Homework Answers
Correct answer---Overstatement of net income.
.
Explanation
When adjusting entry for supplies is skipped then it will result in understatement of supplies expense. Under recording an expenses will automatically overstate net income.
This also overstates total assets.
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Help Save&Exit Failure to record the required adjusting entry for the portion of the Supplies asset...
Which of the following would not be a result of the adjusting entry to record accrued...
Which of the following would not be a result of the adjusting entry to record accrued interest on a note payable? Multiple Choice A decrease in net income. A decrease in stockholders' equity. An increase in liabilities A decrease in current assets.
29. The accountant for the Sean Company forgot to make an adjusting entry to record salaries...
29. The accountant for the Sean Company forgot to make an adjusting entry to record salaries camned but not paid to employees. The cllect of this error would An understatement of assets, net income, and owners' equity. An understatement of liabilities and an understatement of owners' equity. An overstatement of assets and of net income offset by an understatement of owners' equity. An overstatement of owner's equity and an understatement of liabilities None of the above 30 During 2011 Ethan...
11 Saved Help Save & Exit The following question is an Error Analysis question related to...
11 Saved Help Save & Exit The following question is an Error Analysis question related to the adjustment process. Please note: Do not overthink the scenario. Instead, deal only with the facts provided. The financial statement effects being requested in any given scenario are for the current period only. "The company will pay staff members next period for work performed in the current period. When recording the adjustment entry in the current period, the owner recorded the wages as if...
Help Save & Exit Submit Negredo Medical Supplies uses LIFO cost flow assumption and has developed...
Help Save & Exit Submit Negredo Medical Supplies uses LIFO cost flow assumption and has developed the following data for its products Surgical Equipment Surgical Supplies 370 400 07.30 Number of units in inventory Per unit Selling Price Cost Replacement cost Cost to sell 345 255 325 64 Normal gross profit ratio 30% Normal gross profit ratio is expressed as a percentage of selling price Negredo adjusts an allowance account at year-end to record net realizable value adjustments to its...
At the end of the month, the adjusting journal entry to record the use of supplies...
At the end of the month, the adjusting journal entry to record the use of supplies would include a debit to: Multiple Choice Supplies and a credit to Service Revenue. Supplies Expense and a credit to Supplies. Supplies and a credit to Cash. Supplies and a credit to Supplies Expense.
Saved Help Save & Exit Su Duluth Co. collected a $6,000 cash advance from a customer...
Saved Help Save & Exit Su Duluth Co. collected a $6,000 cash advance from a customer on November 1, Year 1 for work to be performed over a six-month period beginning on that date. If the year-end adjustment is properly recorded, what will be the effect of the adjusting entry on Duluth's Year 1 financial statements? Multiple Choice Increase assets and decrease liabilities Increase assets and increase revenues Decrease liabilities and increase revenues No effect
Help Save Exit Submit Cougar's Accounting Services provides low-cost tax advice and preparation to those with...
Help Save Exit Submit Cougar's Accounting Services provides low-cost tax advice and preparation to those with financial need. At the end of the current period, the company reports the following amounts: Assets = $15,400; Liabilities = $13,200: Revenues = $24400: Expenses - $31.200. Required: 1. Calculate net loss. 10.5 points Net loss eBook References 2. Calculate stockholders' equity at the end of the period. Stockholders' equity
Wk.4 - Apply: Exercisei Saved Help Save & Exit Submit The Supplies account has a trial...
Wk.4 - Apply: Exercisei Saved Help Save & Exit Submit The Supplies account has a trial balance of $3,196. A year- end inventory shows $1,746 worth of supplies left at the end 10 of the year. The correct adjusting entry is: 12 points Multiple Choice Skipped debit Sunnlies Exnense $3 196 Mc Graw Hill Education Prev 10 of 10 Next
Saved Help Save & Exit A company reports return on equity of 18.4%, asset turnover of...
