Accounting Error CPA simulation

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Farhat Lectures. The # 1 CPA & Accounting Courses

Farhat Lectures. The # 1 CPA & Accounting Courses

Күн бұрын

Пікірлер: 2
@nafurre2136
@nafurre2136 Жыл бұрын
Hey Professor the gain on the sale confuses me. Were showing a gain on the Income statement for the sale of Land that never existed?
@Tom-nn5wd
@Tom-nn5wd Ай бұрын
Well the reason there should have been a gain was because we incorrectly capitalized insurance to the land account. If we would have never done that, our basis in the land would have been lower resulting in a gain
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