Ernst Company purchased equipment that cost $3,000,000 on January 1, 2017. The entire cost was recorded as an expense. The equipment had a nine-year life and a $120,000 residual value. Ernst uses the straight-line method to account for depreciation expense. The error was discovered on December 10, 2019. Ernst is subject to a 40% tax rate.Before the correction was made and before the books were closed on December 31, 2019, retained earnings was understated by1. $1,328,000.2. $1,416,000.3. $1,800,000.4. $1,344,000.

Answers

Answer 1

Answer:

2 . $1,416,000.3

Explanation:

Calculation for understated retained earnings

Understated retained earnings=$3,000,000 – [($3,000,000 – $120,000) ÷ 9 × 2] × (1 – .40)

Understated retained earnings=($3,000,000-$640,000) × (1 – .40)

Understated retained earnings=$2,360,000 × (1 – .40)

Understated retained earnings=$2,360,000 ×0.6

Understated retained earnings=$1,416,000

Therefore on December 31, 2019, retained earnings was understated by $1,416,000


Related Questions

which is a form of Malware?

a :clickjacking
b: spam
c:cookies
d: trojan horse

Answers

Answer:

D. Trojan Horse, nice to know some computer lab info of mine didn't go to waste

Explanation:

Suppose Securitex is a small firm that has developed a new​ anti-theft device for automobiles. Securitex currently sells its device online and earns profit of ​$1515 million per year. GM is considering installing​ Securitex's system on its automobiles. The two firms​ first, however, must bargain over what price GM will pay Securitex for its software. GM chooses how much to offer Securitex for its system and then Securitex chooses whether to accept the offer and install its system on​ GM's automobiles. The strategies and corresponding profits for GM​ (GM) and Securitex​ (SX) are depicted in the decision tree to the right. Profits are in​ millions, and​ GM's payoffs represent the additional profit it can earn on its automobiles with​ Securitex's anti-theft system. What is the​ subgame-perfect equilibrium

Answers

Answer:

The data is missing, so I looked for a similar question (see attached image).

in a subgame perfect equilibrium, players take turns, one player (GM) will take turn an make an offer to the second player (Securitex), and then the second player will decide whether to accept the offer or not. The situations where the offer is rejected are not really an equilibrium since basically GM and Securitex get nothing out of the deal.

The two remaining options where Securitex accepts the offer must be analyzed in the following way:

After GM makes its move, is Securitex going to be better off or not. If GM makes a high offer and Securitex accepts it, then both will be better off. But if GM makes a low offer and Securitex accepts, it, GM will be better off but Securitex will be worse off, so that is not a real equilibrium.

The only option where a real equilibrium happens and is accepted by both, is that GM makes a high offer and Securitex accepts it. This would be option C.

Which two pathways most involve being able to handle rejection?

A Buying and Merchandising, and Distribution and Logistics

B Professional Sales and Marketing, and Buying and Merchandising

C Distribution and Logistics, and Marketing Communications and Promotions

D Professional Sales and Marketing, and Marketing Communications and Promotions

Answers

Answer:

D.

Explanation:

I belive this the answer. I say that because marketing is very important when it comes to acceptence or rejection of something.

Brainly User Aloe0Vera is correct, the answer is D~ Professional Sales and Marketing, and Marketing Communications and Promotions. Hope this helps and have a great day my friend! ♡

Drop you're vsco below ​

Answers

Answer:

skskskskskss and i oooopppp

Explanation:

SAVE THE DANG TURTULES!!!!!

Trade is based on the agreement of the trading partners. Why is this important? What does the agreement of each trading partner reflect about how the transaction affects their personal well-being?

