Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. error and subsequent event aylmer is a publicly tr

Error and Subsequent event Aylmer is a publicly traded company, it follows IFRS, based on...

80.2K

Verified Solution

Question

Accounting

Error and Subsequent event

Aylmer is a publicly traded company, it follows IFRS, based on the following events:

1. At the end of 2020, the new accountant discovered that in January 2019, the company accrued sales wages of $56,000 in excess of the correct amount.

2. On February 1, 2021, the CEO of the company decided to resign.

3. On February, 10, 2021, there was a fire at the building at 401 Main Street. The building and its contents were destroyed. Aylmer is fully covered by insurance and the fire was determined to be accidental.

Based on the above information, prepare any required journal entry(ies). Include tax implications as necessary.

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

Q

Describe in detail how dementia affects the anatomy and physiology of memory in the brain.

Medical Sciences
Q

1. What can you conclude from the similarity between and among white-collar and street criminals? 2. Should...

Psychology
Q

Find two integer pairs of the form (x,y) with |x|<1000 such that 22x+28y=gcd(22,28) (x1,y1)=( (x2,y2)=(

Advance Math
Q

Participate with your classmates in discussions as to the significance of "CULTURAL, EMOTIONAL AND SOCIAL INTELLIGENCE",...

General Management
Q

When you visited colleges to select one to attend, were there cultural differences in the campuses...

General Management
Q

he income statement, balance sheets, and additional information for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income...

Accounting
Q

36 ii Reduces by 36 of its value on the surface of earth Take R...

Physics
Q

The manager of a computer retail store is concerned that his suppliers have been giving...

Statistics
Q

3 85 8 190 9 230

Calculus
Q

Question 4 hi In the EMPLOYEES & PAYROLL Module, the term Benefit refers to: O...

Accounting
Q

Ida Sidha Karya Company is a family-owned company located in the village of Gianyar on...

Accounting
Q

Crane Company has 2,120 pounds of raw materials in its December 31,2021, ending inventory. Required...

Accounting