Alpha Geek

(8)

$10/per page/Negotiable

About Alpha Geek

Levels Tought:
University

Expertise:
Accounting,Algebra See all
Accounting,Algebra,Architecture and Design,Art & Design,Biology,Business & Finance,Calculus,Chemistry,Communications,Computer Science,Environmental science,Essay writing,Programming,Social Science,Statistics Hide all
Teaching Since: Apr 2017
Last Sign in: 344 Weeks Ago, 5 Days Ago
Questions Answered: 9562
Tutorials Posted: 9559

Education

  • bachelor in business administration
    Polytechnic State University Sanluis
    Jan-2006 - Nov-2010

  • CPA
    Polytechnic State University
    Jan-2012 - Nov-2016

Experience

  • Professor
    Harvard Square Academy (HS2)
    Mar-2012 - Present

Category > Accounting Posted 26 May 2017 My Price 5.00

Prepare the revised retained earnings statement for 2014 and 2015, assuming comparative statements.

Change in Estimate and Error; Financial Statements) Presented below are the comparative income and retained earnings statements for Denise Habbe Inc. for the years 2014 and 2015.

 

The following additional information is provided:

1. In 2015, Denise Habbe Inc. decided to switch its depreciation method from sum-of-the-years’-digits to the straight-line method. The assets were purchased at the beginning of 2014 for $100,000 with an estimated useful life of 4 years and no salvage value. (The 2015 income statement contains depreciation expense of $30,000 on the assets purchased at the beginning of 2014.)

2. In 2015, the company discovered that the ending inventory for 2014 was overstated by $24,000; ending inventory for 2015 is correctly stated.

Instructions

Prepare the revised retained earnings statement for 2014 and 2015, assuming comparative statements. (Ignore income taxes.)

 

 

Answers

Alpha Geek
(8)
Status NEW Posted 26 May 2017 12:05 PM My Price 5.00

-----------

Attachments

file 1495803899-Answer.docx preview (183 words )
C-----------han-----------ge -----------in -----------Est-----------ima-----------te -----------and----------- Er-----------ror-----------; F-----------ina-----------nci-----------al -----------Sta-----------tem-----------ent-----------s) -----------Pre-----------sen-----------ted----------- be-----------low----------- ar-----------e t-----------he -----------com-----------par-----------ati-----------ve -----------inc-----------ome----------- an-----------d r-----------eta-----------ine-----------d e-----------arn-----------ing-----------s s-----------tat-----------eme-----------nts----------- fo-----------r D-----------eni-----------se -----------Hab-----------be -----------Inc-----------. f-----------or -----------the----------- ye-----------ars----------- 20-----------14 -----------and----------- 20-----------15.----------- ----------- Th-----------e f-----------oll-----------owi-----------ng -----------add-----------iti-----------ona-----------l i-----------nfo-----------rma-----------tio-----------n i-----------s p-----------rov-----------ide-----------d: ----------- 1.----------- In----------- 20-----------15,----------- De-----------nis-----------e H-----------abb-----------e I-----------nc.----------- de-----------cid-----------ed -----------to -----------swi-----------tch----------- it-----------s d-----------epr-----------eci-----------ati-----------on -----------met-----------hod----------- fr-----------om -----------sum------------of------------th-----------e-y-----------ear-----------sâ€-----------™-d-----------igi-----------ts -----------to -----------the----------- st-----------rai-----------ght------------li-----------ne -----------met-----------hod-----------. T-----------he -----------ass-----------ets----------- we-----------re -----------pur-----------cha-----------sed----------- at----------- th-----------e b-----------egi-----------nni-----------ng -----------of -----------201-----------4 f-----------or -----------$10-----------0,0-----------00
Not Rated(0)