1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
Cheap Motorcycle. Tony, a hateful, disgruntled business law professor, notices that Peter, a student who is past the age of majo
Yuki888 [10]

Answer:

C) Illusory

Explanation:

More than an illusory contract (which means an unreasonable and non-enforceable contract), this is an unconscionable contract that no court would enforce.

This contract is so one sided that it damages the other party. The duties in clued in this contact are not enforceable because no person should be forced to do all those things just because the other party has more bargaining power.

Out of the 5 possible options the illusory contract is the only possible choice. Illusory contracts are also non-enforceable since only one side provides real consideration.

7 0
3 years ago
Identify and explain the theory of motivation applied by the manager at Kellog's company. Identify each level and support your a
fiasKO [112]
Ok ok ok ok ok ok ok ok
Ummhsshjs ... 1+1 is
8 0
3 years ago
many say that companies have a right to drug-test their employees because drug use impairs an employee's performance. how do des
marin [14]

The workplace is the location of the arbitrary drug testing. This is done to see if any of the workers are using drugs. The testing aids in determining the quantity and frequency of recent alcohol and illegal substance usage.

The impairment brought on by stress or other factors is not tested during random testing.Employees are subjected to random exams, which are probably inspections of their physical conditions to determine whether they are drug users and how their bodies have been impacted by drugs to the point where they are unable to perform their regular jobs.

Employees who are discovered to be using illicit drugs receive warnings and are fired from their positions.Any unannounced, without prior notice chemical screening for the presence of typically illicit narcotics in a sample of one's blood, hair, or urine is known as a "random drug test."Being unexpected and without prior notice, it is random. This is done to weed out workers who use heavy drugs, which frequently renders them ineffective or ineligible for employment.

To know more about drug- testing visit:

brainly.com/question/15180584

#SPJ4

7 0
1 year ago
Managers are a critical part of any successful organization because​ ________.
Dmitriy789 [7]

Managers are a critical part of any successful organization because<u> "they use their skills and knowledge to move the organization forward towards established goals".</u>


Managers impact every one of the periods of present day associations. Sales Managers keep up a business constrain that business sectors merchandise. Staff Managers give associations an able and gainful workforce. Plant Managers run fabricating activities that create the garments we wear, the nourishment we eat, and the vehicles we drive.  

Basically, the part of managers is to direct the associations toward objective achievement. All associations exist for specific purposes or goals,and managers are in charge of joining and utilizing hierarchical assets to guarantee that their associations accomplish their motivations.

6 0
3 years ago
The knowledge and skills acquired by a worker through education and experience is a description of which factor of production? p
Marta_Voda [28]

Answer:

human

Explanation:

I took the test

6 0
3 years ago
Other questions:
  • A car dealer acquires a used car for $14,000, with terms FOB shipping point. Compute total inventory costs assigned to the used
    13·1 answer
  • Profit motive and a sense of __________ act as powerful incentives for many entrepreneurs. A. power
    12·1 answer
  • Assume baseball player salaries are fully determined before the season starts. From the point of view of the baseball team owner
    11·1 answer
  • A lease calls for a minimum rent of $2800 per month plus 4% of annual gross sales in excess of $500,000. What is the annual rent
    7·1 answer
  • 60 tens is the same as
    10·1 answer
  • Consider Paul's decision to go to college. If he goes to college, he will spend $90,000 on tuition, $15,000 on room and board, a
    15·1 answer
  • Bramble Corp. received $93000 in cash and a used computer with a fair value of $348000 from Blossom Company for Bramble Corp.'s
    9·1 answer
  • mprudential, Incorporated, has an unfunded pension liability of $750 million that must be paid in 25 years. To assess the value
    15·1 answer
  • The Ingraham Corporation has $1,000 par value bonds outstanding. The bonds have an annual coupon rate of 8.90 percent and an ann
    15·1 answer
  • a fast food restaurant is an example of part 2 a. high customization and low degree of labor. b. high customization and high deg
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!