User Account

All Pages

Prepare the journal entries to correct the accounting error

Assignment Help Accounting Basics
Reference no: EM132517066

Question - Carla Company discovered an error in its accounting records in 2021. Carla acquired patents costing $780,000 on January 1, 2019. The patents have been amortized on a straight-line basis over their 15-year legal life. However, Carla's accountant neglected to obtain an estimate of the patent's economic life, which was only 5 years. Carla Company used a calendar fiscal-year and was subject to a 30% tax rate and follows ASPE.

Required - Prepare the journal entries to correct the accounting error and record patent amortization for 2021.

Reference no: EM132517066

Questions Cloud

What does gladwell mean : What does Gladwell mean when he says that we have a natural ability to read each other's minds? What allows us to read each other's emotions?
Create hypothetical business : You are interested in and create a hypothetical business, developing a cyber security program for a small- to medium-sized business.
What was net income for kohl : During fiscal 2016, Kohl's had sales of $18,686 million, Cost of merchandise sold of $11,944 million, What was net income for 2016?
Future of iot and the security implications : Explain your thoughts on the future of IoT and the security implications.
Prepare the journal entries to correct the accounting error : Carla Company discovered an error in its accounting records in 2021. Prepare the journal entries to correct the accounting error
What acceptance of special order would affect net income : If the company has sufficient capacity to produce the additional units, acceptance of the special order would affect net income.
Prepare Dody journal entry to correct the error : Prepare Dody's 2020 journal entry to correct the error and record 2020 depreciation. Assume income was reported accurately for tax purposes in all years
What is the net total dollar disadvantage of purchasing : List three qualitative characteristics that the owner of Outdoor Flames should consider in looking at the long-term effect of purchasing.
What is community policing : What is community policing? How does it differ from what some might call traditional policing? What are examples of community policing in your community?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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