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journal entries for when books are open and when books are closed
for 2019
Se At...
Could you make the error corrections both assuming the books are open and then they are...
Could you make the error corrections both assuming the books
are open and then they are closed and the amounts are in Retained
earnings. Ty??
December 2019 Overstated $ 6,000 Jackson, Inc. purchased $4,500 of supplies on December 19, 2019 recording a debit to Supplies and credit to Accounts Payable. The bill was paid on December 26, 2019, but not recorded until January 2, 2020. In 2019. the company sold for $3,500 equipment that had a book value of $2,000...
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...
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...
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...
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...
Problem 21-8 On December 31, 2020, before the books were closed, management and the accountant at...
Problem 21-8
On December 31, 2020, before the books were closed, management and
the accountant at Flanagan Inc. made the following determinations
about three depreciable assets.
1.
Depreciable asset A (building) was purchased on January 2,
2017. It originally cost $564,000 and the straight-line method was
chosen for depreciation. The asset was originally expected to be
useful for 10 years and have no residual value. In 2020, the
decision was made to change the depreciation method from
straight-line to double-declining-balance...
Intermediate Accounting Case Study Depreciation On July 1, 2018, Tulsa Company pays $600,000 to acquire a...
Intermediate Accounting Case Study Depreciation On July 1, 2018, Tulsa Company pays $600,000 to acquire a fully equipped factory. The purchase includes the following assets and information: Assets Appraised value Salvage Value Useful Life Depreciation method Land $160,000 $0 n/a Not depreciated Land Improvements $80,000 $0 10 years Straight-line Building $320,000 $100,000 10 years Double-declining balance Machinery $240,000 $20,000 10,000 units Units-of-production TOTAL $800,000 Allocate the total $800,000 purchase cost among the separate assets based on appraised value....
On January 1, 2013, Powell Company purchased a building and machinery that have the following useful...
On January 1, 2013, Powell Company purchased a building and machinery that have the following useful lives, salvage value, and costs. Building, 25-year estimated useful life, $9,000,000 cost, $900,000 salvage value Machinery, 10-year estimated useful life, $1,200,000 cost, no salvage value The building has been depreciated under the straight-line method through 2017. In 2018, the company decided to switch to the double-declining balance method of depreciation for the building. Powell also decided to change the total useful life of the...
Harrison Company purchased a piece of machinery for $100,000 on 1 July 2017. The residual value...
Harrison Company purchased a piece of machinery for $100,000 on
1 July 2017. The residual value is $20,000 and the expected useful
life is 8 years.
Compute the depreciation expense and net book value of the
machinery for the years 2017, 2018, and 2019 using:
(i) Straight-line method.
(ii) Double declining balance method.
(b) Harrison Company purchased a piece of machinery for $100,000 on 1 July 2017. The residual value is $20,000 and the expected useful life is 8 years....
Could you make the error corrections both assuming the books
are open and then they are closed and the amounts are in Retained
earnings. Ty??
December 2019 Overstated $ 6,000 Jackson, Inc. purchased $4,500 of supplies on December 19, 2019 recording a debit to Supplies and credit to Accounts Payable. The bill was paid on December 26, 2019, but not recorded until January 2, 2020. In 2019. the company sold for $3,500 equipment that had a book value of $2,000...
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...
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 21-8
On December 31, 2020, before the books were closed, management and
the accountant at Flanagan Inc. made the following determinations
about three depreciable assets.
1.
Depreciable asset A (building) was purchased on January 2,
2017. It originally cost $564,000 and the straight-line method was
chosen for depreciation. The asset was originally expected to be
useful for 10 years and have no residual value. In 2020, the
decision was made to change the depreciation method from
straight-line to double-declining-balance...
On January 1, 2013, Powell Company purchased a building and machinery that have the following useful lives, salvage value, and costs. Building, 25-year estimated useful life, $9,000,000 cost, $900,000 salvage value Machinery, 10-year estimated useful life, $1,200,000 cost, no salvage value The building has been depreciated under the straight-line method through 2017. In 2018, the company decided to switch to the double-declining balance method of depreciation for the building. Powell also decided to change the total useful life of the...
Harrison Company purchased a piece of machinery for $100,000 on
1 July 2017. The residual value is $20,000 and the expected useful
life is 8 years.
Compute the depreciation expense and net book value of the
machinery for the years 2017, 2018, and 2019 using:
(i) Straight-line method.
(ii) Double declining balance method.
(b) Harrison Company purchased a piece of machinery for $100,000 on 1 July 2017. The residual value is $20,000 and the expected useful life is 8 years....
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