Business, 12.12.2019 19:31 angelrenee2000

Kasper company includes three years in the statement of shareholders’ equity in its annual report. during year 4, management corrected an error that had understated the net income reported in year 1 by $10,000. how should kasper reflect the correction of this error in the statement of shareholders’ equity included in its year 4 annual report?

(a) a change in reporting entity should be reported in year 4

(b) a prtor perlod adjustment to the beginning-of the-year retsined earnings balance shouild be reported in the year 2 amount

(c) a prior pertod adjuctmant to the beginning-cf the-year rerained earnings balance shouid be repoted in the year 3 amoun

(d) a prior period adjustment to the beginning-of the-year retained oarnings balance shouid be reported in the year 4 amount

Answers: 2

Show answers

Other questions on the subject: Business

Business, 22.06.2019 04:00, elijahcraft3

Wallis company manufactures only one product and uses a standard cost system. the company uses a predetermined plantwide overhead rate that relies on direct labor-hours as the allocation base. all of the company's manufacturing overhead costs are fixed—it does not incur any variable manufacturing overhead costs. the predetermined overhead rate is based on a cost formula that estimated $2,886,000 of fixed manufacturing overhead for an estimated allocation base of 288,600 direct labor-hours. wallis does not maintain any beginning or ending work in process inventory.

Answers: 2

continue

Business, 22.06.2019 18:00, kekoanabor19

Abbington company has a manufacturing facility in brooklyn that manufactures robotic equipment for the auto industry. for year 1, abbingtonabbington collected the following information from its main production line: actual quantity purchased-200 units, actual quantity used-110 units, units standard quantity-100 units, actual price paid-$8 per unit, standard price-$10 per unit. atlantic isolates price variances at the time of purchase. what is the materials price variance for year 1? 1. $400 favorable. 2. $400 unfavorable. 3. $220 favorable. 4. $220 unfavorable.

Answers: 2

continue

Business, 23.06.2019 03:20, briyuna15

Suppose the following items were taken from the 2017 financial statements of whispering winds corp.. (all dollars are in millions.) common stock $3,230 accumulated depreciation—equipment $3,940 prepaid rent 175 accounts payable 1,560 equipment 6,940 patents 2,270 stock investments (long-term) 670 notes payable (long-term) 780 debt investments (short-term) 1,740 retained earnings 6,175 income taxes payable 150 accounts receivable 1,740 cash 1,290 inventory 1,010 prepare a classified balance sheet in good form as of december 31, 2017. (list current assets in order of liquidity.)

Answers: 3

continue

Business, 23.06.2019 17:30, ghari112345

When signing a lease for a retail space, it's important to make sure the lease has a clause, which releases the tenant from the lease if sales don't reach an agreed-upon amount.

Answers: 1

continue

You know the right answer?

Kasper company includes three years in the statement of shareholders’ equity in its annual report. d...