Answer:
1.- Without Retrospective effect
2.- No as it comes from a change in estimations not an accounting error.
3.- yes. It will give a full explanation about the reasons to extend the useful life.
4.- Depreciation expense for 2021: 60,000
Explanation:
1.- The change in the useful life does not represent an accounting error. It comes from the estimation process.
800,000 - 160,000 x 2 = 480,000 book value at beginning 2021
480,000 / 8 new useful life = 60,000 depreciation per year.
Answer:
The answer is below
Explanation:
Probability distribution are statistical function that shows all the possible outcomes of a random variable within a given range of values.
a) The mean (
) of a probability distribution of a discrete random variable is:
![\bar x=\Sigma\ [xP(x)]](https://tex.z-dn.net/?f=%5Cbar%20x%3D%5CSigma%5C%20%5BxP%28x%29%5D)
= (0 * 0.8) + (1 * 0.15) + (2 * 0.04) + (3 * 0.01) = 0.26
b) The standard deviation (σ) of a probability distribution of a discrete random variable is:
![\sigma=\sqrt{ \Sigma\ [(x-\bar x)^2*P(x)]}\\\\\sigma=\sqrt{(0-0.26)^2*0.8+(1-0.26)^2*0.15+(2-0.26)^2*0.04+(3-0.26)^2*0.01} \\\\\sigma=0.577](https://tex.z-dn.net/?f=%5Csigma%3D%5Csqrt%7B%20%5CSigma%5C%20%5B%28x-%5Cbar%20x%29%5E2%2AP%28x%29%5D%7D%5C%5C%5C%5C%5Csigma%3D%5Csqrt%7B%280-0.26%29%5E2%2A0.8%2B%281-0.26%29%5E2%2A0.15%2B%282-0.26%29%5E2%2A0.04%2B%283-0.26%29%5E2%2A0.01%7D%20%5C%5C%5C%5C%5Csigma%3D0.577)
Answer: Please refer to the explanation section
Explanation:
The question is not clear in terms of when is the financial year end, we only its 2021. We will assume the financial year started in January 2021 and ended December 2021
Operational Lease is an agreement where the lessor (owner of the asset) allows the lessee (user of the asset) to only use the asset without the transfer of ownership. Ownership of the asset is not transferred to the lessee/ user of the asset. lease Payments/ Rental payments are considered as expenses and are recognize in the income statement.
Custom Shirts Inc entered into a Lease agreement on the 1st of September 2021. assuming the financial year ends on December 2021, the expense Recognized in the Income statement for the year ended December 2021 will
$ 24000 x 4 months/12 months =$ 8000
Answer:
A
Explanation:
In this question, we are asked at what value should the land be recorded in White Repair services records.
Technically, the value of land is to be recorded as purchase price plus improvements.
Generally, what we mean by improvements include such fees such as attorney fees. Looking at the question, we cannot find any of the entries that speaks about payment yo an attorney or any general land issue. This means that we only record the value of the land as purchase price only.
Looking at the question, the purchase price is the accepted seller’s counter offer. This value is $115,000. Hence, it is the value at which the land would be recorded in White repair service records
The correct answer to this open question is the following.
The statement, if true, that would explain the analysts' predictions would be "the Producer Price Index has been steadily increasing over the past few months."
That is what would have been the factor that supports the forecast. Although inflation has been constant at low levels, what changed was the Producer Price Index that is moving up. This factor could modify the results despite inflation is stable at this moment. When inflation is high, it directly affects the price of goods and the consumer.
