Homework Answers
| Net income will be overstated by 12,800 | |
| = 5,000+6,200+1,600 | |
| Comment if you face any issues |
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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 $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. 4 - Apply: Exercise Wk. 4 - Apply: Exercise "k. 4 - Apply: Exercise i...
Wk. 4 - Apply: Exercise Wk. 4 - Apply: Exercise "k. 4 - Apply: Exercise i Assume that a firm reports net income of $86,000 prior to making adiusting entries for the following depreciation expense, $7,800; and supplies used, $3,200. Assume that the required adjusting entries have not been made. What effect do these errors have on reported her Income. Net income will be 86,000
Adjusting Entries Selected account balances before adjustment for Intuit Realty at November 30, the end of...
Adjusting Entries Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow: Debits Credits Accounts Receivable Equipment Accumulated Depreciation-Equipment $75,000 250,000 $12,000 Prepaid Rent 12,000 3,170 Supplies Wages Payable Unearned Fees Fees Earned 10,000 400,000 Wages Expense 140,000 Rent Expense Depreciation Expense Supplies Expense Data needed for year-end adjustments are as follows: • Supplies on hand at November 30, $550. • Depreciation of equipment during year, $1,675. • Rent expired during year,...
CADJUSTING ENTRIES Effects of adjusting entries on financial statements: Problem typ... ΕΙ On June 1, Campbell...
CADJUSTING ENTRIES Effects of adjusting entries on financial statements: Problem typ... ΕΙ On June 1, Campbell Company purchased $2,470 of supplies on account and debited Supplies Expense, which is an alternate way of recording the initial expenditure. At the end of the calendar year, $2,110 of supplies remained. If the appropriate adjusting entry is not made at the end of the year, what will be the effect on: Income statement accounts (overstated, understated, or no effect)? Net income (overstated, understated,...
Calculator For the year ending December 31, Orion, Inc. mistakenly omitted adjusting entries for (1) $1,500...
Calculator For the year ending December 31, Orion, Inc. mistakenly omitted adjusting entries for (1) $1,500 of supplies that were used, (2) unearned revenue of $4,200 that was earne and (3) insurance of $5,000 that expired. For the year ending December 31, what is the effect of these errors on revenues, expenses, and net income? a. revenues are overstated by $4,200 b. expenses are understated by $3,500 Cc. expenses are overstated by $6,500 Adjusted Trial Balance December 31 Cash 6,042...
In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries for the following...
In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries for the following situations: a. Office supplies on hand $100. b. Accrued revenues, $5,000. c. Accrued interest expense, $250. d. Depreciation, $800. e. Unearned revenue that has been carned, $550. Determine the effects on the income statement and balance sheet by identifying whether assets, liabilities, equity, revenue, and expenses are either overstated or understated. Use the following table. Adjustment a has been provided as an example, Adjustment...
Exercise 3-53 (Algorithmic) Adjusting Entries Reynolds Computer Service offers data processing services to retail clothing stores....
Exercise 3-53 (Algorithmic) Adjusting Entries Reynolds Computer Service offers data processing services to retail clothing stores. The following data have been collected to aid in the preparation of adjusting entries for Reynolds Computer Service for 2019: a. Computer equipment was purchased from IBM in 2016 at a cost of $540,000. Annual depreciation is $125,900. b. A fire insurance policy for a 2-year period beginning September 1, 2019, was purchased from Good Hands Insurance Company for $12,000 cash. The entire amount...
B. Below are 4 adjusting journal entries (AJEs) that another firm, Wolverine, failed to make at...
B. Below are 4 adjusting journal entries (AJEs) that another firm, Wolverine, failed to make at year end. For each entry NOT MADE indicate the effect that each omitted AJE would have on the Wolverine's financial statements for the year ended 12/31/2019. Use O for overstated, U for understated, and NE for no effect. Organize your answer in tabular form, using the column headings shown below and provided in the worksheet titled "Part A, Question B." Example 0: At year...
If the following adjusting entry is omitted, what effect will it have on net income? 4,300...
If the following adjusting entry is omitted, what effect will it have on net income? 4,300 Depreciation Expense Accumulated Depreciation 4,300 O a. Net income will be understated by $4,300. O b. It will have no effect on net income. O c. Net income will be overstated by $8,600. O d. Net income will be overstated by $4,300. The adjusting entry to record accrued expenses O a. includes a debit to a payable account. O b. is the same journal...
