User Account

All Pages

Determine the effects of the error on argentina

Assignment Help Financial Accounting
Reference no: EM132740069

Argentina Incorporated purchased a machine on January 2, 2018, at a cost of P220,000. An additional P 50,000 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 value of P20,000. The error was discovered on December 31,2019.

Required:

Problem a. Determine the effects of the error on Argentina's 2018 and 2019 profit and loss respectively.

Problem b. Determine the effect of the error on Argentina's December 31, 2019 retained earnings.

Problem c. Provide the correcting entry on December 31, 2019 (ignore taxes) assuming:

1. If the 2019 books are still open.

2. If the 2019 books are already closed.

Reference no: EM132740069

Questions Cloud

Discuss how these practices could benefit customers : Using the Internet explore the various benefits of job analysis and job evaluation. Next, discuss how these practices could benefit Customers
Calculate the business value for the business : Calculate the business value for this business using the formula in the week four online lecture A Simple Way to Value a Business.
Prepare cash flow projections : Prepare a projected balance sheet representing the end of the first calendar year of operations and defining assets and liabilities, both current and long term.
Determine the working capital and current ratio : Problem - Current assets and current liabilities for Brimstone Company follow: Determine the working capital and current ratio for 2019 and 2018
Determine the effects of the error on argentina : Argentina Incorporated purchased a machine on January 2, 2018, Determine the effects of the error on Argentina's 2018 and 2019 profit and loss respectively.
Define and describe the concept of pest : Define and describe the concept of PEST. Discuss any two parts of P.E.S.T. (Either two of the P or E or S or T).
Compute for the adjusted profits : Compute for the adjusted profits in 2004, 2005, 2006 and 2007. San Marino Corp. began operations on January 1, 2004, at which time it acquired depreciable asset
Post a brief description of your clinical issue of interest : Post a brief description of your clinical issue of interest. This clinical issue will remain the same for the entire course and will be the basis for.
Journalize the entry to record payment of the January wages : Assume that the first paid period of the following year ends on January 6 and that wages of $61,375 were paid. Journalize the entry to record payment

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd