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Question - After the accountant of Samaras Co. had prepared the financial statements for the year ended 31 January 2017, the following errors came to light:
1) A motor van purchased at a cost of $12,000, with accumulated depreciation at the beginning of the year of $4,000, had been depreciated at 20% using the reducing balance method rather than the straight-line method of depreciation.
2) The payment of $1,500 for a trade payable had been treated as a cash purchase.
3) Withdrawals by the owner of $3,000 during the year had been treated as part of the salaries and wages expense.
4) Bank charges of $400 during the year had been treated as interest charges. The profit for the year before these errors were discovered was $42,000.
What is the profit for the year after adjusting for these errors?
A company reported net income of $17,500 for the past year. Calculate the return on assets. What does the return on assets ratio measure
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On January 1, 2010, the Easton Corporation acquired 30% of the outstanding common shares of Feeley Corporation for $140,000, and 25% of the outstanding common shares of Holmes Company for $82,500 and obtained significant influence in both situations.
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The interest (settlement) rate applicable to the plan is 10%. On January 1, 2015, the company amends the plan so that prior service costs of $175,000.
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