Document4WordO SearchJasmine ThompsonFileHomeInsertDrawDesignLayoutReferencesMailingsReviewViewHelpB ShareComrX Cut:Calibri (Body)12O FindLCopyPasteAaBbCcDd AaBbCcDd AaBbC AaBbCcD AaB AaBbCcD AaBbCcDd AaBbCcDdS Format PainterBIU ab x, x A ev Av三言三三這、、田、I NormalI No Spac. Heading 1 Heading 2ReplaceTitleSubtitleSubtle Em. EmphasisDictateEditcSelectClipboardFontParagraphStylesEditingVoiceEditor113.e. net income is understated14. If the entry to record depreciation is not recorded at the end of the period:a. Liabilities are understatedb. The working capital (current) ratio is correct.C. Assets are understatedd. The working capital (current) ratio is overstated.e. Net Income is understated15. The Brown Company's 12/31 Trail Balance totals $10,000. Three adjusting entries are248%D, FocusENG8:39 PMUS1/20/2021以English (United States)1116 wordsPage 5 of 7e Type here to searchdeletehome

Ratio analysis is a method of measuring the financial position of the organization with different…

14. If the entry to record depreciation is not recorded at the end of the period: a. Liabilities are understated b. The working capital (current) ratio is correct. c. Assets are understated d. The working capital (current) ratio is overstated. e. Net Income is understated 15. The Brown Company's 12/31 Trail Balance totals $10,000. Three adjusting entries are

14. If the entry to record depreciation is not recorded at the end of the period: a. Liabilities are understated b. The working capital (current) ratio is correct. c. Assets are understated d. The working capital (current) ratio is overstated. e. Net Income is understated 15. The Brown Company's 12/31 Trail Balance totals $10,000. Three adjusting entries are

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Hello, in the above question 3 on the change in policy on the depreciation why not calculate the depreciation expense for the year-end December 31, 2018, and 2019 which is 100,000 divided by 10 = 10,000 for 2 years = 20,000. Then subtract the 36,000 -20,000 = 16,000. Reverse the 12,800 which was booked using the double declining balance method. and record the correct amount to accumulated depreciation and depreciation expense.
Sheridan Company purchased equipment for $7190 on December 1. It is estimated that annual depreciation on the equipment will be $1560. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: Debit Depreciation Expense, $5630; Credit Accumulated Depreciation, $5630. Debit Equipment, $7190; Credit Accumulated Depreciation, $7190. Debit Depreciation Expense, $1560; Credit Accumulated Depreciation, $1560. Debit Depreciation Expense, $130; Credit Accumulated Depreciation, $130.
On April 1, a patent with an estimated useful economic life of 12 years was acquired for $100,800. In addition, on December 31, it was estimated that goodwill of $55,500 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. If an amount box does not require an entry, leave it blank. c. Journalize the adjusting entry on December 31 for the impaired goodwill. If an amount box does not require an entry, leave it blank.
Aa.66.
The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period. All are related to theuse of delivery equipment. The double-declining-balance method of depreciation is used. Journalize the transactions and the adjusting entries. Refer to the Chart of Accounts for exact wording of account titles.
What is the net book value of the Trucks on December 31, 2021? The TOTAL depreciation expense recorded for the 4-year period (2018-2021) is overstated or understated by? (If understated, put a negative (-) sign before the numerical figure)
Depreciation for a prior period was incorrectly understated by $950,000. The error was discovered in the current year. what section of the income statement or retained earnings statement these items should be classified. Provide a brief rationale for your position.
Bramble Company purchased equipment for $15600 on December 1. It is estimated that annual depreciation on the equipment will be $3900. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: O Debit Depreciation Expense, $11700; Credit Accumulated Depreciation, $11700, O Debit Depreciation Expense, $3900; Credit Accumulated Depreciation, $3900. O Debit Equipment, $15600; Credit Accumulated Depreciation, $15600. O Debit Depreciation Expense, $325; Credit Accumulated Depreciation, $325.
3. The net income reported on the income statement for the current year was $304,374. Depreciation recorded on fixed assets and amortization of patents for the year were $32,397 and $8,545, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $37,946 $53,537 Accounts Receivable 124,179 105,179 Inventories 113,951 87,274 Prepaid Expenses 3,330 8,740 Accounts Payable (merchandise creditors) 50,535 72,784 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? a.$282,800 b.$365,298 c.$299,639 d.$279,858
Compute the following: a. Carder & Company purchased equipment for $24,000 with a useful life of eight years and no expected salvage value. Prepare the adjusting entry for the first year using the straightline depreciation method. Omit explanations. If an amount box does not require, leave it blank. Page: 1 DATE DESCRIPTION POST.REF. DEBIT CREDIT 1 a. fill in the blank a56629fe4031fb0_2 fill in the blank a56629fe4031fb0_3 1 2 fill in the blank a56629fe4031fb0_5 fill in the blank a56629fe4031fb0_6 2 a. Carder & Company purchased equipment for $24,000 with a useful life of eight years and no expected salvage value. Compute the book value at the end of the second year of the equipment's life. Book Value $fill in the blank bd8c2300bf8af95_1 b. DAC Company pays its employees every Friday. On January 2, 20--, the Company paid $6,000 for the 5 days beginning the previous December 29. Prepare the adjusting entry on December 31. Omit…
This section of the balance sheet represents asset subaccounts that typically can be liquidated within a 1-year period from the statement date. Current liabilities Current assets Net assets O Non-current assets
On December 1, delivery equipment was purchased for $8,928. The delivery equipment has an estimated useful life of four years (48 months) and no salvage value. Question Content Area Using the straight-line depreciation method, analyze the necessary adjusting entry as of December 31 (one month) using T accounts, and then formally enter this adjustment in the general journal. DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Dec. 31 Depr. Expense - Delivery Equipment 2 Accum. Depr. - Delivery Equipment