Question 15 of 20 <. -/5 View Policies Current Attempt in Progress The following information is available for Sage Hill Corporation: Retained Earnings, December 31, 2019 $1,575,000 Net Income for the year ended December 31, 2020 $250,000 The company accountant, in preparing financial statements for the year ending December 31, 2020, has discovered the following information: The company's previous bookkeeper, who has been fired, had recorded depreciation expense on equipment in 2018 and 2019 using the double-declining-balance method of depreciation. The bookkeeper neglected to use the straight-line method of depreciation which is the company's policy. The cumulative effects of the error on prior years was $24,000, ignoring income taxes. Depreciation was computed by the straight-line method in 2020. Prepare the entry for the prior period adjustment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Debit Credit Account Titles and Explanation eTextbook and Media List of Accounts Attempts: 0 of 3 used Submit Answer Save for Later

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Question: Prepare a statement of profit or loss and other comprehensive income for the year ended 31 December 2021 Below is the list of nominal ledger balances of Tonson Plc at 31 December 2021. Tonson’s financial year end is at 31 December. Nominal ledger closing balances at 31 December 2021 The following information is relevant. 1. Closing inventory at 31 December 2021 is £45,000 On further investigation of the suspense account in the trial balance above, it was discovered that: An expense of £8,250 for legal services had been posted to the suspense account and a cash receipt of £15,750 had been posted to the suspense account. This represented the disposal proceeds from selling equipment, which had been purchased on 1 March 2017 at a cost of £48,000. Tonson depreciates non-current assets as follows: buildings at 1 per cent on a straight-line basis plant and equipment at 10 per cent on a straight-line basis motor vehicles at 20 per cent on a reducing balance basis.…

Expense Recognition Question: How do you indicate the amount of expense that should be recognized for each of the following events of a company, that occurred during the year of 2018? 1. Space was leased from another company for a one-year period, starting November 1, 2018. Five months of rent at $2,340 per month was paid in advance. 2. Incurred $27,350 of research costs for new products. Although no new items have been created, management is certain that the research will result in new products. 3. The business used electricity and water during December for manufacturing, the company will receive the bill in January 2019 and pay it in February 2019. Electricity and water costs totalling $45,375 have been recorded for the period from January 1 to November 30, 2018. Please Explain.