Saved Help Save & Exit A company reports return on equity of 18.4%, asset turnover of 3.5, and an equity multiplier of 2.1. Using the Dupont framework, compute the company's profit margin. Multiple Choice o o o o
for the first to questions, how do we get to the correct answer? for the last question, what is the correct answer, ple...
for the first to questions, how do we get to the correct
answer? for the last question, what is the correct answer, please
please help me understand
Your Answer Correct Answer Your answer is correct. Oriole Company recorded journal entries for the declaration of $251500 of dividends, the $163500 increase in accounts receivable for services rendered, and the purchase of equipment for $106000. What net effect do these entries have on stockholders' equity? Decrease of $194000 Decrease of $357500. Decrease...
Which of the following would not be a result of the adjusting entry to record accrued interest on a note payable? Multiple Choice A decrease in net income. A decrease in stockholders' equity. An increase in liabilities A decrease in current assets.
29. The accountant for the Sean Company forgot to make an adjusting entry to record salaries camned but not paid to employees. The cllect of this error would An understatement of assets, net income, and owners' equity. An understatement of liabilities and an understatement of owners' equity. An overstatement of assets and of net income offset by an understatement of owners' equity. An overstatement of owner's equity and an understatement of liabilities None of the above 30 During 2011 Ethan...
11 Saved Help Save & Exit The following question is an Error Analysis question related to the adjustment process. Please note: Do not overthink the scenario. Instead, deal only with the facts provided. The financial statement effects being requested in any given scenario are for the current period only. "The company will pay staff members next period for work performed in the current period. When recording the adjustment entry in the current period, the owner recorded the wages as if...
Help Save & Exit Submit Negredo Medical Supplies uses LIFO cost flow assumption and has developed the following data for its products Surgical Equipment Surgical Supplies 370 400 07.30 Number of units in inventory Per unit Selling Price Cost Replacement cost Cost to sell 345 255 325 64 Normal gross profit ratio 30% Normal gross profit ratio is expressed as a percentage of selling price Negredo adjusts an allowance account at year-end to record net realizable value adjustments to its...
Saved Help Save & Exit Su Duluth Co. collected a $6,000 cash advance from a customer on November 1, Year 1 for work to be performed over a six-month period beginning on that date. If the year-end adjustment is properly recorded, what will be the effect of the adjusting entry on Duluth's Year 1 financial statements? Multiple Choice Increase assets and decrease liabilities Increase assets and increase revenues Decrease liabilities and increase revenues No effect
Help Save Exit Submit Cougar's Accounting Services provides low-cost tax advice and preparation to those with financial need. At the end of the current period, the company reports the following amounts: Assets = $15,400; Liabilities = $13,200: Revenues = $24400: Expenses - $31.200. Required: 1. Calculate net loss. 10.5 points Net loss eBook References 2. Calculate stockholders' equity at the end of the period. Stockholders' equity
Wk.4 - Apply: Exercisei Saved Help Save & Exit Submit The Supplies account has a trial balance of $3,196. A year- end inventory shows $1,746 worth of supplies left at the end 10 of the year. The correct adjusting entry is: 12 points Multiple Choice Skipped debit Sunnlies Exnense $3 196 Mc Graw Hill Education Prev 10 of 10 Next
Saved Help Save & Exit A company reports return on equity of 18.4%, asset turnover of 3.5, and an equity multiplier of 2.1. Using the Dupont framework, compute the company's profit margin. Multiple Choice o o o o
for the first to questions, how do we get to the correct
answer? for the last question, what is the correct answer, please
please help me understand
Your Answer Correct Answer Your answer is correct. Oriole Company recorded journal entries for the declaration of $251500 of dividends, the $163500 increase in accounts receivable for services rendered, and the purchase of equipment for $106000. What net effect do these entries have on stockholders' equity? Decrease of $194000 Decrease of $357500. Decrease...
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