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Question - Accounting Estimates and Errors Craft Ltd is preparing its financial statements for the year ended 31 December 2021. The directors learnt about errors in accounting balances as follows.
A machine with a cost of $110,000 and an accumulated depreciation of $20,000 at the end of the prior year was previously estimated to have a residual value of $10,000 and a useful life of ten (10) years. The current year estimates indicated that the residual value was nil and the useful life was eight (8) years. The company used the straight-line method for depreciation.
The directors are wondering whether (1) any adjustments are required, if so, (2) show the journal entries to effect the change in estimates. In addition, (3) any disclosure requirements of changes in Accounting Estimates.
Thibodeau Company has the following merchandise account balances: Sales Revenue $195,000, Sales Discounts $2,000, Cost of Goods Sold $117,000, and Inventory $40,000. Prepare the entries to record the closing of these items to Income Summary.
Determine the amount of inventory lost by Navarre as a result of the fire. Navarre has a December 31 year-end.
Formulate statement of stockholders' equity at the end of December
1.On January 2, 2013, Sanborn Tobacco, Inc., bought 5% of Jackson Industry's capital stock for $90 million as a temporary investment.
Explain the Cookie Jar Reserves terms in the lexicon of earnings management (discussed in the last class). When you explain each term, give an example
March 1. Opening Inventory, 150 diamonds at a cost of $300 per diamond. Which cost flow method should Quality Diamonds select? Explain
if an iron industry has earned contribution of 200000 and net profit of 150000 on sales of 800000. what would be
Distinguish between traditional, personal, and strategic selling. Create a strategic sales plan. Apply customer service skills before, during, and after a sale
Last year, BFA Corporation had net sales of $3,600,000 and cost of goods sold of $2,000,000. Its depreciation charge was $600,000 and selling, general.
On January 1, 2019, Langdon & Co. issues bonds with a face value of $50,000 for $51,000. Calculate the value to be assigned to the bonds
Identify the basic forms of conducting business, and distinguish and explain the tax implications for income earned and losses incurred by a sold proprietor, partnership, and corporation.
Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year.
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