Homework Answers
- Requirement [a]
|
Dec-31 |
Depreciation expense - Equipment |
$13,900 |
|
|
Accumulated Depreciation - equipment |
$13,900 |
||
|
(to record depreciation adjustment) |
- Requirement [b]
|
Depreciation expense |
Yes, understated |
|
Net Income |
Yes, overstated |
|
Accumulated Depreciation |
Yes, understated |
|
Total Assets |
Yes, Overstated |
|
Stockholder's equity |
Yes, Overstated |
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