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ki77a [65]
3 years ago
9

In 2021, it was discovered that Hines 55 had debited expense for the full cost of an asset purchased on January 1, 2018. The cos

t was $24 million with no expected residual value. Its useful life was 5 years and straight-line depreciation is used by the company. The correcting entry assuming the error was discovered in 2021 before the adjusting and closing entries includes:a.A credit to accumulated depreciation of $14.4 millionb.A debit to accumulated depreciation of $9.6 millionc.A debit to retained earnings of $9.6 milliond.A credit to an asset of $24 million
Business
1 answer:
Brut [27]3 years ago
5 0

Answer:

A) A credit to accumulated depreciation of $14.4 Million

Explanation:

The complete journal entry should be:

  • Dr Asset XXX account 24,000,000
  • Cr Accumulated Depreciation account 14,400,000
  • Cr Retained Earnings account 9,600,000

First of all the asset must be recorded at full value.

Accumulated depreciation would be credited for 3 years = ($24 / 5) x 3 = $4.8 x = $14.4

Since the depreciation expense lowered the net profits during 2018, the retained earnings must be adjusted for the remaining value = $24 - $14.4 = $9.8

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A cube has a side length (s) of 5 centimeters. The expression 6s2 gives the surface area of the cube and the expression s3 gives
Anastaziya [24]

Answer:

The volume and surface area of the cube is 125 cm³ and 150 cm² respectively.

Explanation:

The expression for the surface area of the cube :

A = 6s²

s is the side of the cube

The expression for the volume of the cube is :

V = s³

We need to find the volume and surface area of the cube.

For surface area : S = 6(5)² = 150 cm²

For volume : V = (5)³ = 125 cm³

Hence, the volume and surface area of the cube is 125 cm³ and 150 cm² respectively.

5 0
3 years ago
One of the lessons about competing in a globally competitive marketplace that comes from "playing" The Business Strategy Game is
vaieri [72.5K]

Answer: the dynamic, changing nature of competition makes it advisable for managers to make strategy adjustments of one kind or another on an ongoing basis to improve company's competitiveness vis-a-vis rivals and boost its overall performance (D).

Explanation:

The Business Strategy Game is an important part of strategic management. It encourages encourages individuals to combine several decisions into a unified strategy which is vital for important decision making.

The Business Strategy Game consist of a global marketplace because businesses need to learn about the competitive and strategic features of foreign competition and international markets. The Business Strategy Game helps mangers make strategic adjustments thereby boosting overall competitiveness and performance.

8 0
3 years ago
An outside supplier has offered to sell 23,000 units of part S-6 each year to Han Products for $22 per part. If Han Products acc
sesenic [268]

Answer:

                                                       Make Buy

Direct material                              85100  

Direct labour                                      253000  

Variable manufacturing overhead     52900  

Fixed manufacturing overhead       69000  

Opportunity cost                               73000  

Purchase cost                                         437000

Total                                               533000   437000

Financial advantage is 96000    

Explanation:

6 0
3 years ago
Smiling Elephant, Inc., has an issue of preferred stock outstanding that pays a $6.40 dividend every year, in perpetuity. If thi
PilotLPTM [1.2K]

Answer:

The required return is 7.92%

Explanation:

Required return is defined as the minimum return which the investor expects to accomplish through investing in the project.

The required return would be computed as:

Required return = Dividend paid each year / Selling price per share

where

Dividend paid each year is $6,40

Selling price per share amounts to 480.80 per share

Putting the values above:

Required return = $6.40 / $80.80

Required return = 7.92%

7 0
3 years ago
1. What are some of the advantages of having different options for career education, like
Cloud [144]

Answer:

it depends who it is

Explanation:

u think defrent people are good at different things

3 0
3 years ago
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