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In 2013, the Hermes Corporation failed to record $8,000 in depreciation expense. The error was discovered in May of 2014.
Required:
Make the appropriate journal entry in the books of Hermes Corporation in the year 2014. Explain the impact of the error correction on the Hermes' 2014 net income.
Unavoidable
Refers to events or outcomes that cannot be prevented or avoided.
Effective Utilization
The degree to which a resource, such as equipment or labor, is used effectively to produce goods or services.
Bottleneck
A machine or some other part of a process that limits the total output of the entire system.
Defective Units
Products that fail to meet quality standards or specifications and are therefore unfit for sale or use.
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