Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a new accountant working for the swifty's store in

A new accountant working for the Swifty's store incorrectly records $890 Depreciation Expense on store...

60.1K

Verified Solution

Question

Accounting

A new accountant working for the Swifty's store incorrectly records $890 Depreciation Expense on store equipment on December 31 as follows:

Dr.Depreciation Expense 890

Cr. Cash 890

The effect of this entry is to

A

understate the carrying amount of the long-lived assets as of December 31.

B

understate total assets on the balance sheet as of December 31.

C

overstate the carrying amount of the long-lived assets at December 31.

D

adjust the accounts to their proper amounts on December 31

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

Paolo s Pizzeria offers 4 types of crust 6 toppings and 7 kinds of cheese...

Mechanical Engineering
1.2K views

A pair of helical gears is used with the following properties: 14.5 degree normal pressure angle,...

Physics
1.2K views

An aquarium window of dimensions 4 m by 2 m is built 0 5 m...

Geometry
1.2K views

Determine the perimeter and area of the shape shown below Both rounded regions are semicircles...

Geometry
1.2K views

2 In the diagram above MN 8 a Determine the length of RM and RN...

Basic Math
1.2K views

A 18 inch laptop has a screen that is 8 inches tall How wide is...

Accounting
1.2K views

Overhead costs include: Multiple Choice Neither direct nor indirect costs. Indirect costs only. Direct and...

Accounting
1.2K views

Assume Andersons General Store bought, on credit, a truckload of merchandise from American Wholesaling costing...

Accounting
1.2K views

The following information is available from the Oils Division of Glasgow Corporation for December. Conversion...

Accounting
1.2K views

Financial crisis among youth in Malaysia. Introduction (elaboration of the topic, what happened...

Accounting
1.2K views

Performance Products Corporation makes two products, titanium Rims and Posts. Data regarding the two products...

Accounting
1.2K views

Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31...