Homework Answers
No effect of error on Total Assets
Total Liabilities are overstated by $4500, since Liabilities has to
be reduced on payment of accounts payable
Net Assets is understated by $4500, since excess expense is
recorded
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28.5. Goshen Hospital paid an account payable of $4,500 during December 20X1. In the transaction entry,...
Q8.6. Gibson Hospital received $2,300 in payment of a patient's account receivable on December 27, 20X1....
Q8.6. Gibson Hospital received $2,300 in payment of a patient's account receivable on December 27, 20X1. In the transaction entry, however, the credit was made erroneously to routine service revenues. The error was not discovered until after the financial statements for 20X1 were prepared. What effect would this error have on total assets, total liabilities, and hospital net assets, as reported in the hospital's December 31, 20x1, balance sheet?
Garden Hospital paid a three-year insurance premium of $3,600 in advance on January 1
Garden Hospital paid a three-year insurance premium of $3,600 in advance on January 1, 20x1, debiting the $3,600 to the prepaid account. At the end of the year, the necessary adjusting entry was not made, and the omission was not discovered. What effect would this error have on total assets, total liabilities, and hospital net assets, as reported in the hospital's balance sheet for December 31, 20X1?
Problem 3 Seattle Grace Hospital's December 31, 20x1, balance sheet reported hospital net assets of $17,581....
Problem 3 Seattle Grace Hospital's December 31, 20x1, balance sheet reported hospital net assets of $17,581. Seattle Grace's 20X1 operating income was 253 and investment income (loss) was (1142). Required: What was Seattle Grace's excess of revenues over expenses? What was reported as hospital net assets in Seattle Grace's balance sheet at December 31, 20X0? Balance Sheet Net Assets at Dec 31, 20X0 20X1 Excess of Revenues over Expenses Balance Sheet Net Assets at Dec. 31, 20X1
Question 7 4 points There was no adjustment made for accrued wages on 31 December. This...
Question 7 4 points There was no adjustment made for accrued wages on 31 December. This was an error. The amount of wages eamed in December but not payable until the first week in January following year was $600. If this error is not discovered before the financial statements are prepared: assets as of 31 December will be overstated. liabilities as of 31 December will be overstated. net income will be overstated by $600. net income will be understated by...
E1-12 Goodwill Recognition Spur Corporation reported the following balance sheet amounts on December 31, 20X1; Fair...
E1-12 Goodwill Recognition Spur Corporation reported the following balance sheet amounts on December 31, 20X1; Fair Value Historical Cost $ 50,000 100,000 40,000 400,000 (150,000) $ 40,000 Balance Sheet Item Cash &Receivables Inventory Land 150,000 30,000 350,000 Plant & Equipment Less: Accumulated Depreciation Patent 130,000 $700,000 $440,000 Total Assets $ 80,000 $85,000 Accounts Payable 200,000 Common Stock 20,000 Additional Paid-In Capital Retained Earnings 140,000 Total Liabilities & Equities $440,000 33 Intercorporate Acquisitions and Investments in Other Entities Chapter 1 Required...
2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event,...
2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Placed an order for office supplies costing $2,000. Supplier intends to deliver later in the month. Note: Enter debits before credits. Event General Journal Debit Credit a. Record entry Clear entry View general journal Rawico Communications operates fifteen radio stations throughout...
question 2
Spur Corporation reported the following balance sheet amounts on December 31, 20X1:Balance Sheet ItemHistorical CostFair ValueAssetsCash & Receivables $ 54,000 $ 33,000Inventory $ 112,000 $ 147,000Land $ 48,000 $ 25,000Plant & Equipment $ 410,000 $ 343,000Less: Accumulated Depreciation $ (156,000)Patent $ 110,000Total Assets $ 468,000 $ 658,000Liabilities and EquitiesAccounts Payable $ 65,000 $ 70,000Common Stock $ 197,000Additional Paid-In Capital $ 19,000Retained Earnings $ 187,000Total Liabilities & Equities $ 468,000Required:Planket acquired Spur Corporation’s assets and liabilities for $678,000 cash on December 31, 20X1. Give the entry that Planket made to record...
acct hw help QUESTION 30 At December 1, 2014, Orear Company's Accounts Receivable balance was $4,500....
acct hw help
QUESTION 30 At December 1, 2014, Orear Company's Accounts Receivable balance was $4,500. During December, Orear had credit sales of $20,000 and collected accounts receivable of $14,000. At December 31, 2014, the Accounts Receivable balance is $10,500 debit $4,500 debit $24,500 debit $9,500 credit QUESTION 31 Using the following balance sheet and income statement data, what is the debt to assets ratio? Current assets $ 14,000 Net Income $ 21,000 Current liabilities 8.000 Stockholders' equity 60,000 Total...
