FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

10

Cullumber Tool Company's December 31 year-end financial statements contained the following errors. Ending inventory Depreciation expense December 31, 2025 $10,500 understated 2,400 understated (a) An insurance premium of $69.000 was prepaid in 2025 covering the years 2025, 2026, and 2027. The entire amount was charged to expense in 2025. In addition, on December 31, 2026, fully depreciated machinery was sold for $16,000 cash, but the entry was not recorded until 2027. There were no other errors during 2025 or 2026, and no corrections have been made for any of the errors. (Ignore income tax considerations.) December 31, 2026 $8,200 overstated Compute the total effect of the errors on 2026 net income. Total effect of errors on net income $
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Transcribed Image Text:Cullumber Tool Company's December 31 year-end financial statements contained the following errors. Ending inventory Depreciation expense December 31, 2025 $10,500 understated 2,400 understated (a) An insurance premium of $69.000 was prepaid in 2025 covering the years 2025, 2026, and 2027. The entire amount was charged to expense in 2025. In addition, on December 31, 2026, fully depreciated machinery was sold for $16,000 cash, but the entry was not recorded until 2027. There were no other errors during 2025 or 2026, and no corrections have been made for any of the errors. (Ignore income tax considerations.) December 31, 2026 $8,200 overstated Compute the total effect of the errors on 2026 net income. Total effect of errors on net income $
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