On January 1, 2020, Franklin Ltd. acquired a delivery truck at a cost of $750,000. It is to be depreciated on the straight-line method over a 5-year period with no residual value. Due to a bookkeeping error, no depreciation was recognized in Franklin's 2020 financial statements. The oversight was discovered during the preparation of Franklin's 2021 financial statements. Depreciation expense on this truck for 2021 should be____.help
Q: Solve this Accounting problem
A: To determine the Return on Assets (ROA) for Thompson Aggrotech, we can use the following…
Q: help me to solve this questions
A: Here's how to calculate the capital gain of the TIPS in percentage terms:1. Calculate the inflation…
Q: Year 0123 Cash Flow -$ 19,000 11,300 10,200 6,700 a. What is the profitability index for the set of…
A:
Q: The income statement for September indicates a net income of $65,000. The corporation also paid…
A: Step 1: Given informationNet Income = $65,000Dividends = $15,000Beginning Stockholders' Equity = $0…
Q: Sol This question answer
A: To determine the Price-to-Earnings (P/E) ratio, we use the formula: P/E =Price per Share / Earnings…
Q: ??
A: Step 1: Introduction to payroll taxesPayroll taxes refer to those taxes paid by both employer and…
Q: hello tutor please help me
A: First, use the debt ratio to determine equity in order to compute Return on Equity (ROE). 58% of…
Q: Please help me with this question general Accounting
A: Step 1: Define Fixed and Variable CostsFixed costs remain constant regardless of production levels…
Q: Practice Exercise 201 Further problems on solving simultaneous equations using matrices (answers on…
A:
Q: Accurate answer
A: Explanation of Predetermined Overhead Rate:The predetermined overhead rate is a calculated rate used…
Q: none
A: Step 1: Definition of Accrued InterestAccrued interest is the interest expense that a borrower has…
Q: Abc
A: Step 1: Calculation of Earnings Before TaxEarnings Before Tax = Sales - Costs - Depreciation Expense…
Q: help me to solve this question
A: Step 1:The cost formula for power Cost can be calculated by first calculating the variable cost per…
Q: ?????
A: Step 1: Definition of Total Manufacturing Cost and Cost Per UnitTotal Manufacturing Cost includes…
Q: Accounting question
A: Given Data:Purchase Price = $50 Selling Price = $56 Dividend Received = $2 Step 1: Calculate…
Q: Answer ?? financial accounting question
A: Step 1: Define Profit Margin RatioThe Profit Margin Ratio measures the percentage of sales revenue…
Q: The direct materials price variance is?
A: Explanation of Direct Materials: Direct materials are raw materials that can be directly traced to…
Q: Kindly help me with this question general Accounting
A: Step 1: Define Percentage Rate of ReturnPercentage Rate of Return measures the profit earned on an…
Q: Don't use ai given answer accounting questions
A: Step 1: Definition of Average Cost per UnitThe average cost per unit, including overhead, is the…
Q: Stock market that day?
A: Now, calculating the return:Return = (97.65/5,227.77) * 100=(0.01868) * 100= 1.87% Therefore, the…
Q: What is the average collection period of this financial accounting question?
A: Step 1: Definition of Average Collection PeriodThe Average Collection Period is the weighted average…
Q: What was the net income for the year?
A: Step 1: Introduction to stockholders' equityStockholders' equity refers to the residual value of the…
Q: What is the expected return on the asset of these financial accounting question?
A: As pr CAPM, Expected return = Risk-free rate + Beta*(Market rate - Risk-free rate) Expected return =…
Q: correct answer plz
A: Step 1: Definition of Deferred RevenueDeferred revenue, also known as unearned revenue, refers to…
Q: What was the variable overhead rate variance for the month of this financial accounting question?
A: Step 1: Define Variable Overhead Rate VarianceThe Variable Overhead Rate Variance measures the…
Q: Financial Accounting Question
A: Step 1: Define Yield to Maturity (YTM)Yield to Maturity (YTM) is the total return anticipated on a…
Q: What is the firm's return on assets of this financial accounting question?
