ACC423 P22-3 - Supporting calculation: Equipment 100,000...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
P22-3 1. Retained earnings 4,000 Sales Commissions Payable 2,500 Sales Commissions Expense 1,500 2. Cost of goods sold (6,700+21,000) 27,700 Retained Earnings 21,000 Inventory 6,700 Over/Understated Income 2006 2007 Beginning inventory 16,000 Ending inventory -16,000 -21,000 -16,000 -5,000 3. Accumulated Depreciation - equipment 4,800 Depreciation Expense 4,800
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Supporting calculation: Equipment 100,000 Depreciation <-2008-36,000 Book value 64,000 Depreciation recorded 12,800 Depreciation (64,000 / 8) 8,000 Difference 4,800 4. Construction in process 55,000 Retained earnings 22,000 Deferred tax liability 33,000 2008 21,000 6,700 27,700 = (150,000 - 95,000) x 40%...
View Full Document

This note was uploaded on 07/17/2011 for the course ACC 423 taught by Professor Trinahall during the Spring '08 term at University of Phoenix.

Page1 / 2

ACC423 P22-3 - Supporting calculation: Equipment 100,000...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online