Leonard corporation reports the following information: correction of overstatement of depreciation expense in prior years, net of

Question

Leonard Corporation has reported the following information regarding the correction of an overstatement of depreciation expense from prior years, net of adjustments: Option C: $2,215,000.

Anonymous · Accepted Answer

Option ‘C’ $ 2,215,000Explanation:Given data:Retained Earnings on 1/1/12 = $ 2,000,000 Depreciation of previous years stated OVERSTATED.  which result in Retained Earnings stated UNDER-STATED.Therefore, the total depreciation amount of Overstated when corrected increase the amount of  Retained earnings.The Retained Earning balance on 1/1/12 after corrected is calculated as= $ 2,000,000 + $ 215,000= $ 2,215,000 Correct Answer = Option ‘C’ $ 2,215,000

Anonymous · Answer

bc blahexplanation: bc blah

Anonymous · Answer

answer: carbon 14 can only be used to determine the age of the organisms that were once living, and igneous rocks are non living.explanation: carbon 14 dating is used to determine the age of the sample by estimating the amount of carbon 14 present in the sample and then comparing it with a reference standard.carbon 14 is a isotope of carbon which is radioactive and unstable. carbon 14 is assimilated by all plants and animals throughout their life from carbon dioxide. however, one the organisms die they stop this assimilation and the carbon 14 content starts to decrease.by knowing how much of carbon 14 is left in an organism after his death, one can estimate the age of the organism. the materials whose age can be estimated by carbon 14 method are the organic compounds. however, some inorganic compounds such as aragonite   shell can also be dated.however, if we consider the igneous rocks it is a non living component which never accumulated carbon 14 in it and thus, we cannot use carbon 14 dating method to estimate its age.

Estella Weimann

Leonard corporation reports the following information: correction of overstatement of depreciation expense in prior years, net of

3 Answers

AI-Powered Insights

Want to answer this question?

Categories

Tags

Related Questions