Answers

A trading partner agreement is an agreement drawn up by two parties that have agreed to trade certain items or information. The agreement outlines the terms of the trade or trading process, including responsibilities, who's involved, how goods or information will be delivered and received, and duties or fees.Aug 22, 2019

Tasks Describing Tasks for Human Resources Managers Click this link to view O*NET's Tasks section for Human Resources Managers. Note that common tasks are listed toward the top, and less common tasks are listed toward the bottom. According to O*NET, what are some commo tasks performed by Human Resources Managers? Check all that apply. O analyzing and modifying compensation and benefits policies identifying new ways to market a product to potential customers O advising managers on organizational policy matters O performing difficult staffing duties conducting interviews with customers to determine what they want serving as a link between management and employees​

Answers

Answer:

common tasks for human resource and management will be

analyzing and modifying compensation and benefits policies

advising managers on organizational policy matters

performing difficult staffing duties

serving as a link between management and employees

Explanation:

reason behind why B and E are incorrect is due to because B is suppose to ensure security to workers and be sure, as it's not common as it's not too common for human resources to be required to changed policy

and E is wrong as manager/ a employer of the retail business is required to handle new hires or deal with shoppers and customers

Answer:

a. c. d. f.

Explanation:

The idea of diminishing returns to an input in production suggests that if a local college adds more and more custodians, the marginal product of labor for the custodial staff will ________ over time
a. increase at an increasing rate
b. increase at a decreasing rate
c. decrease
d. not change
e. increase at a constant rate.

Answers

Answer:

c. decrease

Explanation:

The law of diminishing marginal return confers that adding more of a unit of production while holding the other inputs constant will lead to a decline in productivity. Employing more units of a particular input will increase productivity until the optimal level is achieved. Beyond the optimal level, the benefits from an extra input will increase at a decreasing rate and eventually losses.

Adding more custodians will be beneficial up to the level only. Any extra custodians past the optimal level will cause a reduction in labor productivity.

The
lets you know that Sonia is your creative coworker who can help
you design an interesting slide presentation.
A. formal organization
B. informal organization
C. company clique
D. management list

Answers

Sonia is the creative coworker who can help design an interesting slide presentation is called as the informal organization. Option B is correct.

What is the informal organization?

A network of personal and social interactions that emerge spontaneously when individuals associate with one another in a work context is one definition of the informal organization. It consists of all the unofficial organizational structures that exist within formal organizations.

In the given case, Sonia is a talented colleague who can assist in creating a captivating slide show, or what is referred to as the informal organization, because in the slide showing, there is no formal hierarchy in the organization.

Therefore, option B is correct.

Learn more about the informal organization, refer to:

https://brainly.com/question/12677167

#SPJ2

Click to review the online content. Then answer the question(s) below, using complete sentences. Scroll down to view additional questions.


When doing career research online, you always want to make sure you are viewing a reliable source, what factors about the website do you want to consider?

Answers

Answer:

The factors about the website that you want to consider to make sure you are viewing a reliable source are:

-Expertise of the site: Check if the websites specialize in information related to careers to make sure they have knowledge about the topic.

-Well-known organization: Validate if the organization that manages the website is well established and is considered reliable.

-Date and author: Look for the date to make sure the information is up to date and avoid information with anonymous authors.

-Site's look: Consider if the website has a professional appearance as that can show that it could be reliable. However, other factors have to be taken into account.

Explanation: Edit: Thank you for brainliest!

Dennis Manufacturing purchased a patent for a bicycle. The patent had a remaining legal life of 3 years, but Dennis thought the bike would be popular for 20 years, so they amortized the cost of the patent over 20 years. How will this affect the accuracy of Dennis Manufacturing’s financial statements?

Answers

Answer:

Net income and assets will be overstated

Explanation:

Financial statements are used by businesses to show the financial position within a given time frame

The various types of financial statements are income statement, cash flow statement, and the balance sheet.

In the given scenario Dennis manufacturing was supposed to pay for the patent of the bicycle for 3 remaining years of it's useful life.

However they intend to amortize the payments over 20 years.

Since financial statements are usually annual or less this will overstate net income and assets.

Yearly expense incurred for payment of the patent will be reduced annually.

Also the value of the patent will be overstated since yearly deduction for the asset will be less than it should be

Does using a zero-based budget mean that your bank account will hit $0 at the end of every month?

