Homework Answers
Net income will be higher by $11000 i.e. 7800+3200
Since both depreciation and supplies used is expense for business, non recording of it will lead to reporting higher income
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Wk. 4 - Apply: Exercise Wk. 4 - Apply: Exercise "k. 4 - Apply: Exercise i...
Assume that a firm reports net income of $70,000 prior to making adjusting entries for the...
Assume that a firm reports net income of $70,000 prior to making adjusting entries for the following items: expired rent, $5,000: depreciation expense, $6,200, and supplies used, $1,600. Assume that the required adjusting entries have not been made. What effect do these errors have on the reported net income? Net income will be overstated understated
Assume that a firm reports net income of $79.000 prior to making adusting entries for the...
Assume that a firm reports net income of $79.000 prior to making adusting entries for the following items expired rent. $5.900 depreciation expense. 57100, and supplies used $2.500 Assume that the required adjusting entries have not been made. What effect do these errors have on the reported net income? Net income will be
Wk 5-Apply Exercise The adjusted ledger accounts of RD Consulting on December 31, 2019, appear as...
Wk 5-Apply Exercise The adjusted ledger accounts of RD Consulting on December 31, 2019, appear as follows 6 7,409 Cash 2,100 1,958 740 Accounts Receivable Supplies Prepaid Insurance 12 19,880 3,958 3,388 15,988 points Accumulated Depreciation-Equipment Accounts Payable Roger Dye, Capital Roger Dye, Drawing Fees Income 3,980 18,380 790 Supplies Expense Insurance Expense Depreciation Expense-Equipment Salaries Expense utilities Expense 640 590 3,300 1,048 Prepare the Balance Sheet and Income Statement columns of the worksheet. Prepare the closing entr December 31,...
Wk.4 - Apply: Exercise i Saved Help Save & Exit Submit On September 1, 2019, a...
Wk.4 - Apply: Exercise i Saved Help Save & Exit Submit On September 1, 2019, a firm accepted a 6-month, 6% note for $18,000 from a customer with an overdue account balance. The accrued interest recorded for this note on December 31, 2019, is points Skipped Multiple Choice Mc Graw Hill Education < Prev 9 of 10 Next >
Wk.4 - Apply: Exercise i Saved Help Save & Exit Submit On October 1, 2019, Paige Turner Publishing received $60...
Wk.4 - Apply: Exercise i Saved Help Save & Exit Submit On October 1, 2019, Paige Turner Publishing received $60,600 in cash for subscriptions covering one year, recording the entry as a debit to Cash and a credit to Unearned Subscriptions. The correct adjusting entry at December 31, 2019, is points Skipped Multiple Choice Mc Graw Hill Education < Prev 3 of 10 !! Next >
Wk.4 - Apply: Exercise Saved Help Save & Exit Submit Hugh Morris Company pays weekly wages...
Wk.4 - Apply: Exercise Saved Help Save & Exit Submit Hugh Morris Company pays weekly wages of $17,500 every Friday for a five day week ending on that day. If the last day of the year is on Tuesday, the adjusting entry to record the accrued wages is: points Skipped Multiple Choice Mc Graw Hill Education < Prev 7 of 10 # Next >
Saved Wk 3 - Apply: Connect Exercise (due Mon) Selected activity of Mason Consulting Services follow....
Saved Wk 3 - Apply: Connect Exercise (due Mon) Selected activity of Mason Consulting Services follow. 13.33 points DATE TRANSACTIONS 2019 Sept. 1 Zack Mason invested $43, eee in cash to start the firm. 4 Purchased office equipment for $4,800 on credit from Den, Inc.; received Invoice 9823, payable in 30 days. 16 Purchased an automobile that will be used to visit clients; issued Check 1001 for $12,800 in full payment. 20 Purchased supplies for $350; paid immediately with Check...
jon Attend me Course Content M MHE Reader Wk 1. Apply. Exercisex Santorini travel guide +...
jon Attend me Course Content M MHE Reader Wk 1. Apply. Exercisex Santorini travel guide + https//newconnect. meducation.com/flow/connecthtml Exercise 0 Help Cullen Beatty plans to start a consulting business-Cullen Consulting Services. In preparation to do this, on April 1. 2019, he investe $49.000 in cash and $18,000 in equipment, and opened an account at Office Plus by purchasing $1.400 in office supplies which is by the end of the month. He then signed a one-year lease agreement on an office...
Wk. 2 - Apply: Connect Exercise (due Mon) The following T accounts show transactions that were...
Wk. 2 - Apply: Connect Exercise (due Mon) The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals Equipment 63,000 Accounts Receivable (f) 11,400 (b) (c) 1,300 points Cash (a) 173, eee (b) 29, eee (d) 13,000 (e) 530 (g) 1,300 (h) 9,300 (i) 3,300 Accounts Payable (c) 63,080 (b) Supplies 29,000 Wade Wilson, Capital (a) 173,eee Fees Income (d) (f) Telephone Expense (e) 530 Wade Wilson, Drawing (i) 3,300...