Hi, I'm stuck on two adjusting entries. The problem gives me an unadjusted trial balance and...
Hi, I'm stuck on two adjusting entries. The problem gives me an
unadjusted trial balance and I have to calculate net income using
the additional data they give me. I figured out the AJEs for
transactions A, B, and E, but I need help with transactions B and
C. I'm confused because for transaction C I debited insurance
expense of 1,800 and credited prepaid insurance of 1,800 (which
seems to be a deferred expense) and for transaction D I debited...
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. 4 - Apply: Exercise Wk. 4 - Apply: Exercise "k. 4 - Apply: Exercise i Assume that a firm reports net income of $86,000 prior to making adiusting entries for the following depreciation expense, $7,800; and supplies used, $3,200. Assume that the required adjusting entries have not been made. What effect do these errors have on reported her Income. Net income will be 86,000
Adjusting Entries Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow: Debits Credits Accounts Receivable Equipment Accumulated Depreciation-Equipment $75,000 250,000 $12,000 Prepaid Rent 12,000 3,170 Supplies Wages Payable Unearned Fees Fees Earned 10,000 400,000 Wages Expense 140,000 Rent Expense Depreciation Expense Supplies Expense Data needed for year-end adjustments are as follows: • Supplies on hand at November 30, $550. • Depreciation of equipment during year, $1,675. • Rent expired during year,...
CADJUSTING ENTRIES Effects of adjusting entries on financial statements: Problem typ... ΕΙ On June 1, Campbell Company purchased $2,470 of supplies on account and debited Supplies Expense, which is an alternate way of recording the initial expenditure. At the end of the calendar year, $2,110 of supplies remained. If the appropriate adjusting entry is not made at the end of the year, what will be the effect on: Income statement accounts (overstated, understated, or no effect)? Net income (overstated, understated,...
Calculator For the year ending December 31, Orion, Inc. mistakenly omitted adjusting entries for (1) $1,500 of supplies that were used, (2) unearned revenue of $4,200 that was earne and (3) insurance of $5,000 that expired. For the year ending December 31, what is the effect of these errors on revenues, expenses, and net income? a. revenues are overstated by $4,200 b. expenses are understated by $3,500 Cc. expenses are overstated by $6,500 Adjusted Trial Balance December 31 Cash 6,042...
In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries for the following situations: a. Office supplies on hand $100. b. Accrued revenues, $5,000. c. Accrued interest expense, $250. d. Depreciation, $800. e. Unearned revenue that has been carned, $550. Determine the effects on the income statement and balance sheet by identifying whether assets, liabilities, equity, revenue, and expenses are either overstated or understated. Use the following table. Adjustment a has been provided as an example, Adjustment...
Exercise 3-53 (Algorithmic) Adjusting Entries Reynolds Computer Service offers data processing services to retail clothing stores. The following data have been collected to aid in the preparation of adjusting entries for Reynolds Computer Service for 2019: a. Computer equipment was purchased from IBM in 2016 at a cost of $540,000. Annual depreciation is $125,900. b. A fire insurance policy for a 2-year period beginning September 1, 2019, was purchased from Good Hands Insurance Company for $12,000 cash. The entire amount...
B. Below are 4 adjusting journal entries (AJEs) that another firm, Wolverine, failed to make at year end. For each entry NOT MADE indicate the effect that each omitted AJE would have on the Wolverine's financial statements for the year ended 12/31/2019. Use O for overstated, U for understated, and NE for no effect. Organize your answer in tabular form, using the column headings shown below and provided in the worksheet titled "Part A, Question B." Example 0: At year...
If the following adjusting entry is omitted, what effect will it have on net income? 4,300 Depreciation Expense Accumulated Depreciation 4,300 O a. Net income will be understated by $4,300. O b. It will have no effect on net income. O c. Net income will be overstated by $8,600. O d. Net income will be overstated by $4,300. The adjusting entry to record accrued expenses O a. includes a debit to a payable account. O b. is the same journal...
Hi, I'm stuck on two adjusting entries. The problem gives me an
unadjusted trial balance and I have to calculate net income using
the additional data they give me. I figured out the AJEs for
transactions A, B, and E, but I need help with transactions B and
C. I'm confused because for transaction C I debited insurance
expense of 1,800 and credited prepaid insurance of 1,800 (which
seems to be a deferred expense) and for transaction D I debited...
Most questions answered within 3 hours.
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A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
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