Answers

Answer:

No silly! :)

Explanation:

Zero-based budgeting is a repeatable process that organizations use to rigorously review every dollar in the annual budget, manage financial performance on a monthly basis, and build a culture of cost management among all employees. Basically, all budgets must be justified for each monthly period.

jordan is responsible for creating a new product for a company the product needs to be completely original(not based on any other project) and no outside parties are allowed to have knowledge of this project. what should he do to solicit help in this process.
a. review old company records
b.use employee suggestions
c. contract a marketing research company
d. conduct a customer survey

Answers

Answer: use employee suggestions

Explanation:

Jordan is responsible for creating a new product for a company.  Jordan use of employee suggestions jordan do to solicit help in this process. Thus, option (b) is correct.

What is employee?

The term employee refers to the work in the company to earn the money. The employee is the provided the services to the company with exchange of the salary. The employees are the work with the unity are the increased the wealth of the company.

According to the Jordan is responsible for producing a new production for a company.  Jordan use of employee suggestions jordan do to solicit help in this process. The employees suggestions are the benefit to the employees. Jordan is accountable for making a new commodity for a company.

As a result, the Jordan is responsible for creating a new product for a company. Jordan use of employee suggestions jordan do to solicit help in this process. Therefore, option (b) is correct.

Learn more about on employee, here:

https://brainly.com/question/13405418

#SPJ2

The previous graph you constructed should show that net exports from Japan would be negative if the price of yen increased to a high enough level,
such as an amount greater than $10 per 1,000 yen. If you convert this price into the form typically quoted in the newspaper, this price corresponds to_____yen per dollar.

Answers

Answer:

0.1 yen per dollar?  if i got it wrong sorry

Explanation:

Since 10 divided by 1000 would be 0.1 yen wait is it the other way around?

Your Objective line should be the same for every application
O True
False

Answers

Answer: False

Explanation:

It depends on the type of work, the objective line must change since each company pursues different things and although it is true that the person who applies can look for something similar in each of them, the position they get may not correspond to what she aims. It is important to align the objective with the position and this is done depending on the company.

SEND HELP PERSONAL FINANCE TIMED TEST

People most likely need to take out a mortgage when they

have bad credit.
are making a large purchase.
are spending less than $1,000.
have legal problems.

Answers

Answer:

are making a large purchase.

Explanation:

A mortgage is a long term debt. It takes at least five years to repay a mortgage. In practice, mortgages are issues for between 10 and 30 years.

Mortgages are ideal for purchases requiring a colossal amount of money. For example, the purchase of homes, land, plants, and equipment. The repayment of the amount borrowed to facilitate such purchases is spread over many years. This enables the borrower to repay the loan in affordable monthly installments.

Buying a home security system is an example of protecting your home against______.
A. Deductibles
B. Insurance
C. Risk
D. Warranties

Answers

B risk because technically these are all risky

Buying a home security system is an example of protecting your home against risk.

What is risk?

Risk refers to the chance of loss or the perils to the subject matter of an insurance contract.

It is also the probability that actual results will differ from expected results

Hence, buying a home security system is an example of protecting your home against risk.

Learn more about risk here : https://brainly.com/question/16303347

#SPJ2

Recent advances in dna technology has provided other techniques for microbial identification. are the methods you used in these exercises still valuable, and if so, when might they be used

Answers

Answer: Morphology

Explanation:

Morphology can be defined as the study of things, their form and shapes. Morphology in some scenario looks out for or are being used for carrying out some microscopic activities unseen by the eyes alone. These exercise are valuable and are been used by government and private health agencies.

Which industry is Amazon involved in ?​

Answers

Answer:

Cloud computing e-commerce artificial intelligence consumer electronics digital distribution self-driving cars

Explanation:

Answer:

Cloud computing e-commerce

Explanation:

it is used for artificial intelligence or the use of robots

Amy-Jo works for herself selling weight-loss products door to door. This is

A. not typical, because most door-to-door salespeople work for companies.
B. not typical, because products are rarely sold door to door.
C. typical, because most door-to-door salespeople are self-employed.
D. typical, because most weight-loss products are sold door to door

Answers

Answer:

C. typical, because most door-to-door salespeople are self-employed.

Explanation:

Army-Jo can be classified as a small scale retailer. It is normal for entrepreneurs with businesses with the same classification to conduct door-to-door by themselves.