Wk.4 - Apply: Exercise i Saved Help Save & Exit Submit Prepaid Advertising has a debit balance in the Trial Bal...
Wk.4 - Apply: Exercise i Saved Help Save & Exit Submit Prepaid Advertising has a debit balance in the Trial Balance section of the worksheet of $3,300 and a credit entry of $1,400 in the adjustments section of the worksheet, the balance of Prepaid Advertising in the Adjusted Trial Balance section of the worksheet is a points Skipped Multiple Choice Mc Graw Hill Education < Prev 5 of 10 Next >
Assume that a firm reports net income of $70,000 prior to making adjusting entries for the following items: expired rent, $5,000: depreciation expense, $6,200, and supplies used, $1,600. Assume that the required adjusting entries have not been made. What effect do these errors have on the reported net income? Net income will be overstated understated
Assume that a firm reports net income of $79.000 prior to making adusting entries for the following items expired rent. $5.900 depreciation expense. 57100, and supplies used $2.500 Assume that the required adjusting entries have not been made. What effect do these errors have on the reported net income? Net income will be
Wk 5-Apply Exercise The adjusted ledger accounts of RD Consulting on December 31, 2019, appear as follows 6 7,409 Cash 2,100 1,958 740 Accounts Receivable Supplies Prepaid Insurance 12 19,880 3,958 3,388 15,988 points Accumulated Depreciation-Equipment Accounts Payable Roger Dye, Capital Roger Dye, Drawing Fees Income 3,980 18,380 790 Supplies Expense Insurance Expense Depreciation Expense-Equipment Salaries Expense utilities Expense 640 590 3,300 1,048 Prepare the Balance Sheet and Income Statement columns of the worksheet. Prepare the closing entr December 31,...
Wk.4 - Apply: Exercise i Saved Help Save & Exit Submit On September 1, 2019, a firm accepted a 6-month, 6% note for $18,000 from a customer with an overdue account balance. The accrued interest recorded for this note on December 31, 2019, is points Skipped Multiple Choice Mc Graw Hill Education < Prev 9 of 10 Next >
Wk.4 - Apply: Exercise i Saved Help Save & Exit Submit On October 1, 2019, Paige Turner Publishing received $60,600 in cash for subscriptions covering one year, recording the entry as a debit to Cash and a credit to Unearned Subscriptions. The correct adjusting entry at December 31, 2019, is points Skipped Multiple Choice Mc Graw Hill Education < Prev 3 of 10 !! Next >
Wk.4 - Apply: Exercise Saved Help Save & Exit Submit Hugh Morris Company pays weekly wages of $17,500 every Friday for a five day week ending on that day. If the last day of the year is on Tuesday, the adjusting entry to record the accrued wages is: points Skipped Multiple Choice Mc Graw Hill Education < Prev 7 of 10 # Next >
Saved Wk 3 - Apply: Connect Exercise (due Mon) Selected activity of Mason Consulting Services follow. 13.33 points DATE TRANSACTIONS 2019 Sept. 1 Zack Mason invested $43, eee in cash to start the firm. 4 Purchased office equipment for $4,800 on credit from Den, Inc.; received Invoice 9823, payable in 30 days. 16 Purchased an automobile that will be used to visit clients; issued Check 1001 for $12,800 in full payment. 20 Purchased supplies for $350; paid immediately with Check...
jon Attend me Course Content M MHE Reader Wk 1. Apply. Exercisex Santorini travel guide + https//newconnect. meducation.com/flow/connecthtml Exercise 0 Help Cullen Beatty plans to start a consulting business-Cullen Consulting Services. In preparation to do this, on April 1. 2019, he investe $49.000 in cash and $18,000 in equipment, and opened an account at Office Plus by purchasing $1.400 in office supplies which is by the end of the month. He then signed a one-year lease agreement on an office...
Wk. 2 - Apply: Connect Exercise (due Mon) The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals Equipment 63,000 Accounts Receivable (f) 11,400 (b) (c) 1,300 points Cash (a) 173, eee (b) 29, eee (d) 13,000 (e) 530 (g) 1,300 (h) 9,300 (i) 3,300 Accounts Payable (c) 63,080 (b) Supplies 29,000 Wade Wilson, Capital (a) 173,eee Fees Income (d) (f) Telephone Expense (e) 530 Wade Wilson, Drawing (i) 3,300...
Wk.4 - Apply: Exercise i Saved Help Save & Exit Submit Prepaid Advertising has a debit balance in the Trial Balance section of the worksheet of $3,300 and a credit entry of $1,400 in the adjustments section of the worksheet, the balance of Prepaid Advertising in the Adjusted Trial Balance section of the worksheet is a points Skipped Multiple Choice Mc Graw Hill Education < Prev 5 of 10 Next >
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