Entries by Grace Wahito

Vaughn determined that inventory was understated by $137000 at the beginning of the year and $58800 at the end of the year.

February 11, 2020 in /by

Vaughn Inc. reported total assets of $6392000 and net income of $508000 for the current year. Vaughn determined that inventory was understated by $137000 at the beginning of the year and $58800 at the end of the year. What is the corrected amount for total assets and net income for the year?   Looking for […]

 

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Hepburn Company bought a copyright for $88,400 on January 1, 2015,

February 11, 2020 in /by

Hepburn Company bought a copyright for $88,400 on January 1, 2015, at which time the copyright had an estimated useful life of 13 years. On January 5, 2018, the company determined that the copyright would expire at the end of 2021. How much should Hepburn record as amortization expense for this copyright for 2018? (Do […]

 

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Popeye Company purchased a machine for $350,000 on January 1, 2017

February 11, 2020 in /by

Popeye Company purchased a machine for $350,000 on January 1, 2017. Popeye depreciates machines of this type by the straight-line method over a five-year period using no salvage value. Due to an error, no depreciation was taken on this machine in 2017. Popeye discovered the error in 2018. What amount should Popeye record as depreciation […]

 

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A company failed to record unrealized gains of $24 million on its available for sale debt security investments.

February 11, 2020 in /by

A company failed to record unrealized gains of $24 million on its available for sale debt security investments. Its tax rate is 40%. As a result of this error, comprehensive income would be (Round million answer to 2 decimal places.): Multiple Choice   Looking for a Similar Assignment? Order now and Get 10% Discount! Use […]

 

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