List the errors you find in the following partial balance sheet:Burnt Red CompanyBalance SheetDecember 31, 20Y2AssetsTotal current assets...$350,000Replacement AccumulatedDepreciationBookValueCostProperty, plant, and equipment:Land ...$ 50,000$ 250,000$200,000Buildings ...450,000160,000290,000Factory equipment..Office equipmentPatents ...140,000375,000235,00060,000125,00065,00090,00090,000Goodwill60,00010,00050,000Total property, plant, and equipment....$1,350,000$420,000$930,000

Balance sheet: Balance sheet is one of the financial statements that summarize the assets, the…

Answered: List the errors you find in the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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15. A company encountered $196,000 of depreciation on factory equipment. What is the journal entry to record this transaction? A. Dr. Depreciation expense B. Dr. MOH C. Dr. Depreciation expenses D. Dr. WIP $196,000 Cr. Accumulated depreciation Dr. Accumulated depreciation $196,000 $196,000 Dr. MOH $196,000 Cr. Accumulated depreciation $196,000 $196,000 $196,000 $196,000
Here is the information relating to the equipment of the company Production Inc: Purchase on January 1 X5 $ 100,000Estimated useful life 5 yearsEstimated residual value $ 10,000Total hours of intended use 10,000 hoursNumber of hours of use in X5 3,000 hoursNumber of hours of use in X6 2,500 hoursDeclining balance rate 35% If the Production company used the straight-line depreciation method for its equipment, the depreciation expense for year X6 would amount to: a) $ 18,000b) $ 22,500c) $ 25,000d) None of the abovee) $ 20,000
The following were recognized during the current fiscal year by Kool Corporation: Loss on early extinguishment of noncurrent debt $30,000 Depreciation expense 18,000 Correction of understated expenses in the prior period 15,000 Losses related to a strike 24,000 Impairment of goodwill 3,400 What net amount of the above items should be included in income from continuing operations? A. $(72,000) $(51,400) $(90,400) D. $(75,400) B. C.
The trucks account (at cost) of a business for the year ended 31 December 20X1 was as follows. TRUCKS - COST 20X1 1 Jan balance 30 June cash - purchase of vans $ 240,000 160,000 400,000 A B C D 20X1 $68,000 $57,000 $53,000 $21,000 31 Mar disposal account 31 Dec balance Brought forward accumulated depreciation at 1 January 20X1 was $115,000. The truck disposed of on 31 March had a carrying value of $20,000. $ 60,000 340,000 400,000 The company's policy is to charge depreciation at 20% per year on the reducing balance, and charges a full year's depreciation in the year of acquisition and none in the year of disposal. What should be the depreciation charge for the year ended 31 December 20X1?
Mansukh
11
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