Homework Answers
Answer for Question 3
The payment entry was omitted. Hence, the payment entry shall
be-
Accounts Payable Dr $ 4,500
To Cash $ 4,500
Answer for Question 5
Depreciation as per Straight line method for 2.5 years =
(100000*2.5/10) = $ 25,000
Written Down value as per SLM = (100000-25000) = $ 75,000
Current Book Value= (100000-28000-14400) = $ 57,600
Hence, adjusting entry shall be
Accumulated Depreciation Dr (75000-57600) $ 17,400
To Retained Earnings $ 17,400
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Could you make the error corrections both assuming the books
are open and then they are...
1. You have been assigned to examine the financial statements of Jackson Inc. for the year ended December 31, 2019. You...
1. You have been assigned to examine the financial statements of Jackson Inc. for the year ended December 31, 2019. You discover the following situations in February 2020. Jackson Inc. has not accrued salaries payable at the end of each of the last 3 years, as follows. Salaries are expensed when paid. December 2017 $5,500 December 2018 $7,800 December 2019 $0 2) The physical inventory count has been incorrectly counted resulted in the following errors. December 2017 Overstated $20,000...
journal entries for when books are open and when books are closed for 2019 Se At...
journal entries for when books are open and when books are closed
for 2019
Se At December 31, 2019 Jackson, Inc. decided to change the depreciation method on its machinery from double-declining-balance to straight-line. The Machinery had an original cost of $100,000 when purchased on July 1, 2017. It has a 10-year useful life and no salvage value. Depreciation expense recorded prior to 2019 under the double-declining-balance method was $28,000. Jackson, Inc. has already recorded 2019 depreciation expense of $14,400...
Teal Company is in the process of adjusting and correcting its books at the end of 2017. In reviewing its records, the f...
Teal Company is in the process of adjusting and correcting its
books at the end of 2017. In reviewing its records, the following
information is compiled.
1.
Teal has failed to accrue sales commissions payable at the end
of each of the last 2 years, as follows.
December 31, 2016
$3,300
December 31, 2017
$2,400
2.
In reviewing the December 31, 2017, inventory, Teal discovered
errors in its inventory-taking procedures that have caused
inventories for the last 3 years to...
P21.1 Nadeau Company, a small company following ASPE, is adjusting and correcting its books at the end of 2020. In reviewing its records, it compiles the following information. Nadeau has failed to accrue sales commissions payable at the end of each of t
P21.1 Nadeau Company, a small company following ASPE, is adjusting and correcting its books at the end of 2020. In reviewing its records, it compiles the following information.Nadeau has failed to accrue sales commissions payable at the end of each of the last two years, as follows (the correct amounts were paid):Dec. 31, 2019$6,200Dec. 31, 2020$3,800In reviewing the December 31, 2020 inventory, Nadeau discovered errors in its inventory-taking procedures that have caused inventories for the past three years to be incorrect,...
The Company is in the process of adjusting and correcting its books at the end of...
The Company is in the process of adjusting and correcting its books at the end of 2017. In reviewing its records, the following information is compiled. At December 31, 2017, the company decided to change the depreciation method on its office equipment from double-declining-balance to straight-line. The equipment had an original cost of $200,000 when purchased on January 1, 2015. It has a 10-year useful life and no salvage value. Depreciation expense recorded prior to 2017 under the double-declining-balance method...
The following data relate to the Machinery account of Tamarisk, Inc. at December 31, 2020. Machinery D Original cost Y...
The following data relate to the Machinery account of Tamarisk, Inc. at December 31, 2020. Machinery D Original cost Year purchased Useful life Salvage value $53,360 2015 10 years $3,596 Sum-of-the- years -digits $36,192 $59,160 2016 15,000 hours $3,480 Activity $92,800 2017 15 years $5,800 Straight- $92,800 2019 10 years $5,800 line Depreciation method Accum. depr through 2020* Double-declining balance $18,560 $40,832 $17,400 $18 56 *In the year an asset is purchased, Tamarisk, Inc. does not record any depreciation expense...
The following data relate to the Machinery account of Metlock, Inc. at December 31, 2020. Machinery...
