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In 2016, internal auditors discovered that PKE Displays, Inc., had debited an expense account for the $368,000 cost of a equipment purchased on January 1, 2013. The equipment's life was expected to be five years with no residual value. Straight-line depreciation is used by PKE. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Required:
1. Prepare the appropriate correcting entry assuming the error was discovered in 2016 before the adjusting and closing entries. (Ignore income taxes.)
Record the correcting entry for errors discovered.
2. Assume the error was discovered in 2018 after the 2017 financial statements are issued. Prepare the appropriate correcting entry.
Phipps manufactures circuit boards in Division A, a country with a 30% income tax rate, and transfers them to Division B, a country with a 40% income tax. An import duty of 15% of the transfer price is paid on all imported products.
a. Compute Jim's overhead using the new product mix, profit, and contribution margins. b. How could expanding into a product line with higher contribution margin erode the firm's profit margin?
The marketing plan format is one that is utilized by major corporations all over the country. However, writing a comprehensive marketing plan is a difficult and challenging task, yet, the ability to write such a plan is critical to the development..
alpha corporation has 25 million shares of common stock issued and outstanding. on august 31 the board of directors
XYZ Company is building a new hockey rink at a cost of $1,500,000. It received a down payment of $500,000 from local businesses in support of the project and now needs to borrow $1,000,000 to complete the project. It therefore decides to issue $1,..
on january 1 jkr shop had 490000 of inventory at cost. in the first quarter of the year it purchased 1630000 of
During the year, Sereno Co. recorded prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. At the end of its annual accounting period, the company must make three adjusting entries.
The corporation elected S corporation status at the starting of 2011. On February 13, 2012, the property was sold for $40,000, payable in 4 yearly instalments of $10,000 plus interest. What is the amount of ordinary income to be reported from the s..
swanson corporation issued 8 million of 20-year 8 percent bonds on april 1 2011 at 102. interest is due on march 31 and
Question 1: The degree of operating leverage is computed as:
1.At January 1, 2013, Brant Cargo acquired equipment by issuing a five year, $150,000 (payable at maturity), 4% note. The market rate of interest for notes of similar risk is 10%.
quillen company is performing a post-audit of a project completed one year ago. the initial estimates were that the
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