Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question
Wilkins Food Products, Inc., acquired a packaging machine from Lawrence Specialists Corporation. Lawrence completed construction of the machine on January 1, 2016. In payment for the machine Wilkins issued a three-year installment note to be paid in three equal payments at the end of each year. The payments include interest at the rate of 10%.
Lawrence made a conceptual error in preparing the amortization schedule, which Wilkins failed to discover until 2018. The error had caused Wilkins to understate interest expense by $45,000 in 2016 and $40,000 in 2017.
Required:
1. Which accounts are incorrect as a result of these errors at January 1, 2018, before any adjustments.
2. Required a journal entry to correct the error.
3. What other step(s) would be taken in connection with the error?
Both Bond Bill and Bond Ted have 12.8 percent coupons, make semiannual payments, and are priced at par value. Bond Bill has 7 years to maturity, whereas Bond Ted has 24 years to maturity. If interest rates suddenly rise by 3 percent, what is the perc..
Size of Accounts Receivable Essence of Skunk Fragrances, Ltd., sells 6,000 units of its perfume collection each year at a price per unit of $380. All sales are on credit with terms of 1/10, net 30. Changes in the Operating Cycle Indicate the effect t..
Were there disadvantages for you? Under what conditions, if any, might this behavior produce an advantage?
People willing to investment $10,000 to save 100 people but only an additional $10,000 to save 1,000,000 additional people is an example of ________. a) Representativeness bias b) hindsight bias c) confirmation bias d) scope neglect bias e) overconfi..
what price would an investor be expected to pay per share five years into the future?
Determine what criteria a state should use to equalize capital-outlay expenditures in districts. How should it be decided where new buildings are to be built? When buildings are needed? What kinds of capital equipment should be provided? When capital..
Bailey, Inc., is considering buying a new gang punch that would allow them to produce circuit boards more efficiently.
Use your ratio analysis to determine whether the profitability trends are favorable or unfavorable and explain your rationale.??
Choose country or region of your interest (other than US or a dollarized country/region). Provide basic information about its economy.
One year after Marys purchase, she received a coupon of $80; she also sold the bond for $1,010. What was Marys realized rate of return?
Taco Shell Inc. is a restaurant with operating lease commitments of $30 million a year for the next 8 years. It has a cost of capital of 8%, a cost of equity of 10%, a pre--tax cost of debt of 4% and an after--tax cost of debt of 2.5%. Which of the..
International Cash Management. Discuss the general functions involved in international cash management. Explain how the MNC’s optimization of cash flow can distort the profits of each subsidiary.
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd