1. Find the amounts reported for accumulated depreciation for the period ended February 1, 2020, and...
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1. Find the amounts reported for accumulated depreciation for the period ended February 1, 2020, and February 2, 2019. Assuming no depreciable assets were sold during the year, determine the adjustment for BJ's depreciation for the year and compute the adjusted balances of the related accounts. 2. For simplicity, assume the entire amount reported for "Prepaid expenses and other current assets" represents the balance of the Supplies account. If the year-end balance of the Supplies account prior to any adjustment is $200,000 (in thousands), determine the adjustment that was made to Supplies (and Supplies Expense) at the end of the current year and compute the adjusted balances of the related accounts. 3. For simplicity, assume that 10% of the amount reported for "Accrued expenses and other current liabilities" represents the balance of the Salaries Payable account (rounded to the nearest dollar). Assuming all salaries from the previous year were paid in full and Salaries Expense was $600,000 prior to adjustment, determine the adjustment that was made to Salaries Payable (and Salaries Expense) at the end of the current year and compute the adjusted balances of the related accounts. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Find the amounts reported for accumulated depreciation for the period ended February 1, 2020, and February 2, 2019. Assuming no depreciable assets were sold during the year, determine the adjustment for BJ's depreciation for the year and compute the adjusted balances of the related accounts. Note: Enter your answer in thousands of dollars. Accumulated Depreciation Depreciation Expense Balance before adjustment Adjustment Balance after adjustment Show less 1. Find the amounts reported for accumulated depreciation for the period ended February 1, 2020, and February 2, 2019. Assuming no depreciable assets were sold during the year, determine the adjustment for BJ's depreciation for the year and compute the adjusted balances of the related accounts. 2. For simplicity, assume the entire amount reported for "Prepaid expenses and other current assets" represents the balance of the Supplies account. If the year-end balance of the Supplies account prior to any adjustment is $200,000 (in thousands), determine the adjustment that was made to Supplies (and Supplies Expense) at the end of the current year and compute the adjusted balances of the related accounts. 3. For simplicity, assume that 10% of the amount reported for "Accrued expenses and other current liabilities" represents the balance of the Salaries Payable account (rounded to the nearest dollar). Assuming all salaries from the previous year were paid in full and Salaries Expense was $600,000 prior to adjustment, determine the adjustment that was made to Salaries Payable (and Salaries Expense) at the end of the current year and compute the adjusted balances of the related accounts. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Find the amounts reported for accumulated depreciation for the period ended February 1, 2020, and February 2, 2019. Assuming no depreciable assets were sold during the year, determine the adjustment for BJ's depreciation for the year and compute the adjusted balances of the related accounts. Note: Enter your answer in thousands of dollars. Accumulated Depreciation Depreciation Expense Balance before adjustment Adjustment Balance after adjustment Show less
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Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
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