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ArbitrLikvidat [17]
3 years ago
5

Watts Corporation made a very large arithmetical error in the preparation of its year-end financial statements by improper place

ment of a decimal point in the calculation of depreciation. The error caused the net income to be reported at almost double the proper amount. Correction of the error when discovered in the next year should be treated as ________.
Business
1 answer:
daser333 [38]3 years ago
5 0

Answer:

a prior period adjustment

Explanation:

A prior period adjustment -

It is the correction of the accounting error which took place in the past and was written in the prior year of financial statement , net of the income taxes , is known as a prior period adjustment .

It is the method to fix the previous problem of past during the reporting .

hence , the correct term fro the given statement is a prior period adjustment .

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The correct answer is letter "B": social entrepreneur.

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Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,920 and two j
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job 429 -WIP      3040 debit

job 430 -WIP      4020 debit

job 431 -WIP       4740 debit

factory overhead 900 debit

     raw materials             12,700 credit

--to record materials requisions--

job 429 -WIP      2,300 debit

job 430 -WIP      3,400 debit

job 431 -WIP       7,900 debit

factory overhead 1,310 debit

     wages payables            14,910 credit

--to record wages tickets--

job 429 -WIP      1,426 debit

job 430 -WIP      2,046 debit

job 431 -WIP       4,898 debit

     factory overhead            8,370 credit

--to record applied overhead--

Explanation:

job 429 -WIP:  2300 x 62% =  1,426

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total overhead: 8,370

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