What is a prior-period adjustment?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 54% (11 reviews)
A priorperiod adjustment is a correction to retained ...View the full answer
Answered By
Evans Cherono
I am an Information Technology Graduate and willing to work on any computer science or IT work to ensure I do my best all the time.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Question Posted:
Students also viewed these Accounting questions
-
A prior period adjustment relates to the income of past accounting periods. Explain how such an item is shown in the financial statements.
-
What is a prior period adjustment, and where would it be presented in the nancial statements?
-
Brooks Company reported a prior period adjustment of $12,000 in pretax financial income and taxable income for 2020. The prior period adjustment was the result of an error in calculating bad debt...
-
Which of the following is true regarding the cell cycle (Campbell 12.3)? Cells in mitosis will have low levels of the protein cyclin. Cytokinesis occurs before mitosis Mitosis occurs in the S phase...
-
Describe the guidelines under which the costs of intangible assets can be expensed over the assets' lives, and use research and development costs, patents, and goodwill as examples.
-
The parametric equations of an ellipsoid are: x = a cosusinv, y = b sinusinv, z = c cosv where 0 Show that the differential volume element of the ellipsoid shown is given by: dV = -nabcsin3vdv Use...
-
Go back to Checkpoint 9.3 and answer the same two questions in terms of the directions of the applied forces and the force displacements. Do your answers agree with those you gave in Checkpoint 9.3?...
-
Selected data from a February payroll register for Sutton Company are presented below. Some amounts are intentionally omitted. FICA taxes are 7.65%. State income taxes are 4% of gross earnings....
-
(a) The following information is given for 3 companies that are identical except for their capital structure: Orange Grape Apple Total invested capital 1,00,000 1,00,000 1,00,000 Debt/assets ratio...
-
The March 31, 2020, adjusted trial balance for Amusement Park Repair is shown below with accounts in alphabetical order. Debit Credit Accounts payable $ 31,000 Accounts receivable $ 48,000...
-
What does the statement of retained earnings report?
-
Obtain the annual reports (or annual report data) of five well- known companies. You can get the reports either from the companies websites, from your college library, or by mailing a request...
-
Explain the difference between an implied term and an express term? Why is it sometimes difficult to determine the meaning of an express term?
-
2. Granite Corporation produces and sells a single product. In September, the company sold 1,900 units. Its total sales were $152,000, its total variable expenses were $79,800, and its total fixed...
-
Which Harvard professor, a disciple of John Maynard Keynes, believed that governments shouldn't worry about deficit spending, or at least if they did worry about it should do it anyway in order to...
-
According to a certain newspaper, in a recent recession, outstanding consumer credit in a certain country fell to $5,860,000,000,000the seventh straight monthly decline. Most of the drop came as a...
-
The actual annual trade between Italy and China is $52 billion and annual trade between China and the U.S. is $636 billion. Note that Italy's GDP is $2 trillion, China's GDP is $13 trillion, and the...
-
how does the economic model be for option x- Option X: Charging a 5% Climate Change Levy on the sale of newly built homes on designated areas such as floodplains. The money raised will be...
-
Ratliff Development Corporation purchases a tract of land in 2020 at a cost of $120,000 and subdivides the land into 30 building lots. The cost of subdividing is $6,000. In 2020, Ratliff installs...
-
Parkin Industries, a U.S. company, acquired a wholly-owned subsidiary, located in Italy, at the beginning of the current year, for 200,000. The subsidiary's functional currency is the euro. The...
-
Andy Wright, D.D.S., opened a dental practice on January 1, 2010. During the first month of operations the following transactions occurred. 1. Performed services for patients who had dental plan...
-
The trial balance for Pioneer Advertising Agency is shown in Illustration 3-3, p. 100. In lieu of the adjusting entries shown in the text at October 31, assume the following adjustment data. 1....
-
The income statement of Benning Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In...
-
Janice will need to pay $200 at the end of every month for the next 12 months, except for the payment of the 8th month. What is the present value, assuming a rate of 4%, compounded quarterly?
-
List and explain two management tools in the planning process and two measurable performance indicators. Explain in detail.
-
What does a high PE tell us about the value of the stock price (over or under valued)? What does a low PE tell us about the value of the stock price (over or under valued)? Be specific with your...
Study smarter with the SolutionInn App