A majority of salespersons who do-to door sales are self-employed. As a business doing do-to-door selling is much profitable because of reasons such as

Selling door to door eliminates the need for a store, which is expensive to establish.Hiring a good salesperson is expensive due to the wages involved.Door-to-door is less costly. Only time expense is incurred.

Answer:

its D

Explanation:

:P

Question 1 of 20
Which of the following reasons for writing a formal business document would
lead
you to write a proposal?
A. To tell your manager a project is on budget and on schedule
B. To describe what tasks you completed during the week
C. To summarize what happened during a meeting
D. To convince your manager to use a new meeting organization tool

Answers

Answer:

D.  To convince your manager to use a new meeting organization tool

Explanation:

In business, a proposal mostly needed for new projects that haven't been done by the company before.  Usually, this will be made before a team about to approach a new markets, using new technologies to replace the old ones, or giving ideas for new programs that can improve company's profit.

A good proposal should consist of proper explanation about the project, what problems the project will address, resources that are needed to do the project, time lines, and the potential budget that might incurred from the project.

Budgeting for Needs
Select the items that are needs from your credit card statement.
CREDIT CARD STATEMENT
Last Month


Groceries$200

Movie rentals$15

Concert tickets$120

Internet services$60

Fitness class$35

Go-kart racing$50
Submit

Answers

Groceries 200
Fitness class 35
Internet services

Which of the following statements about savings accounts is FALSE?
Savings accounts limit the number of withdrawals that can be made each month.
Savings accounts are best used to store money for longer-term goals.
Savings accounts don't usually require a minimum balance.
Savings accounts pay interest on the money you deposit.

Answers

Answer:

False Statement

Explanation:

Saving accounts pay interest on the money you deposit.

Answer:

saving accounts don't usually require a minimum balance

Explanation:

I took the test plus they normally do

Why do you think a higher percentage of those over 35 years old invest in the market compared to those under 35? Help please!

Answers

Answer:

Yes I think those over 35 invest in a market compared to people not 35, because they been though school, and have more experience in the market company.

Explanation:

Aaron gets up every morning and goes to the restaurant where he cooks. When talking about his job, Aaron says, "I can't help it—I love to make people happy! The looks on their faces when they see their dinners is all the reward I'll ever need!" Aaron has never been late to work, and he always shows up with a smile.

Answers

Answer:

Passion towards work

Explanation:

In simple words, the given paragraph shows that Aaron is passionate and fully dedicated towards his work. He feels proud and secured about his job and do not need monetary incentives to perform well or up to the mark. The paragraph also signifies that Aaron has mastered in his job and is able to perform better than his peers.

Two factors that you should personally consider in the future consumption choices

Answers

Answer:

what is the question?

Put the options in the replies to this answers and I'll gladly answer

Explanation:

May I have brainliest please? :)

What is a good explanation of leadership?

Answers

Answer:

Leadership is a process of social influence, which maximizes the efforts of others, towards the achievement of a goal.

What is income definition

Answers

Answer:

Income is the amount of money regularly received, usually through an occupation.

WARM UP: If a person dies in cold weather, does that increase or decrease rigor mortis? What about Warm weather?​

Answers

Answer:

cold weather:decrease rigor mortis  warm weather: increase

Explanation:

Ambient temperature: Warm conditions speed up the onset and pace of rigor mortis by providing a hospitable environment for the bacteria and processes that cause decay. Cold temperatures, on the other hand, slow it down. If someone dies outside in freezing temperatures, rigor mortis can last for days.

Not only does the surrounding ambient temperature affect the onset of rigor mortis, but the internal temperature of the body at death does as well. Having a high fever at the time of death will accelerate the progression of rigor mortis.

what type of credit should i use to build and additional office space?
•installment credit • secured creditcard • service credit card • or unsecured credit card ;-;-;-;-;-;-;; pls i’m dying

Answers

Answer:

•installment credit

Explanation:

Installment credit is a type of loan when the amount borrowed is fixed and repaid in the stated period. Installment loans are repaid in fixed monthly installments. The amount for each monthly installment is determined at the loan application stage.

