Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 07 Nov 2017 My Price 7.00

Wilkins Food Products Inc.

Error in amortization schedule

Wilkins Food Products Inc. acquired a packaging machine from Lawrence Specialists Corporation. Lawrence completed construction of the machine on January 1, 2014. In payment for the machine Wilkins issued a threeyear installment note to be paid in three equal payments at the end of each year. The payments include interest at the rate of 10%. Lawrence made a conceptual error in preparing the amortization schedule which Wilkins failed to discover until 2016. As a result of the error, Wilkins understated interest expense by $45,000 in 2014 and $40,000 in 2015.

Required:

1. Determine which accounts are incorrect as a result of these errors at January 1, 2016, before any adjustments. Explain your answer. (Ignore income taxes.)

2. Prepare a journal entry to correct the error.

3. What other step(s) would be taken in connection with the error?

 

Answers

Maurice Tutor
(5)
Status NEW Posted 07 Nov 2017 10:11 PM My Price 7.00

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