no: EM131960431

Question - The reported net incomes for the first 2 years of us books corp. were as follow: 2017, $388,000, and 2018 $472,000. Early in 2019 the following errors were discovered

1. Depreciation of equipment for 2017 was understated $72,500

2. Depreciation of equipment for 2018 was overstated $41,000

3. December 31, 2017, inventory was overstated $13,000

4. December 31, 2018, inventory was understated $63,600

Prepare the correcting entry necessary when these errors are discovered. Assume that the 2018 books are still open.

Reference no: EM131960431

Questions Cloud

Retrieve all the books that cost less : Write SQL DDL corresponding to the following schema. Make any reasonable assumptions about data types and be sure to declare primary and foreign keys.
How many sales in units will jane company need : How many sales in units will Jane's company need to make with these changes in order to keep prices the same while earning the same profit
Advancement for a large company : Distinguish the roles of CIO and CSO in terms of primary responsibilities. Why was it an advancement for a large company like Target to have both officers?
De?ne a game that models the given situation : De?ne a game (either normal-form or extensive-form) that models the situation. You might have to simplify the situation or make up reasonable payo? numbers.
Prepare the correcting entry necessary : The reported net incomes for the first 2 years of us books corp. were as follow: 2017, $388,000, Prepare the correcting entry necessary
Complete a term project on marketing : Complete a term project, a four page report on a marketing topic based on a minimum of three Internet sources, evidenced by footnotes.
Required estimate the initial investment : Required Estimate the initial investment and Annual cash flows - Calculate: the NPV, IRR, PI, PBP
Describe why is some degree of monopoly power permitted : Describe Why is some degree of monopoly power permitted? What you read, do you think Google is harmful monopoly that should be subject to USanti-trust action.
Explain what is prototyping : Briefly, explain what is prototyping? What are the advantages of using the prototyping as a development tool?

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.

  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!

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