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10. During 2020, a company paid $300,000 to a law firm that will provide legal services...
all pull down options have the options of these answers: (ANSWER WITH ONE OF THESE 3...
all pull down options have the options of these answers: (ANSWER
WITH ONE OF THESE 3 FOR A-D)
-The error will overstate revenues and understate
liabilities.
-This error will understate expenses and understate
liabilities.
-The error will overstate expenses and understate
liabilities.
Financial Statement Effects of Adjusting Entries When adjusting entries were made at the end of the year, the accountant for Parker Company did not make the following adjustments. Required: Identify the effect on the financial statements of the...
1. At the end of 2018, ABC Company did not make the adjusting entry to record...
1. At the end of 2018, ABC Company did not make the adjusting entry to record depreciation of building. Indicate the effect of this error on 2018 Net Income, Assets, Liabilities, and Owner’s Equity (on December 31, 2018) respectively. Use O for overstate, U for understate, NE for no effect. State your answer in the same order as the items underlined in the question: 2. On 3/31/2018, ABC company borrowed $1,000,000 from the bank with an annual interest rate of...
QUESTION 54 Each of the following transactions for Morrison Company requires an adjusting entry, which if...
QUESTION 54 Each of the following transactions for Morrison Company requires an adjusting entry, which if omitted, will overstate or understate assets, liabilities, owner's equity, revenues, expenses, or net income. Indicate the amount and direction of the misstatement that would result if the end of period adjusting entry suggested by the transaction was omitted. Place your results in the table following the transactions and use (+) for overstate, (-) for understate, and (NE) for no effect. 1. Morrison purchased supplies...
The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for...
The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for (a) unearned revenue earned during the year ($28,200) and (b) accrued wages ($4,820). Indicate the effect of each error, considered individually, on the income statement for the current year ended July 31. Also indicate the effect of each error on the July 31 balance sheet. Enter all amounts as positive numbers. Enter "O" in those spaces where there is no overstatement or no understatement....
Sentry Transport Inc. of Atlanta provides in-town parcel delivery services in addition to a full range...
Sentry Transport Inc. of Atlanta provides in-town parcel delivery services in addition to a full range of passenger services. Sentry engaged in the following activities during the current year: a. Sentry received $5,000 cash in advance from Rich's Department Store for an estimated 250 deliveries during December 2019 and January and February of 2020. The entire amount was recorded as unearned revenue when received. During December 2019, 110 deliveries were made for Rich's. b. Sentry operates several small buses that...
Effects of Errors on Financial Statements The accountant for Healthy Life Company, a medical services consulting...
Effects of Errors on Financial Statements The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for (a) unearned revenue earned during the year ($34,900) and (b) accrued wages ($12,770). Indicate the effect of each error, considered individually, on the income statement for the current year ended July 31. Also indicate the effect of each error on the July 31 balance sheet. Enter all amounts as positive numbers. Enter "0" in those spaces where there...
Instructions Sentry Transport Inc. of Atlanta provides in-town parcel delivery services in addition to a full...
Instructions Sentry Transport Inc. of Atlanta provides in-town parcel delivery services in addition to a full range of passenger services. Sentry engaged in the following activities during the current year: a. Sentry received $5,000 cash in advance from Rich's Department Store for an estimated 250 deliveries during December 2019 and January and February of 2020. The entire amount was recorded as unearned revenue when received. During December 2019, 110 deliveries were made for Rich's. b. Sentry operates several small buses...
Tatting Services has an inexperienced bookkeeper. During the year end process of preparing adjusting journal entries,...
Tatting Services has an inexperienced bookkeeper. During the year end process of preparing adjusting journal entries, the following events and transactions occurred 1 Work performed but not yet billed was not accrued because payment had not yet been received 2. No interest was accrued on a note payable because the next payment of interest was in May of the next fiscal year. 3. There was no accrual for wages owing recorded at the end of the year. 4. A utility...
10) Parks Company has total assets of $1,000,000, liabilities of $400,000, and equity of $600,000. What...
10) Parks Company has total assets of $1,000,000, liabilities of $400,000, and equity of $600,000. What is the debt ratio (rounded to a whole percent)? a. 40% b. 67% C. 150% d. 167% e. 250% 11) A Company forgot to record accrued and unpaid employee wages of $350,000 at year end. This oversight would a. Understate net income by $350,000 b. Overstate net income by $350,000 C. Have no effect on net income d. Overstate assets by $350,000 e. Understate...