7) The entry to record depreciation includes a debit to: A) the Equipment account. B) the Cash account. C) the Accu...
7) The entry to record depreciation includes a debit to: A) the Equipment account. B) the Cash account. C) the Accumulated Depreciation account. D) the Depreciation Expense account. 8) An adjusting entry is completed: A) at the beginning of the accounting period. B) at the end of the accounting period. C) when the balance sheet is prepared. D) when accounts need to be balanced in the ledger. 9) Prior to recording adjusting entries, the Office Supplies account had a $359...
Case Study : Nonprofit Hospital Accounting Equation The expanded accounting equation for a nonprofit is as...
Case Study : Nonprofit Hospital Accounting Equation The expanded accounting equation for a nonprofit is as follows: Assets = Liabilities + Net assets + Revenues – Expenses Assignment: a) Indicate all financial effects of each transaction on the expanded accounting equation See transaction 1 below- effect on equation is increase of Assets and Liabilities for $5M each - everything is in excel, below it shows transaction descriptions of 1-10, then Assets, Liabilities, Net Assets, Revenues, Expenses b) After recording the...
Q8.6. Gibson Hospital received $2,300 in payment of a patient's account receivable on December 27, 20X1. In the transaction entry, however, the credit was made erroneously to routine service revenues. The error was not discovered until after the financial statements for 20X1 were prepared. What effect would this error have on total assets, total liabilities, and hospital net assets, as reported in the hospital's December 31, 20x1, balance sheet?
Problem 3 Seattle Grace Hospital's December 31, 20x1, balance sheet reported hospital net assets of $17,581. Seattle Grace's 20X1 operating income was 253 and investment income (loss) was (1142). Required: What was Seattle Grace's excess of revenues over expenses? What was reported as hospital net assets in Seattle Grace's balance sheet at December 31, 20X0? Balance Sheet Net Assets at Dec 31, 20X0 20X1 Excess of Revenues over Expenses Balance Sheet Net Assets at Dec. 31, 20X1
Question 7 4 points There was no adjustment made for accrued wages on 31 December. This was an error. The amount of wages eamed in December but not payable until the first week in January following year was $600. If this error is not discovered before the financial statements are prepared: assets as of 31 December will be overstated. liabilities as of 31 December will be overstated. net income will be overstated by $600. net income will be understated by...
E1-12 Goodwill Recognition Spur Corporation reported the following balance sheet amounts on December 31, 20X1; Fair Value Historical Cost $ 50,000 100,000 40,000 400,000 (150,000) $ 40,000 Balance Sheet Item Cash &Receivables Inventory Land 150,000 30,000 350,000 Plant & Equipment Less: Accumulated Depreciation Patent 130,000 $700,000 $440,000 Total Assets $ 80,000 $85,000 Accounts Payable 200,000 Common Stock 20,000 Additional Paid-In Capital Retained Earnings 140,000 Total Liabilities & Equities $440,000 33 Intercorporate Acquisitions and Investments in Other Entities Chapter 1 Required...
2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Placed an order for office supplies costing $2,000. Supplier intends to deliver later in the month. Note: Enter debits before credits. Event General Journal Debit Credit a. Record entry Clear entry View general journal Rawico Communications operates fifteen radio stations throughout...
acct hw help
QUESTION 30 At December 1, 2014, Orear Company's Accounts Receivable balance was $4,500. During December, Orear had credit sales of $20,000 and collected accounts receivable of $14,000. At December 31, 2014, the Accounts Receivable balance is $10,500 debit $4,500 debit $24,500 debit $9,500 credit QUESTION 31 Using the following balance sheet and income statement data, what is the debt to assets ratio? Current assets $ 14,000 Net Income $ 21,000 Current liabilities 8.000 Stockholders' equity 60,000 Total...
7) The entry to record depreciation includes a debit to: A) the Equipment account. B) the Cash account. C) the Accumulated Depreciation account. D) the Depreciation Expense account. 8) An adjusting entry is completed: A) at the beginning of the accounting period. B) at the end of the accounting period. C) when the balance sheet is prepared. D) when accounts need to be balanced in the ledger. 9) Prior to recording adjusting entries, the Office Supplies account had a $359...
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