Homework Answers
Calculate following
| Net income | Total assets | = | Total liabilities | + | Total Stockholder's equity | |
| Reported amounts | 194300 | 1034000 | 341000 | 693000 | ||
| Corrections | ||||||
| Adjustment (a) | 7220 | 7220 | 0 | 7220 | ||
| Adjustment (b) | -3200 | -3200 | 0 | -3200 | ||
| Adjustment (c) | -2310 | 0 | 2310 | -2310 | ||
| Adjustment (d) | -2020 | -2020 | 0 | -2020 | ||
| Corrected amounts | 193990 | 1036000 | 343310 | 692690 | ||
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Adjustments and Errors At the end of May, the first month of operations, the following selected...
At the end of May, the first month of operations, the following selected data were taken...
At the end of May, the first month of operations, the following selected data were taken from the financial statements of Julie Mortenson, Attorney at Law, Р.С. : Net income for May Total assets at May 31 Total liabilities at May 31 Total stockholders' equity at May 31 $194,300 1,034,000 341,000 693,000 In preparing the financial statements, adjustments for the following data were overlooked a. Unbilled fees earned at May 31, $7,220 b. Depreciation of equipment for May, $3,200 C....
Adjustments and Errors At the end of May, the first month of operations, the following selected...
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Adjusting Entries and Errors At the end of August, the first month of operations, the following selected data were taken from the financial statements of Tucker Jacobs, an attorney: Net income for August $176,200 Total assets at August 31 966,000 Total liabilities at August 31 319,000 Total owner's equity at August 31 647,000 In preparing the financial statements, adjustments for the following data were overlooked: • Unbilled fees earned at August 31, $9,160. • Depreciation of equipment for August, $4,100....
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eflook Calculator Adjusting Entries and Errors At the end of August, the first month of operations,...
eflook Calculator Adjusting Entries and Errors At the end of August, the first month of operations, the following selected data were taken from the financial statements of Tucker Jacobs, an attorney: Net income for August $179,900 Total assets at August 31 988,000 Total abilities at August 31 326,000 Total owner's equity at August 31 662,000 In preparing the financial statements, adjustments for the following data were overlooked: • Unbilled fees earned at August 31, $6,040. • Depreciation of equipment for...
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Analysis of the Impact of Adjustments on Financial Statements At the end of the first month...
Analysis of the Impact of Adjustments on Financial Statements
At the end of the first month of operations, the Stephan Company’s
accountant prepared financial statements that showed the following
amounts:
Assets $60,000 Liabilities 20,000 Stockholders' Equity 40,000
Net Income 9,000
In preparing the statements, the accountant overlooked the
following items:
a. Depreciation for the month. $925 b. Service revenue earned
but unbilled at month-end. 1,500 c. Employee wages earned but
unpaid at month-end. 410
Determine the correct amounts of assets,...
At the end of April, the first month of operations, the following selected data were taken...
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g- Instructions 1. Journalize the adjusting entries using the following a aceuulI and Depreciation Expense-Equipment; and...
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At the end of May, the first month of operations, the following selected data were taken from the financial statements of Julie Mortenson, Attorney at Law, Р.С. : Net income for May Total assets at May 31 Total liabilities at May 31 Total stockholders' equity at May 31 $194,300 1,034,000 341,000 693,000 In preparing the financial statements, adjustments for the following data were overlooked a. Unbilled fees earned at May 31, $7,220 b. Depreciation of equipment for May, $3,200 C....
Adjustments and Errors At the end of May, the first month of operations, the following selected data were taken from the financial statements of Julie Mortenson, Attorney at Law, P.C.: Net income for May $126,300 Total assets at May 31 701,000 Total liabilities at May 31 231,000 Total stockholders' equity at 470,000 May 31 In preparing the financial statements, adjustments for the following data were overlooked: a. Unbilled fees earned at May 31, $9,280. b. Depreciation of equipment for May,...
Adjusting Entries and Errors At the end of August, the first month of operations, the following selected data were taken from the financial statements of Tucker Jacobs, an attorney: Net income for August $176,200 Total assets at August 31 966,000 Total liabilities at August 31 319,000 Total owner's equity at August 31 647,000 In preparing the financial statements, adjustments for the following data were overlooked: • Unbilled fees earned at August 31, $9,160. • Depreciation of equipment for August, $4,100....
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eflook Calculator Adjusting Entries and Errors At the end of August, the first month of operations, the following selected data were taken from the financial statements of Tucker Jacobs, an attorney: Net income for August $179,900 Total assets at August 31 988,000 Total abilities at August 31 326,000 Total owner's equity at August 31 662,000 In preparing the financial statements, adjustments for the following data were overlooked: • Unbilled fees earned at August 31, $6,040. • Depreciation of equipment for...
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Analysis of the Impact of Adjustments on Financial Statements
At the end of the first month of operations, the Stephan Company’s
accountant prepared financial statements that showed the following
amounts:
Assets $60,000 Liabilities 20,000 Stockholders' Equity 40,000
Net Income 9,000
In preparing the statements, the accountant overlooked the
following items:
a. Depreciation for the month. $925 b. Service revenue earned
but unbilled at month-end. 1,500 c. Employee wages earned but
unpaid at month-end. 410
Determine the correct amounts of assets,...
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