Kentucky Enterprises purchased a machine on January 2, 2019, at a cost of P120,000. An additional P50,000 was spent for installation, but this amount was charged erroneously to repairs expense. The machine has a useful life of five years and a residual amount of P20,000. As a result of the error, O 2019 income was understated by P50,000. O Retained carnings at December 31, 2020, was understated by P30.000 and 2020 income was overstated by P10.00. O Retained earnings at December 31, 2020, was understated by P30,00 and 2020 income was overstated by P6.00O. O Retained earnings at December 31, 2020, was understated by P38,000 and 2020 incomc was overstated by P6.00.

Kentucky Enterprises purchased a machine on January 2, 2019, at a cost of P120,000. An additional P50,000 was spent for installation, but this amount was charged erroneously to repairs expense. The machine has a useful life of five years and a residual amount of P20,000. As a result of the error, O 2019 income was understated by P50,000. O Retained carnings at December 31, 2020, was understated by P30.000 and 2020 income was overstated by P10.00. O Retained earnings at December 31, 2020, was understated by P30,00 and 2020 income was overstated by P6.00O. O Retained earnings at December 31, 2020, was understated by P38,000 and 2020 incomc was overstated by P6.00.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Bumgardner Incorporated has provided the following data concerning one of the products in its standard cost system. Inputs Direct materials Standard Quantity or Hours per Unit of Output 8.0 liters Standard Price or Rate $ 5.00 per liter The company has reported the following actual results for the product for April: Actual output Raw materials purchased 7,400 units 65,400 liters $ 5.70 per liter 59,210 liters Actual price of raw materials Raw materials used in production The raw materials price variance for the month is closest to: (Round your intermediate calculations to 2 decimal places.)
un.3
j 1 2 3 4 5 Pr 0.15 0.10 0.55 0.15 0.05 Return, r 20.00% 5.00% 0.00% - 5.00% - 10.00%
1 . S u p p o s e t h a t s o m e o n e s t o l e y o u r A T M c a r d a n d w i t h d r e w P 5 0 , 0 0 0 . 0 0 f r o m y o u r c h e c k i n g a c c o u n t . H o w m u c h m o n e y c o u l d y o u l o s e i f y o u r e p o r t e d t h e s t o l e n c a r d t o t h e b a n k : a ) T h e d a y t h e c a r d w a s st o l e n b ) 6 d a y s a f t e r t h e t h e f t c ) 7 5 d a y s a f t e r r e c e i v i n g y o u r p e r i o d i c s t a t e m e n t 2 . Y o u ' r e g e t t i n g m a r r i e d a n d a r e u n h a p p y w i t h y o u r p r e s e n t b a n k . D i s c u s s y o u r s t r a t e g y f o r c h o o s i n g a n e w b a n k a n d o p e n i n g a n a c c o u n t . C o n s i d e r t h e f a c t o r s t h a t a r e i m p o r t a n t t o y o u i n s e l e c t i n g a b a n k - s u c h a s t h e t y p e a n d o w n…
Only EX 13-11 please and thank you?
7-3 A
26 27 28 A Moving to the next question prevents changes to this Question 2 What is the definition of liability on the Balance Sheet? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). Arial BIUS Paragraph In 99 Ω
18 pts Multiple Functions 88 MULTIPLE CHOICE Question 2 ◄ Listen When f(x)=-3x-6 and g(x) = x²-x-6, what is ? A B C f 54 g = 3 fg = -3 x-3x=3 f 51 g = -2x+2; x=1
Kingcade Corporation keeps careful track of the time required to fill orders. Data concerning a particular order appear below: Hours 18.3 Wait time Process time Move time Queue time 1. 1 Inspection time 0.1 2.0 9.1 The manufacturing cycle efficiency (MCE) was closest to: (Round your intermediate calculations to 1 decimal place.)
#11 only
How to do
17 18