On December 31, 2020, Blossom Company prepared an income statement and balance sheet, but failed to...
On December 31, 2020, Blossom Company prepared an income statement and balance sheet, but failed to take into account three adjusting entries. The balance sheet showed total assets $156,000, total liabilities $66,000, and owner's equity $83,000. The incorrect income statement showed net income of $71,000. The data for the three adjusting entries were: Salaries and wages amounting to $10,200 for the last 2 days in December were not paid and not recorded. The next payroll will be in January Rent...
all pull down options have the options of these answers: (ANSWER
WITH ONE OF THESE 3 FOR A-D)
-The error will overstate revenues and understate
liabilities.
-This error will understate expenses and understate
liabilities.
-The error will overstate expenses and understate
liabilities.
Financial Statement Effects of Adjusting Entries When adjusting entries were made at the end of the year, the accountant for Parker Company did not make the following adjustments. Required: Identify the effect on the financial statements of the...
QUESTION 54 Each of the following transactions for Morrison Company requires an adjusting entry, which if omitted, will overstate or understate assets, liabilities, owner's equity, revenues, expenses, or net income. Indicate the amount and direction of the misstatement that would result if the end of period adjusting entry suggested by the transaction was omitted. Place your results in the table following the transactions and use (+) for overstate, (-) for understate, and (NE) for no effect. 1. Morrison purchased supplies...
The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for (a) unearned revenue earned during the year ($28,200) and (b) accrued wages ($4,820). Indicate the effect of each error, considered individually, on the income statement for the current year ended July 31. Also indicate the effect of each error on the July 31 balance sheet. Enter all amounts as positive numbers. Enter "O" in those spaces where there is no overstatement or no understatement....
Sentry Transport Inc. of Atlanta provides in-town parcel delivery services in addition to a full range of passenger services. Sentry engaged in the following activities during the current year: a. Sentry received $5,000 cash in advance from Rich's Department Store for an estimated 250 deliveries during December 2019 and January and February of 2020. The entire amount was recorded as unearned revenue when received. During December 2019, 110 deliveries were made for Rich's. b. Sentry operates several small buses that...
Effects of Errors on Financial Statements The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for (a) unearned revenue earned during the year ($34,900) and (b) accrued wages ($12,770). Indicate the effect of each error, considered individually, on the income statement for the current year ended July 31. Also indicate the effect of each error on the July 31 balance sheet. Enter all amounts as positive numbers. Enter "0" in those spaces where there...
Instructions Sentry Transport Inc. of Atlanta provides in-town parcel delivery services in addition to a full range of passenger services. Sentry engaged in the following activities during the current year: a. Sentry received $5,000 cash in advance from Rich's Department Store for an estimated 250 deliveries during December 2019 and January and February of 2020. The entire amount was recorded as unearned revenue when received. During December 2019, 110 deliveries were made for Rich's. b. Sentry operates several small buses...
Tatting Services has an inexperienced bookkeeper. During the year end process of preparing adjusting journal entries, the following events and transactions occurred 1 Work performed but not yet billed was not accrued because payment had not yet been received 2. No interest was accrued on a note payable because the next payment of interest was in May of the next fiscal year. 3. There was no accrual for wages owing recorded at the end of the year. 4. A utility...
10) Parks Company has total assets of $1,000,000, liabilities of $400,000, and equity of $600,000. What is the debt ratio (rounded to a whole percent)? a. 40% b. 67% C. 150% d. 167% e. 250% 11) A Company forgot to record accrued and unpaid employee wages of $350,000 at year end. This oversight would a. Understate net income by $350,000 b. Overstate net income by $350,000 C. Have no effect on net income d. Overstate assets by $350,000 e. Understate...
On December 31, 2020, Blossom Company prepared an income statement and balance sheet, but failed to take into account three adjusting entries. The balance sheet showed total assets $156,000, total liabilities $66,000, and owner's equity $83,000. The incorrect income statement showed net income of $71,000. The data for the three adjusting entries were: Salaries and wages amounting to $10,200 for the last 2 days in December were not paid and not recorded. The next payroll will be in January Rent...
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