Be 22 6 in 2014 bailey corporation discovered that

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BE 22-6In 2014, Bailey Corporation discovered that equipment purchased on January 1, 2012, for $50,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 30%. Prepare Bailey’s 2014 journal entry to correct the error.
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ACCT 301B4/7/2014Professor P. WoodwardBE 22-10Palmer Co. is evaluating the appropriate accounting for the following items.1. Management has decided to switch from the FIFO inventory valuation method to the LIFO inventory valuation method for all inventories.2. When the year-end physical inventory adjustment was made for the current year, the controller discovered that the prior year’s physical inventory sheets for an entire warehouse were mislaid and excluded from last year’s count.3. Palmer’s Custom Division manufactures large-scale, custom-designed machinery on a contract basis. Management decided to switch from the completed-contract method to the percentage-of completion method of

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