Use the following information for questions.
Bishop Co.began operations on January 1, 2010.Financial statements for 2010 and 2011 con- tained the following errors:
In addition, on December 31, 2011 fully depreciated equipment was sold for $28,800, but the sale was not recorded until 2012.No corrections have been made for any of the errors.Ignore income tax considerations.
-The total effect of the errors on the balance of Bishop's retained earnings at December 31, 2011 is understated by
Definitions:
Positive Slack
The extra time available to complete a task beyond the scheduled time, which can help in managing delays in project management.
Immediate Predecessors
Tasks that must be completed directly before a subsequent task can begin in project management or process planning.
Project Organization
A structure designed for temporary endeavors, focused on achieving specific goals, where resources are allocated for the project's duration.
Organizational Lines
The hierarchical structure and division of roles within an organization.
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