A: Step 1: Definition of Return on Assets (ROA)Return on Assets (ROA) is a financial metric that…
Q: Answer ? Financial accounting question
A: Step 1: Define Annual Interest RateThe annual interest rate is the percentage increase in the value…
Q: Number of barrel completed... please given answer
A: Step 1: Definition of Work-in-Process (WIP) Inventory Work-in-Process inventory represents partially…
Q: Please give me true answer this financial accounting question
A: Step 1:The yield to maturity is the rate at which the sum of PV of coupon payments and maturity…
Q: The contribution margin for November
A: Step 1: Formula Contribution margin = Sales - Variable expensesContribution margin = Sales - Cost of…
Q: 4 POINT
A: Explanation of Joint Costs:Joint costs refer to the total production costs incurred before products…
Q: What is the cost of unused capacity
A: Calculation of Cost of Unused CapacityCost of Unused Capacity = Cost of Material Supplied - Cost of…
Q: Please provide solution this general accounting question not use ai
A: Step 1: Absorption costing Under absorption costing, the product cost consists of the…
Q: How many barrel were completed in September
A: Total barrels started in SeptemberThe company started 12,500 barrels during the…
Q: A company purchases a machine for $150,000. It is estimated that the machine has a useful life of 10…
A: To solve this question, we use the Straight-Line Depreciation Method, which is calculated using the…
Q: I want to correct answer general accounting question
A: Step 1:First, calculate the stockholders' equity at the beginning of the period: Stockholder's…
Q: Hi expert please help me this question
A: Percentage Increase in Net Operating Income = Operating leverage * Percentage change in sales…
Q: can you please solve this
A: To calculate the degree of operating leverage (DOL), we use the formula: DOL =Contribution Margin /…
Q: General accounting question
A: Step 1: Definition of Asset TurnoverAsset turnover measures a company's efficiency in utilizing its…
Q: Cash disbursements for manufacturing overhead
A: Explanation of Cash Disbursement for Manufacturing Overhead:Cash disbursement for manufacturing…
Q: What was the variable overhead rate variance for the month?
A: Explanation of Variable Overhead Variance:Variable overhead variance is the difference between the…
Q: Hy teacher give me solution please
A: To calculate the return (in percent) of the stock market that day, we use the formula: Return(%)…
Q: none
A: Step 1: Definition of Cost of Goods Manufactured (COGM)Cost of Goods Manufactured (COGM) represents…
Q: Please need help with this financial accounting question not use ai
A: Step 1: Definition of Expected Rate of Return (Using CAPM Model)The Capital Asset Pricing Model…
Q: During November, 10,000 units were produced. The standard quantity of material allowed per unit was…
A: Concept of Standard Quantity AllowedThe Standard Quantity Allowed refers to the predetermined amount…
Q: At the beginning of the year, Anderson Corporation's assets are $275,000 and its equity is $198,000.…
A: Explanation of Assets: Assets are economic resources owned by a company that are expected to provide…
Q: What is the value of the ending inventory of this financial accounting question?
A: Step 1: Definition of Absorption CostingAbsorption Costing is a costing method that includes all…
Q: need this answer
A: Step 1: Calculate Net IncomeStep 2: Substitute Given ValuesStep 3: Compute Net IncomeStep 4:…
Q: How many machine hours were used during the year?
A: Explanation of Predetermined Overhead Rate:The predetermined overhead rate is a rate calculated…
On January 1, 2020, Franklin Ltd. acquired a delivery truck at a cost of $750,000. It is to be depreciated on the straight-line method over a 5-year period with no residual value. Due to a bookkeeping error, no depreciation was recognized in Franklin's 2020 financial statements. The oversight was discovered during the preparation of Franklin's 2021 financial statements. Depreciation expense on this truck for 2021 should be____.help

Step by step
Solved in 2 steps

- Kam Company purchased a machine on January 2, 2019, for 20,000. The machine had an expected life of 8 years and a residual value of 300. The double-declining-balance method of depreciation is used. Required: 1. Compute the depreciation expense for each year of the assets life and book value at the end of each year. 2. Assuming that the company has a policy of always changing to the straight-line method at the midpoint of the assets life, compute the depreciation expense for each year of the assets life. 3. Assuming that the company always changes to the straight-line method at the beginning of the year when the annual straight-line amount exceeds the double-declining-balance amount, compute the depreciation expense for each year of the assets life.At the end of 2020, while auditing Sandlin Companys books, before the books have been closed, you find the following items: a. A building with a 30-year life (no residual value, depreciated using the straight-line method) was purchased on January 1, 2020, by issuing a 90,000 non-interest-bearing, 4-year note. The entry made to record the purchase was a debit to Building and a credit to Notes Payable for 90,000; 12% is a fair rate of interest on the note. b. The inventory at the end of 2020 was found to be overstated by 15,000. At the same time, it was discovered that the inventory at the end of 2019 had been overstated by 35,000. The company uses the perpetual inventory system. c. For the last 3 years, the company has failed to accrue salaries and w-ages. The correct amounts at the end of each year were: 2018, 12,000; 2019, 18,000; and 2020, 10,000. Required: 1. Prepare journal entries to correct the errors. Ignore income taxes. 2. Assume, instead, that the company discovered the errors after it had closed the books. Prepare journal entries to correct the errors. Ignore income taxes.On May 10, 2019, Horan Company purchased equipment for 25,000. The equipment has an estimated service life of 5 years and zero residual value. Assume that the straight-line depreciation method is used. Required: Compute the depreciation expense for 2019 for each of the following four alternatives: 1. Horan computes depreciation expense to the nearest day. (Use 12 months of 30 days each and round the daily depreciation rate to 2 decimal places.) 2. Horan computes depreciation expense to the nearest month. Assets purchased in the first half of the month are considered owned for the whole month. 3. Horan computes depreciation expense to the nearest whole year. Assets purchased in the first half of the year are considered owned for the whole year. 4. Horan records one-half years depreciation expense on all assets purchased during the year.
- During 2019, White Company determined that machinery previously depreciated over a 7-year life had a total estimated useful life of only 5 years. An accounting change was made in 2019 to reflect the change in estimate. If the change had been made in 2018, accumulated depreciation at December 31, 2018, would have been 1,600,000 instead of 1,200,000. As a result of this change, the 2019 depreciation expense was 100,000 greater than it would have been if no change were made. Ignoring income tax considerations, what is the proper amount of the adjustment to Whites January 1, 2019, balance of retained earnings? a. 0 b. 100,000 c. 280,000 d. 400,000The following are independent errors: a. In January 2019, repair costs of 9,000 were debited to the Machinery account. At the beginning of 2019, the book value of the machinery was 100,000. No residual value is expected, the remaining estimated life is 10 years, and straight-line depreciation is used. b. All purchases of materials for construction contracts still in progress have been immediately expensed. It is discovered that the use of these materials was 10,000 during 2018 and 12,000 during 2019. c. Depreciation on manufacturing equipment has been excluded from manufacturing costs and treated as a period expense. During 2019, 40,000 of depreciation was accounted for in that manner. Production was 15,000 units during 2019, of which 3,000 remained in inventory at the end of the year. Assume there was no inventory at the beginning of 2019. Required: Prepare journal entries for the preceding errors discovered during 2020. Ignore income taxes.On January 1, 2020, Cullumber Corp. acquired a machine at a cost of $1020000. It is to be depreciated on the straight-line method over a 5-year period with no residual value. Because of a bookkeeping error, no depreciation was recognized in Cullumber's 2020 financial statements. The oversight was discovered during the preparation of Cullumber's 2021 financial statements. Depreciation expense on this machine for 2021 should be $255000. $204000. $408000. $0.
- I want to correct answer accounting questionsOn January 1, 2025, Sunland Corp, acquired a machine at a cost of $960000. It is to be depreciated on the straight-line method over a 5-year period with no residual value. Because of a bookkeeping error, no depreciation was recognized in Sunland's 2025 financial statements. The oversight was discovered during the preparation of Sunland's 2026 financial statements. Depreciation expense on this machine for 2026 should be O $384000. O $192000. O $240000. © $0.On January 1, 2019, Uptown Builders purchased a machine for $200,000. Uptown's policy is to depreciate this type of machinery using straight-line depreciation, over five years, with no residual value. Because of a bookkeeping error, no depreciation was recognized in Uptown's 2019 or 2020 financial statements. The error was discovered during the preparation of the 2021 financial statements. Ignoring income taxes, the impact of this error on retained earnings prior to any 2021 adjustments is: Question 8 options: Overstatement of $80,000 Understatement of $120,000 Understatement of $80,000 Overstatement of $120,000
- Headland Co. purchased a machine on January 1, 2018, for $594,000. At that time, it was estimated that the machine would have a 10-year life and no salvage value. On December 31, 2021, the firm's accountant found that the entry for depreciation expense had been omitted in 2019. In addition, management has informed the accountant that the company plans to switch to straight-line depreciation, starting with the year 2021. At present, the company uses the sum-of-the-years-digits method for depreciating equipment. Prepare the general journal entries that should be made at December 31, 2021, to record these events. (Ignore tax effects.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2021 (To correct for the omission of depreciation expense in 2019.) Dec. 31, 2021 (To record depreciation…Wildhorse Co. purchased a machine on January 1, 2018, for $500,500. At that time, it was estimated that the machine would have a 10-year life and no salvage value. On December 31, 2021, the firm's accountant found that the entry for depreciation expense had been omitted in 2019. In addition, management has informed the accountant that the company plans to switch to straight-line depreciation, starting with the year 2021. At present, the company uses the sum-of-the-years-digits method for depreciating equipment. Prepare the general journal entries that should be made at December 31, 2021, to record these events. (Ignore tax effects.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts.) Account Titles and Explanation Date Dec. 31, 2021 Dec. 31. 2021 (To correct for the omission of depreciation expense in 2019.) (To record depreciation expense for…Teal Co. purchased a machine on January 1, 2018, for $588,500. At that time, it was estimated that the machine would have a 10-year life and no salvage value. On December 31, 2021, the firm’s accountant found that the entry for depreciation expense had been omitted in 2019. In addition, management has informed the accountant that the company plans to switch to straight-line depreciation, starting with the year 2021. At present, the company uses the sum-of-the-years’-digits method for depreciating equipment.Prepare the general journal entries that should be made at December 31, 2021, to record these events. (Ignore tax effects.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2021 (To correct for the omission of depreciation expense in…



