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QUESTION 41.On July 1, 2012, Sparky purchased a machine for $200,000 with a salvage value of $8,000 and useful life of 20 years which was depreciated using the straight line method. On July 1, 2016, Sparky decided to change the salvage to $14,255 and a total useful life of 28 years. The bookkeeper used the old estimates in calculating ICO. Determine the ADJUSTMENT to Sparky’s Income from Continuing Operations (ICO) for this item. Sparky has a corporate tax rate of 30%. If you need to increase ICO, enter your answer as a positive number; for instance: 3000If you need to decrease ICO, enter your answer as a negative number; for instance: -3000If you determine no change is needed to ICO; enter NE.1.5 points QUESTION 51.On July 1, 2012, Sparky purchased a plot of land for $158,500, but the bookkeeper incorrectly classiFed it and depreciated it as a building. The bookkeeper determined it had a $10,000 salvage value and a 15 year usefullife and has used straight line depreciation since the day of purchase. The bookkeeper discovered this mistake in 2016 and has did not record any depreciation for this asset in 2016. Determine the prior period adjustment to Retained Earnings that Sparky will record in a journal entry for 2016. Sparky has a corporate tax rate of 30%. If you need to increase RE, enter your answer as a positive number; for instance: 3000If you need to decrease RE, enter your answer as a negative number; for instance: -3000If you determine no change is needed to RE; enter 01.5 points QUESTION 61.On May 1, 2013, Sparky received $337,800 for the sale of merchandise to a customer. The contract speciFed that Sparky would deliver their product in equal monthly quantities over 60 months. When Sparky recordedthe sale the bookkeeper credited a nominal account. No adjusting or correcting entries were made and the bookkeeper realized the error after 2016 ICO was calculated.Determine the ADJUSTMENT to Sparky’s Income from Continuing Operations (ICO) for this item. Sparky has a corporate tax rate of 30%. If you need to increase ICO, enter your answer as a positive number; for instance: 3000If you need to decrease ICO, enter your answer as a negative number; for instance: -3000If you determine no change is needed to ICO; enter 01.5 points QUESTION 7

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QUESTION 41.On July 1, 2012, Sparky purchased a machine for $200,000 with asalvage value of $8,000 and useful life of 20 years which was depreciatedusing the straight line method. On July 1, 2016, Sparky decided to changethe salvage to $14,255 and a total useful life of 28 years. The bookkeeperused the old estimates in calculating ICO.Determine the ADJUSTMENT to Sparky’s Income from Continuing Operations(ICO) for this item. Sparky has a corporate tax rate of 30%.If you need to increase ICO, enter your answer as a positive number; forinstance: 3000If you need to decrease ICO, enter your answer as a negative number; forinstance: -3000If you determine no change is needed to ICO; enter NE.1.5 points   QUESTION 51.On July 1, 2012, Sparky purchased a plot of land for $158,500, but thebookkeeper incorrectly classiFed it and depreciated it as a building. Thebookkeeper determined it had a $10,000 salvage value and a 15 year usefullife and has used straight line depreciation since the day of purchase. Thebookkeeper discovered this mistake in 2016 and has did not record anydepreciation for this asset in 2016.Determine the prior period adjustment to Retained Earnings that Sparky willrecord in a journal entry for 2016. Sparky has a corporate tax rate of30%.If you need to increase RE, enter your answer as a positive number; forinstance: 3000If you need to decrease RE, enter your answer as a negative number; forinstance: -3000If you determine no change is needed to RE; enter 01.5 points   QUESTION 61.On May 1, 2013, Sparky received $337,800 for the sale of merchandiseto a customer. The contract speciFed that Sparky would deliver theirproduct in equal monthly quantities over 60 months. When Sparky recordedthe sale the bookkeeper credited a nominal account. No adjusting orcorrecting entries were made and the bookkeeper realized the error after2016 ICO was calculated.Determine the ADJUSTMENT to Sparky’s Income from Continuing Operations(ICO) for this item. Sparky has a corporate tax rate of 30%.If you need to increase ICO, enter your answer as a positive number; forinstance: 3000If you need to decrease ICO, enter your answer as a negative number; forinstance: -3000If you determine no change is needed to ICO; enter 01.5 points   QUESTION 7

 
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