Prior period adjustment and Change in accounting estimates: Prior period adjustments refer to transactions that have occurred due to error or omission of an old transaction. Change in accounting estimates refer to a change in the estimation or assumption made in accounting or calculating certain items. Thus any difference between the change in estimates will be adjusted in retained earnings . Requirement 1 To Identify: whether situations are prior period adjustments or change in accounting estimate

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Answer 1

Question

Chapter 13, Problem 18QS

To determine

Concept Introduction:

Prior period adjustment and Change in accounting estimates:

Prior period adjustments refer to transactions that have occurred due to error or omission of an old transaction. Change in accounting estimates refer to a change in the estimation or assumption made in accounting or calculating certain items. Thus any difference between the change in estimates will be adjusted in retained earnings.

Requirement 1

To Identify: whether situations are prior period adjustments or change in accounting estimate

To determine

Requirement 2

To Identify: whether situations are prior period adjustments or change in accounting estimate .

To determine

Requirement 3

To Identify:

whether situations are prior period adjustments or change in accounting estimate .

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Acorn Construction (calendar-year-end C corporation) has had rapid expansion during the last half of the current year due to the housing market's recovery. The company has record income and would like to maximize its cost recovery deduction for the current year. (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Note: Round your answer to the nearest whole dollar amount. Acorn provided you with the following information: Asset Placed in Service Basis New equipment and tools August 20 $ 3,800,000 Used light-duty trucks October 17 2,000,000 Used machinery November 6 1,525,000 Total $ 7,325,000 The used assets had been contributed to the business by its owner in a tax-deferred transaction two years ago. a. What is Acorn's maximum cost recovery deduction in the current year?

Answer 2

Question

Chapter 13, Problem 18QS

To determine

Concept Introduction:

Prior period adjustment and Change in accounting estimates:

Prior period adjustments refer to transactions that have occurred due to error or omission of an old transaction. Change in accounting estimates refer to a change in the estimation or assumption made in accounting or calculating certain items. Thus any difference between the change in estimates will be adjusted in retained earnings.

Requirement 1

To Identify: whether situations are prior period adjustments or change in accounting estimate

To determine

Requirement 2

To Identify: whether situations are prior period adjustments or change in accounting estimate .

To determine

Requirement 3

To Identify:

whether situations are prior period adjustments or change in accounting estimate .

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Answer 3

Question

Chapter 13, Problem 18QS

To determine

Concept Introduction:

Prior period adjustment and Change in accounting estimates:

Prior period adjustments refer to transactions that have occurred due to error or omission of an old transaction. Change in accounting estimates refer to a change in the estimation or assumption made in accounting or calculating certain items. Thus any difference between the change in estimates will be adjusted in retained earnings.

Requirement 1

To Identify: whether situations are prior period adjustments or change in accounting estimate

To determine

Requirement 2

To Identify: whether situations are prior period adjustments or change in accounting estimate .

To determine

Requirement 3

To Identify:

whether situations are prior period adjustments or change in accounting estimate .

Expert Solution & Answer

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Answer 4

Question

Chapter 13, Problem 18QS

To determine

Concept Introduction:

Prior period adjustment and Change in accounting estimates:

Prior period adjustments refer to transactions that have occurred due to error or omission of an old transaction. Change in accounting estimates refer to a change in the estimation or assumption made in accounting or calculating certain items. Thus any difference between the change in estimates will be adjusted in retained earnings.

Requirement 1

To Identify: whether situations are prior period adjustments or change in accounting estimate

To determine

Requirement 2

To Identify: whether situations are prior period adjustments or change in accounting estimate .

To determine

Requirement 3

To Identify:

whether situations are prior period adjustments or change in accounting estimate .

Expert Solution & Answer

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Answer 5

Chapter 13, Problem 18QS

To determine

Concept Introduction:

Prior period adjustment and Change in accounting estimates:

Prior period adjustments refer to transactions that have occurred due to error or omission of an old transaction. Change in accounting estimates refer to a change in the estimation or assumption made in accounting or calculating certain items. Thus any difference between the change in estimates will be adjusted in retained earnings.

Requirement 1

To Identify: whether situations are prior period adjustments or change in accounting estimate

To determine

Requirement 2

To Identify: whether situations are prior period adjustments or change in accounting estimate .

To determine

Requirement 3

To Identify:

whether situations are prior period adjustments or change in accounting estimate .

Answer 6

Chapter 13, Problem 18QS

To determine

Concept Introduction:

Prior period adjustment and Change in accounting estimates:

Prior period adjustments refer to transactions that have occurred due to error or omission of an old transaction. Change in accounting estimates refer to a change in the estimation or assumption made in accounting or calculating certain items. Thus any difference between the change in estimates will be adjusted in retained earnings.

Requirement 1

To Identify: whether situations are prior period adjustments or change in accounting estimate

Answer 7

Chapter 13, Problem 18QS

To determine

Concept Introduction:

Prior period adjustment and Change in accounting estimates:

Prior period adjustments refer to transactions that have occurred due to error or omission of an old transaction. Change in accounting estimates refer to a change in the estimation or assumption made in accounting or calculating certain items. Thus any difference between the change in estimates will be adjusted in retained earnings.

Requirement 1

To Identify: whether situations are prior period adjustments or change in accounting estimate

Answer 8

To determine

Requirement 2

To Identify: whether situations are prior period adjustments or change in accounting estimate .

Answer 9

To determine

Requirement 2

To Identify: whether situations are prior period adjustments or change in accounting estimate .

Answer 10

To determine

Requirement 3

To Identify:

whether situations are prior period adjustments or change in accounting estimate .

Answer 11

To determine

Requirement 3

To Identify:

whether situations are prior period adjustments or change in accounting estimate .

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 13 - Prob. 1QS Ch. 13 - Prob. 2QS Ch. 13 - Prob. 3QS Ch. 13 - Prob. 4QS Ch. 13 - Prob. 5QS Ch. 13 - Prob. 6QS Ch. 13 - Prob. 7QS Ch. 13 - Prob. 8QS Ch. 13 - Prob. 9QS Ch. 13 - Prob. 10QS

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Requirement 2

To Identify: whether situations are prior period adjustments or change in accounting estimate .

Requirement 3

To Identify:

whether situations are prior period adjustments or change in accounting estimate .

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Chapter 13 Solutions

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Requirement 2 To Identify: whether situations are prior period adjustments or change in accounting estimate .

Requirement 3 To Identify: whether situations are prior period adjustments or change in accounting estimate .

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Chapter 13 Solutions

Requirement 2

To Identify: whether situations are prior period adjustments or change in accounting estimate .

Requirement 3

To Identify:

whether situations are prior period adjustments or change in accounting estimate .