financial statements for the year ending The following information is available for Zip Corporation: Retained Earnings, December 31, 2012 $1,500,000 Net Income for the year ended December 31, 2013 $ 200,000 The company accountant, in preparing financial statements for the year ending December 31, 2013, has discovered the following information: The company’s previous bookkeeper, who has been fired, had recorded depreciation expense on equipment in 2011 and 2012 using the double-declining-balance method of depreciation. The bookkeeper neglected to use the straight-line method of depreciation which is the company’s policy. The cumulative effects of the error on prior years was $25,000, ignoring income taxes. Depreciation was computed by the straight-line method in 2013. Instructions (a) Prepare the entry for the prior period adjustment. (b) Prepare the retained earnings statement for 2013. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help
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