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VashaNatasha [74]
3 years ago
7

Sheridan Co. purchased machinery that cost $2650000 on January 4, 2019. The entire cost was recorded as an expense. The machiner

y has a 9-year life and a $165000 residual value. The error was discovered on December 20, 2021. Ignore income tax considerations. Sheridan's income statement for the year ended December 31, 2021, should show the cumulative effect of this error in the amount of:________
Business
1 answer:
Novay_Z [31]3 years ago
7 0

Answer:

See below

Explanation:

Recording the entire cost as expense would have understated retained earnings by $2,650,000

Annual depreciation on machine = ( Purchase cost - Residual value ) / Useful life

= ($2,650,000 - $165,000) / 9

= $2,485,000 / 9

= $276,111.11

Depreciation would have been recorded for $552,222 for 2 years had the machinery been corrected recorded I.e $276,111 × 2 = $552,222

Therefore , the cumulative effect of this error on the income statement of Sheridan for the year ended, 31 December 2021 would have shown

= $2,650,000 - $552,222

= $2,097,779

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. Acme Parts runs a small factory and employs workers who are paid one of three hourly rates depending on their shift: first shi
attashe74 [19]

Answer:

Program file

filename: AcmePay.java

import java.util.Scanner;

public class Payroll {

public static void main(String[] args) {

double[] shiftPay = { 17, 18.50, 22 };

double hourlyPayRate = 0, regularPay = 0, overTimeHours = 0, overTimePay = 0, retirementDeduction = 0,

netPay = 0;

System.out.println("*** Employee Pay ***");

// scanner object to read data

Scanner scan = new Scanner(System.in);

// read the number of hours worked from user

System.out.print("Enter the number of hours worked: ");

double numHours = scan.nextDouble();

// read the shift

System.out.print("Enter the shift (1 - 3): ");

int shift = scan.nextInt();

hourlyPayRate = shiftPay[shift];

// calculate regulaPay

regularPay = numHours * hourlyPayRate;

if (numHours > 40) {

overTimeHours = numHours - 40;

overTimePay = overTimeHours * (hourlyPayRate * 1.5);

}

// calculate grossPay

double grossPay = regularPay + overTimePay;

// check for availability of retirement plan

if (shift == 2 || shift == 3) {

System.out.print("Did the worker elected for retirement (1 for yes, 2 for no): ");

int chooseRetirement = scan.nextInt();

if (chooseRetirement == 1) {

// calculate retirement bonus

retirementDeduction = (grossPay * 0.03);

}

}

// calculate netPay

netPay = grossPay - retirementDeduction;

// print the information to stdout

System.out.println("Hours worked: " + numHours);

System.out.println("Shift: " + shift);

System.out.println("Hourly Pay rate: " + hourlyPayRate);

System.out.println("Regular Pay: " + regularPay);

System.out.println("Overtime hours: " + overTimeHours);

System.out.println("Overtime pay: " + overTimePay);

System.out.println("Total of regular and overtime pay (Gross pay): " + grossPay);

System.out.println("Retirement deduction, if any: " + retirementDeduction);

System.out.println("Net pay: " + netPay);

// close scanner object

scan.close();

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Explanation:

5 0
3 years ago
Data related to the inventories of Costco Medical Supply are presented below:
Lerok [7]

Answer:

146

Explanation:

The computation is shown below

<u>Particulars       Surgical         Surgical     Rehab                Rehab    </u>

<u>                         Equipment    Supplies    Equipment        Supplies</u>

Cost (A)              151                    103            256                    153

Selling price       272                  135            342                    153

Less:

cost to sell            18                   10                 18                    7

Net realizable

value (B)                254             125                   324             146

<u>Lower of A & B     151                 103                256                146</u>

7 0
3 years ago
Which of the following is used by a seller to deceive a buyer? a. Bait and switch b. Contest c. Display d. Introductory offer Pl
Inessa [10]

That which is used by a seller to deceive a buyer is: a. Bait and switch

Bait and switch is a tactic that is used by entrepreneurs to attract customers. They tell them to purchase a good at a low price.

However, when they come to buy, they are encouraged to buy a good that costs more.

So, in this way, the bait and switch tactics is used by sellers to deceive the buyers.

Learn more about the bait and switch tactics here:

brainly.com/question/981097

3 0
2 years ago
If a perfectly competitive firm can sell a bushel of soybeans for $25 and it has an average variable cost of $26 per bushel and
Elodia [21]

Answer:

Explanation:

The firm Should decrease the output.

Because as we see selling price P is LESS than Marginal Cost (MC) and in perfect competition P=MC for efficient allocation . So By decreasing output firm can decrease MC ⇒ which leads to output where P=MC.

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3 years ago
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luda_lava [24]

Answer and Explanation:

The computation is shown below:

a. As a premium expense

= ($0.460 - $0.44) × 695,000

= $13,900

b. As a difference of 3 months spot rate and spot rate

= ($0.455 - $0.44) × 695,000

= $10,425

The first one represents the premium expense for $13,900 and the second part represents the adjustment to the net income in a positive way

7 0
3 years ago
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