Each installment payment reduces the loan balance. The last repayment clears the entire loan. Additional office space is a capital expenditure and requires a huge amount of money. An installment loan from a lending institution is the best option to finance such a project.  The amount involved cannot be granted via a credit card. Again credit card loans have very high-interest rates compared to an installment loan.

How do robots help speed up the fulfillment of orders at some Amazon warehouses

Answers

Answer:

Robots help speed up the fulfillment of orders at some Amazon warehouses is explained below in complete details.

Explanation:

The business began computing technology to a few warehouses in recent years, which looks commodities coming down a conveyor belt and wraps them seconds later in cases custom-built for each item, two people who struggled on the project told us. Today, Amazon has more than 20,00000 portable robots operating inside its depot network, alongside numbers of thousands of human workers.

Other Questions
What is the best summary of the article?Question 14 options:Velcro, a fastener named from a combination of the words velvet and crochet, was invented by the Swiss engineer George de Mestral. He modeled Velcro after burrs that he found in nature. He learned that nylon was the best material to use to make Velcro.George de Mestral was an engineer from Switzerland who had a curious mind. After studying burrs stuck to his dogs fur, Mestral decided to create a new kind of fastener. Velcro, the product that Mestral created, is a hook-and-loop fastener that works the same way burrs work in nature.George de Mestral was the engineer who invented Velcro, a type of hook-and-loop fastener modeled after burrs Mestral found stuck to his dogs fur. Mestral overcame many obstacles as he worked to produce Velcro. Today, Velcro is commonly used to fasten a variety of materials.A curious man, George de Mestral noticed one day that burrs were stuck to his dogs fur. He looked at these burrs under a microscope and saw that tiny hooks on the burrs allowed them to latch onto the fur. Mestral went on to invent Which type of thermal energy causes ocean currents? sam opened a saving account. he put $45 in the account to open it and he deposits $12 in the account each month. which equation represent the amount of money, y, sam has in his account after x deposits ?A) y=12xB)y=12x+45C) y=x+45D)y=45x+12 How has tidal locking affected our moon?a. The rotational period matches the orbital periodb. it rotates perfectly allowing us to see all sidesc. the moon is locked in its orbit and cannot get any closer or further from usd. the moon never rises or sets in the sky 1. What is the result when the SUM of 1/5and 1/4 is divided by 3/4 ? Which should be the title of this timeline?A. The fall of the Roman EmpireB. The rise of the Roman EmpireC. The founding of the city was of RomeD. The formation of the Roman Republic what are the 6 main points of most creation beliefs? Anyone know this? Ill give brainliest if right pls help ^^ HELP PLEASE THIS IS CONFUSING What role do governors and presidents play in the policy- making process? O A. They evaluate new laws to determine whether they are constitutional. O B. They formulate ideas for new policy. O C. They directly implement and enforce new laws that establish policy . O D. They debate, revise, and adopt proposals for laws that establish policy. Specific tools and strategies to maintain protect and improve all aspects of your health POOOOOOOOOG PLZZZZ!!!! DUE IN TEN MINUTES!!!!! HELP WILL DO BRAINLIEST!!! IMPORTANT!!! x+5/5 can you cancel the 5 Each day, a local dog shelter spends an average of $2.40 on food per dog. The manager estimates the shelter's daily expenses, assuming there is at least one dog in the shelter, using the function E(x)= 30+2.40x . Which statements regarding the function are correct? At a grocery store , the price of pumpkins is determined by how many pounds the pumpkin weighs. The price of a 20.6 pound of pumpkin is $ 6.25. Write an equation that can be used to determine the price of any amount of bananas based on the number of pounds they weigh. Explain the process whats the unit rate of $1.99 and 16 lb?? Danny charges $26 for 2 hours of swimming lessons, Martin charges $60 for 4 hours of swimming lessons. Who offers a better deal? Factor the expression using GFC/Greatest common factor. 48y + 40x Hows life going Yes I would like to know No guys this is not for school At the beginning of the chapter, the boys stopped at the drugstore. At the store, Dally a. Got into a fight b. Stole two packs of of cigarettes c. Realized his wallet was stolen. D. Decided to ask out a girl he liked