Short Answer
A company mistakenly expensed a $100,000 machine purchased January 1,2011.The machine has no salvage value and is expected to provide benefits for five years.The error was discovered in 2014.The company shows two years of comparative statements in its December 31 annual reports.In the company's 2013 and 2014 reports shown comparatively,what amounts would be shown as adjustments to the respective retained earnings balances?
Correct Answer:
Verified
Correct Answer:
Verified
Q3: Mako's Distributing purchased equipment on January 1,2011.The
Q11: An example of an item that should
Q33: The effect of a change in accounting
Q36: On January 2,2012,Lynch Company acquired machinery at
Q38: Diamond Company changed from the completed-contract method
Q40: In reviewing the books of Unger Retailers
Q42: Managers often are accused of making accounting
Q44: In 2014,a company discovered that $20,000 of
Q63: Which of the following should be reported
Q72: On December 31,2014,Artistown Company appropriately changed to