On april 1 2007 m corporation paid 48000 cash for equipment, Ask an Expert

Accounting

On April 1, 2007, M Corporation paid $48,000 cash for equipment that will be used in business operations. The equipment will be used for four years and will have no residual value. M records depreciation expense of $9,000 for the calendar year ending December 31, 2007. Which accounting principle has been violated?

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9442326

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - the blending department of luongo company has

Question - The Blending Department of Luongo Company has the following cost and production data for the month of April. Costs: Work in process, April 1 Direct materials: 100% complete $100,000 Conversion costs: 20% compl ...

Question - the ward county hospital center wchc wants to

Question - The Ward County Hospital Center (WCHC) wants to buy a new mobile primary care van to use in screening residents in an underserved local neighborhood. The van will last five years and costs sixty-eight thousand ...

Question - on january 1 2019 green inc issued stock options

Question - On January 1, 2019, Green Inc. issued stock options for 200,000 shares to a division manager. The options have an estimated fair value of $6 each. To provide additional incentive for managerial achievement, th ...

1 lsquoclassification of liabilities is based on the same

1. ‘Classification of liabilities is based on the same principles as the classification of assets.' Do you agree with this? Why or why not? 2. ‘Classification of liabilities as current or non-current is not that importan ...

Question - what is the purpose of an operational plan what

Question - What is the purpose of an operational plan? What information or resource is required to develop an operational plan business? In your response include the main requirement to effectively develop and implement ...

Question - carpenter inc had a balance of 80000 in its

Question - Carpenter Inc. had a balance of $80,000 in its quality-assurance warranty liability account as of December 31, 2015. In 2016, Carpenter's warranty expenditures were $445,000. Its warranty expense is calculated ...

Question - john lee is the manager in charge of the audit

Question - John Lee is the manager in charge of the audit of the upcoming annual audit of Hing Fat Ltd, a new audit client. All the preliminary verbal discussions and enquiries among the auditors, the company, the predec ...

Question - flounder inc purchased land building and

Question - Flounder Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $434,700. The estimated fair values of the assets are land $82,800, building $303,600, and equipment $110,400 ...

Question - your client fred mertz is a calendar-year cash

Question - Your client, Fred Mertz, is a calendar-year, cash method taxpayer. He is the landlord of a building and is looking to sign a three-year lease with Ricky Ricardo. Ricky will move in December 1, 2017 and move ou ...

Question - aa businesss lawyer charge 30 per your to meet

Question - AA business's lawyer charge $30 per your to meet with the board of directors. The business pays for the expense on the fifth of every month. By the end of the year, the board members and lawyer had met 51 hour ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert