Delta bought equipment on 1/1/15 at a cost of $525. The equipment has a useful life of 7 years and no salvage value. The full cost of the equipment was mistakenly expensed immediately as repairs and maintenance expense. a) Assume the error was discovered on 1/1/17. Because of the error, is net income for 2015 correct or incorrect (if incorrect, is it too high or too low and by what amount?)
b) Assume the error was discovered on 1/1/17. Because of the error, is net income for 2016 correct or incorrect (if incorrect, is it too high or too low and by what amount?)
c) Now assume, instead, that the error was caught on 1/1/18. Because of the error, are total assets on 1/1/18 correct or incorrect? (if incorrect, are they too high or too low and by what amount?)
d) Now assume that the error is not discovered until 1/1/24, are R. E. and total assets correct or incorrect on 1/1/24? (if incorrect, are they too high or too low and by what amount?)

Swathmore clothing corporation grants its customers 30 days' credit. the company uses the allowance method for its uncollectible accounts receivable. during the year, a monthly bad debt accrual is made by multiplying 3% times the amount of credit sales for the month. at the fiscal year-end of december 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. at the end of 2012, accounts receivable were dollar 586.000 and the allowance account had a credit balance of dollar 50,000. accounts receivable activity for 2013 was as follows: the company's controller prepared the following aging summary of year-end accounts receivable: prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year. (if no entry is required for a particular event, select "no journal entry required" in the first account field.) prepare the necessary year-end adjusting entry for bad debt expense. (if no entry is required for an event, select "no journal entry required" in the first account field.) what is total bad debt expense for 2013? calculate the amount of accounts receivable that would appear in the 2013 balance sheet?