The following data relate to the Machinery account of Metlock, Inc. at December 31, 2020. Machinery A B C D Original cost $50,600 $56,100 $88,000 $88,000 Year purchased 2015 2016 2017 2019 Useful life 10 years 15,000 hours 15 years 10 years Salvage value $3,410 $3,300 $5,500 $5,500 Depreciation method Sum-of-the-years'-digits Activity Straight-line Double-declining balance Accum. depr through 2020* $34,320 $38,720 $16,500 $17,600 *In the year an asset is purchased, Metlock, Inc. does not record any depreciation expense on the...
I would appreciate you help thank you!! Starbucks Company's December 31 year-end financial statements contained the...
I would appreciate you help thank you!! Starbucks Company's December 31 year-end financial statements contained the following errors: Dec. 31, 2017 Dec. 31, 2018 Ending inventory $37,500 understated $55,000 overstated Depreciation expense 10,000 understated An insurance premium of $90,000 was prepaid in 2017 for the years 2017, 2018, and 2019. The prepayment was recorded with a debit to insurance expense. In addition, on December 31, 2018, fully depreciated machinery was sold for $47,500 cash, but the sale was not recorded...
Problem 2 In recent years, Dolittle Company has purchased three machines. Because of frequent employee turnover...
Problem 2 In recent years, Dolittle Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Useful Life (in vears) Machine Acquired Jan. 1, 2016 July 1, 2017 Nov. 1, 2017 Cost $96,000 85,000 66.000 Salvage Value $12,000 10,000 6,000 Depreciation Method Straight-line Declining-balance Units-of-activity For...
Langley Company's December 31 year-end financial statements contained the following errors: Dec. 31, 2017 Dec. 31,...
Langley Company's December 31 year-end financial statements contained the following errors: Dec. 31, 2017 Dec. 31, 2018 Ending inventory $37,500 understated $55,000 overstated Depreciation expense 10,000 understated An insurance premium of $90,000 was prepaid in 2017 covering the years 2017, 2018, and 2019. The prepayment was recorded with a debit to insurance expense. In addition, on December 31, 2018, fully depreciated machinery was sold for $47,500 cash, but the sale was not recorded until 2019. There were no other errors...
journal entries for when books are open and when books are closed
for 2019
Se At December 31, 2019 Jackson, Inc. decided to change the depreciation method on its machinery from double-declining-balance to straight-line. The Machinery had an original cost of $100,000 when purchased on July 1, 2017. It has a 10-year useful life and no salvage value. Depreciation expense recorded prior to 2019 under the double-declining-balance method was $28,000. Jackson, Inc. has already recorded 2019 depreciation expense of $14,400...
Teal Company is in the process of adjusting and correcting its
books at the end of 2017. In reviewing its records, the following
information is compiled.
1.
Teal has failed to accrue sales commissions payable at the end
of each of the last 2 years, as follows.
December 31, 2016
$3,300
December 31, 2017
$2,400
2.
In reviewing the December 31, 2017, inventory, Teal discovered
errors in its inventory-taking procedures that have caused
inventories for the last 3 years to...
P21.1 Nadeau Company, a small company following ASPE, is adjusting and correcting its books at the end of 2020. In reviewing its records, it compiles the following information.Nadeau has failed to accrue sales commissions payable at the end of each of the last two years, as follows (the correct amounts were paid):Dec. 31, 2019$6,200Dec. 31, 2020$3,800In reviewing the December 31, 2020 inventory, Nadeau discovered errors in its inventory-taking procedures that have caused inventories for the past three years to be incorrect,...
The following data relate to the Machinery account of Tamarisk, Inc. at December 31, 2020. Machinery D Original cost Year purchased Useful life Salvage value $53,360 2015 10 years $3,596 Sum-of-the- years -digits $36,192 $59,160 2016 15,000 hours $3,480 Activity $92,800 2017 15 years $5,800 Straight- $92,800 2019 10 years $5,800 line Depreciation method Accum. depr through 2020* Double-declining balance $18,560 $40,832 $17,400 $18 56 *In the year an asset is purchased, Tamarisk, Inc. does not record any depreciation expense...
Problem 2 In recent years, Dolittle Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Useful Life (in vears) Machine Acquired Jan. 1, 2016 July 1, 2017 Nov. 1, 2017 Cost $96,000 85,000 66.000 Salvage Value $12,000 10,000 6,000 Depreciation Method Straight-line Declining-balance Units-of-activity For...
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