Reference no: EM131118996
Error Analysis and Correcting Entry the reported net incomes for the first 2 years of Sinclair Products, Inc., were as follows: 2010, $147,000; 2011, $185,000. Early in 2012, the following errors were discovered.
1. Depreciation of equipment for 2010 was overstated $19,000.
2. Depreciation of equipment for 2011 was understated $38,500.
3. December 31, 2010, inventory was understated $50,000.
4. December 31, 2011, inventory was overstated $14,200.
Prepare the correcting entry necessary when these errors are discovered. Assume that the books for 2011 are closed. (Ignore income tax considerations.)
|
Analyze the need for waterfall and agile methodologies
: Analyze the need for waterfall and agile methodologies. Explain the advantages of extreme programming (XP) and analyze the advantages of its application in high-budget short-time projects.
|
|
Where will each cash flow effect be reported
: Retained earnings increases because of net income and decreases because of dividends declared. Why, then, did Oracle decrease retained earnings when it repurchased common stock? Identify the cash flow effects of the other four items. Where will each ..
|
|
Emergence of men new obsession
: In his essay "Never Too Buff," John Cloud asserts that media pressure is connected to the emergence of men's new obsession with body image. Do you find his argument credible?
|
|
What is the bond order of a pp bond
: What is the bond order of a PP bond? (c) What is the bond order of a P-P bond in cyclo-P4 2-? Using the SALCs generated in question 1 build a molecular orbital -bonding framework in cyclo-P4.
|
|
Prepare the correcting entry necessary when these errors
: Prepare the correcting entry necessary when these errors are discovered. Assume that the books for 2011 are closed. (Ignore income tax considerations.)
|
|
The road not taken
: 1. What lines in the poem "The Road Not Taken" state the main idea? Explain. 2. On the surface "The Road Not Taken" seems to be describing a simple walk in the woods, but the poem also has a deeper meaning. Describe what you think is the deeper..
|
|
Meatuse in a diet demands that humans find
: Working Thesis Statement: Increase in taking aside between meatuse in a diet demands that humans find a way to obtain a balance between meats and vegetables in their diets.
|
|
Define a work breakdown structure
: Write a one to two (1-2) page summary document in which you: Summarize the project requirements and other assumptions (e.g., budget, human resources, workload, environmental dependencies, etc.).
|
|
Prepare the necessary correcting entries
: Insurance for a 12-month period purchased on November 1 of this year was charged to insurance expense in the amount of $3,300 because "the amount of the check is about the same every year."
|