Bramble Corp.'s adjusted trial balance at December 31, 2023, included the following:DebitCreditSales Revenue$173000Cost of Goods Sold$73000Administrative Expenses30400Loss on Disposal of Equipment10800Sales Commission Expense9600Interest Income6100Loss from Flood Damage14100Loss from Discontinued Operations25500Credit Losses7900Totals$171300$179100Bramble uses the perpetual system, and their income tax rate is 30%.On Bramble's multiple-step income statement for 2023, income from continuing operations is○ $50800.○ $17885.○ $23310.○ $25550.

Sales revenue $173,000Cost of goods sold (73,000)Gross profit 100,000Expenses: Administrative…

Answered: Bramble Corp.'s adjusted trial balance…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 30CE

See similar textbooks

Similar questions

Blackpink has sold during the year a depreciable asset that cost P11,250 and had a carrying amount of P2,400 with a P3,600 selling price. The disposal was correctly recorded. Here are the balances of the accumulated depreciation during the year: Jan 1- P127,800 and Dec 31 - P133,050. What will be the amount of the adjusting entry for depreciation expense during the year-end?
Shannon Company began operations on January 1, 2020. The financial statement contained the following errors: YEAR 2020- Ending inventory 160,000 understated; Depreciation expense 60,000 understated; Insurance expense 100,000 overstated; Prepaid insurance 100,000 understated; YEAR 2021 - Ending inventory 150,000 overstated; Insurance expense 100,000 understated. On December 31, 2021, fully depreciation machinery was sold for P110,000 cash but the sale was not reported until 2022. No corrections have been made for any of the errors. Ignoring income tax, what amount should be reported as net effect of the errors on Working Capital on December 31, 2021?
Shannon Company began operations on January 1, 2020. The financial statement contained the following errors: YEAR 2020- Ending inventory 160,000 understated; Depreciation expense 60,000 understated; Insurance expense 100,000 overstated; Prepaid insurance 100,000 understated; YEAR 2021 - Ending inventory 150,000 overstated; Insurance expense 100,000 understated. On December 31, 2021, fully depreciation machinery was sold for P110,000 cash but the sale was not reported until 2022. No corrections have been made for any of the errors. Ignoring income tax, what amount should be reported as net effect of the errors on Net Income for 2020? a. 200,000 over b. 200,000 under c. 260,000 under d. 0
Shannon Company began operations on January 1, 2020. The financial statement contained the following errors: YEAR 2020- Ending inventory 160,000 understated; Depreciation expense 60,000 understated; Insurance expense 100,000 overstated; Prepaid insurance 100,000 understated; YEAR 2021 - Ending inventory 150,000 overstated; Insurance expense 100,000 understated. On December 31, 2021, fully depreciation machinery was sold for P110,000 cash but the sale was not reported until 2022. No corrections have been made for any of the errors. Ignoring income tax, what amount should be reported as net effect of the errors on Retained Earnings on December 31, 2021?
Shannon Company began operations on January 1, 2020. The financial statement contained the following errors: YEAR 2020- Ending inventory 160,000 understated; Depreciation expense 60,000 understated; Insurance expense 100,000 overstated; Prepaid insurance 100,000 understated; YEAR 2021 - Ending inventory 150,000 overstated; Insurance expense 100,000 understated. On December 31, 2021, fully depreciation machinery was sold for P110,000 cash but the sale was not reported until 2022. No corrections have been made for any of the errors. Ignoring income tax, what amount should be reported as net effect of the errors on Retained Earnings on December 31, 2021? a. 100,000 over b. 100,000 under c. 200,000 over d. 200,000 under
Sheridan Co. purchased machinery that cost $3250000 on January 4, 2019. The entire cost was recorded as an expense. The machinery has a 9-year life and a $225000 residual value. The error was discovered on December 20, 2021. Ignore income tax considerations.Sheridan's income statement for the year ended December 31, 2021, should show the cumulative effect of this error in the amount of $2577778. $2213889. $0. $2527778.
On December 31, 2022, Plattsville Plastics decided to dispose of an extrusion machine. The original cost was $470,000 and accumulated depreciation was $320,000. On December 31, 2022, the fair value of the machine was determined to be $130,000. Which of the following would be included in a related adjusting entry on December 31, 2022. Group of answer choices debit Loss on Machine Held for Disposal for $20,000 credit Loss on Machine Held for Disposal for $20,000 credit Loss on Machine Held for Disposal for $150,000 debit Loss on Machine Held for Disposal for $150,000
Cullumber Co. purchased machinery that cost $3600000 on January 4, 2019. The entire cost was recorded as an expense. The machinery has a 9-year life and a $260000 residual value. The error was discovered on December 20, 2021. Ignore income tax considerations.Cullumber's income statement for the year ended December 31, 2021, should show the cumulative effect of this error in the amount of $0. $2857778. $2800000. $2420000.
Blue Company shows the following entries in its Equipment account for 2021. All amounts are based on historical cost. Equipment 2021 2021 Jan. 1 Balance 126,630 June 30 Cost of equipment sold Aug. 10 Purchases 31,540 (purchased prior to 2021) 21,250 12 Freight on equipment purchased 820 25 Installation costs 2,510 Nov. 10 Repairs 450 Assuming that company policy is to charge a full year depreciation in the year of purchase and the year of sale, compute the proper depreciation charge for 2021 under each of the methods listed below. Assume an estimated life of 10 years, with no salvage value. The machinery included in the January 1, 2021, balance was purchased in 2019. (Round answers to 0 decimal places, e.g. 45,892.) (1) Straight-line $ (2) Sum-of-the-years'-digits
Wildhorse Co. purchased machinery that cost $2850000 on January 4, 2019. The entire cost was recorded as an expense. The machinery has a 9-year life and a $185000 residual value. The error was discovered on December 20, 2021. Ignore income tax considerations.Wildhorse's income statement for the year ended December 31, 2021, should show the cumulative effect of this error in the amount of
On December 31, 2022, Plattsville Plastics decided to dispose of an extrusion machine. The original cost was $470,000 and accumulated depreciation was $320,000. On December 31, 2022, the fair value of the machine was determined to be $130,000. Which of the following would be included in a related adjusting entry on December 31, 2022. Group of answer choices debit Loss on Machine Held for Disposal for $150,000 credit Loss on Machine Held for Disposal for $150,000 debit Loss on Machine Held for Disposal for $20,000 credit Loss on Machine Held for Disposal for $20,000
B

SEE MORE QUESTIONS

Recommended textbooks for you

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS