Error correction: Error correction is an adjustment to previously issued financial statements. It is not considered as an accounting change. To identify: The error made by Corporation WB in the transaction of office supplies expense on December 31, 2017.

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Answer 1

Question

Chapter 20, Problem 20.23E

(a)

To determine

Error correction:

Error correction is an adjustment to previously issued financial statements. It is not considered as an accounting change.

To identify: The error made by Corporation WB in the transaction of office supplies expense on December 31, 2017.

(b)

To determine

To identify: The error made by Importers M in the transaction of prepayment of tenant for 2018 rent of a building on the last day of 2017.

(c)

To determine

To identify: The error made by Corporation DL in the transaction of accrue interest at the end of 2017.

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Answer 2

Question

Chapter 20, Problem 20.23E

(a)

To determine

Error correction:

Error correction is an adjustment to previously issued financial statements. It is not considered as an accounting change.

To identify: The error made by Corporation WB in the transaction of office supplies expense on December 31, 2017.

(b)

To determine

To identify: The error made by Importers M in the transaction of prepayment of tenant for 2018 rent of a building on the last day of 2017.

(c)

To determine

To identify: The error made by Corporation DL in the transaction of accrue interest at the end of 2017.

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Answer 3

Question

Chapter 20, Problem 20.23E

(a)

To determine

Error correction:

Error correction is an adjustment to previously issued financial statements. It is not considered as an accounting change.

To identify: The error made by Corporation WB in the transaction of office supplies expense on December 31, 2017.

(b)

To determine

To identify: The error made by Importers M in the transaction of prepayment of tenant for 2018 rent of a building on the last day of 2017.

(c)

To determine

To identify: The error made by Corporation DL in the transaction of accrue interest at the end of 2017.

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Answer 4

Question

Chapter 20, Problem 20.23E

(a)

To determine

Error correction:

Error correction is an adjustment to previously issued financial statements. It is not considered as an accounting change.

To identify: The error made by Corporation WB in the transaction of office supplies expense on December 31, 2017.

(b)

To determine

To identify: The error made by Importers M in the transaction of prepayment of tenant for 2018 rent of a building on the last day of 2017.

(c)

To determine

To identify: The error made by Corporation DL in the transaction of accrue interest at the end of 2017.

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Answer 5

Chapter 20, Problem 20.23E

(a)

To determine

Error correction:

Error correction is an adjustment to previously issued financial statements. It is not considered as an accounting change.

To identify: The error made by Corporation WB in the transaction of office supplies expense on December 31, 2017.

(b)

To determine

To identify: The error made by Importers M in the transaction of prepayment of tenant for 2018 rent of a building on the last day of 2017.

(c)

To determine

To identify: The error made by Corporation DL in the transaction of accrue interest at the end of 2017.

Answer 6

Chapter 20, Problem 20.23E

(a)

To determine

Error correction:

Error correction is an adjustment to previously issued financial statements. It is not considered as an accounting change.

To identify: The error made by Corporation WB in the transaction of office supplies expense on December 31, 2017.

Answer 7

Chapter 20, Problem 20.23E

(a)

To determine

Error correction:

Error correction is an adjustment to previously issued financial statements. It is not considered as an accounting change.

To identify: The error made by Corporation WB in the transaction of office supplies expense on December 31, 2017.

Answer 8

(b)

To determine

To identify: The error made by Importers M in the transaction of prepayment of tenant for 2018 rent of a building on the last day of 2017.

Answer 9

(b)

To determine

To identify: The error made by Importers M in the transaction of prepayment of tenant for 2018 rent of a building on the last day of 2017.

Answer 10

(c)

To determine

To identify: The error made by Corporation DL in the transaction of accrue interest at the end of 2017.

Answer 11

(c)

To determine

To identify: The error made by Corporation DL in the transaction of accrue interest at the end of 2017.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 20 - Prob. 20.1Q Ch. 20 - There are three basic accounting approaches to...Ch. 20 - Prob. 20.3Q Ch. 20 - Lynch Corporation changes from the...Ch. 20 - Sugarbaker Designs Inc. changed from the FIFO...Ch. 20 - Most changes in accounting principles are recorded...Ch. 20 - Southeast Steel, Inc., changed from the FIFO...Ch. 20 - Prob. 20.8Q Ch. 20 - Its not easy sometimes to distinguish between a...Ch. 20 - For financial reporting, a reporting entity can be...

Error correction: Error correction is an adjustment to previously issued financial statements. It is not considered as an accounting change. To identify: The error made by Corporation WB in the transaction of office supplies expense on December 31, 2017.

Solution Summary: The author explains that error correction is an adjustment to previously issued financial statements and is not considered as an accounting change.

Concept explainers

Error correction:

Error correction is an adjustment to previously issued financial statements. It is not considered as an accounting change.

To identify: The error made by Corporation WB in the transaction of office supplies expense on December 31, 2017.

To identify: The error made by Importers M in the transaction of prepayment of tenant for 2018 rent of a building on the last day of 2017.

To identify: The error made by Corporation DL in the transaction of accrue interest at the end of 2017.

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Chapter 20 Solutions