Question

1.Given the following:



2013 Net Loss is:

$100 590 1/1/13 12/31/13 1/1/13 12/31/13 2013 2013 2013 Total Assets Total Assets Total Liabilities Total Liabilities Dividends Contributions from Owners Increase in Treasury Stock $37 $35 $3 $18 $15

Select one:

a. $38

b. $6

c. $12

d. $13

e. $8

2.The Walton Company accrued a revenue and recorded this journal entry.



Determine the effect of the error on the following:

Select one:

a. Assets Understated, Net Income No Error

b. Assets No Error, Net Income No Error

c. Assets Understated, Net Income Understated

d. Assets Overstated, Net Income No Error

e. Assets No Error, Net Income Understated

3.

In preparing its August 31 bank reconciliation, Apex Corp. has available the following balance per bank and reconciling items:



The 8/31 unadjusted cash balance per books is:

Select one:

a. $ 19,250

b. $ 16,850

c. $17,650

d. $19,050

e. $17,850

ASAP PLEASE

Answer 1

Solution-1

Correct answer will be Loss $8

Computation of Net Loss during the year
Beg Balance	$63.00
Contribution from Owner in 2013	$18.00
Less: Dividend	-$3.00
Less: Treasury Stock	-$15.00
Less: Ending Stock holder equity	-$55.00
Net Loss will be	$8.00

	31/12/2013	1/1/2013
Asset	$90.00	$100.00
Less: Liability	-$35.00	-$37.00
Stockolder Equity	$55.00	$63.00

Solution for 2

e. Assets No Error, Net Income Understated

Reason because debit the service revenue means reversal of revenue amount from Income summary and crediting the Unearned revenue means increased in Liabilities where no any impact on Asset

Note: As HOMEWORKLIB RULES solution for 1 question can be provided however, i have provided solution for 2 question.