Business, 17.12.2019 00:31 Laylahlettiere
In 2018, management discovered that dual production had debited expense for the full cost of an asset purchased on january 1, 2015, at a cost of $36 million with no expected residual value. its useful life was 5 years. dual uses straight-line depreciation. the correcting entry, assuming the error was discovered in 2018 before preparation of the adjusting and closing entries, includes:
(a) a debit to accumulated depreciation of $14.4 million.
(b) a credit to accumulated depreciation of $21.6 million.
(c) a credit to an asset of $36 million.
(d) a debit to retained earnings of $14.4 million.
Answers: 1
Business, 21.06.2019 21:30
In its 2016 annual report, caterpillar inc. reported the following (in millions): 2016 2015 sales $38,537 $47,011 cost of goods sold 28,309 33,546 as a percentage of sales, did caterpillar's gross profit increase or decrease during 2016? select one: a. gross profit increased from 26.8% to 28.6% b. gross profit decreased from 28.6% to 26.5% c. gross profit increased from 71.4% to 73.2% d. gross profit decreased from 73.2% to 71.4% e. there is not enough information to answer the question.
Answers: 2
Business, 21.06.2019 21:40
The board of directors is the highest ranking body in a corporation, and the chairman of the board is the highest ranking individual. the ceo generally works under the board and its chairman, and the board generally has the authority to remove the ceo under certain conditions. the ceo, however, cannot remove the board, but he or she can endeavor to have the board voted out and a new board voted in should a conflict arise. it is possible for a person to simultaneously serve as ceo and chairman of the board, though many corporate control experts believe it is bad to vest both offices in the same person. true false
Answers: 3
Business, 22.06.2019 05:00
Which of the following differentiates cost accounting and financial accounting? a. the primary users of cost accounting are the investors, whereas the primary users of financial accounting are the managers. b. cost accounting measures only the financial information related to the costs of acquiring fixed assets in an organization, whereas financial accounting measures financial and nonfinancial information of a company's business transactions. c. cost accounting measures information related to the costs of acquiring or using resources in an organization, whereas financial accounting measures a financial position of a company to investors, banks, and external parties. d. cost accounting deals with product design, production, and marketing strategies, whereas financial accounting deals mainly with pricing of the products.
Answers: 3
In 2018, management discovered that dual production had debited expense for the full cost of an asse...
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