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ArbitrLikvidat [17]
2 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]2 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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2 years ago
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If the government owes $10.0 trillion and then borrows $700 billion more this year, this leads toa. a debt of $700 billion and a
77julia77 [94]

Answer:

E:  a debt of $10.7 trillion and a deficit of zero.

Explanation:

Deficits are usually financed by debt. Here the government has incurred an extra debt of $700 billion. The previous debt of $10 trillion may have been due to any reason and not necessarily deficit. However, the passage does not state if the extra debt is due to deficit or not. So it is safe to select option E.

Hence, the government has incurred a total debt of $10.7 trillion and a deficit of zero.

7 0
3 years ago
A worker sets up to begin a painting job. He lays down a drop cloth and makes sure that the floor is even so that the ladder is
rodikova [14]

Answer:

You should never use the top of a ladder as a step. The employer should correct the worker’s behavior and ensure he knows the proper way to use a ladder.

Explanation:

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7 0
3 years ago
Which of the following would likely be covered under homeowners insurance but NOT by renter's insurance?
Simora [160]
Hello, your correct answer is,

<span>C) Tree branch breaks your bedroom window during a storm.

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8 0
3 years ago
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The annual depreciation taken on a vehicle totals $4,400. The vehicle has been in service for three full years and the adjusting
KonstantinChe [14]

Answer:

Depreciation expense =  $4,400

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Depreciation: The depreciation is the amount which decreases the value of the asset. It can be by obsolescence, usage, tear and wear, etc.

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= $4,400 × 3

= $13,200

5 0
3 years ago
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