Homework Answers
Answer
--Correct Answer = Option 'D' Revenues will be understated by $ 1900 will be the effect if that adjusting entry is omitted.
--This is because in that adjusting entry, the rent revenue earned, that was earlier received as advance and recorded as 'unearned revenue' is now being 'earned' and adding to the revenues. Hence, if said entry is omitted, the revenues will be UNDER STATED.
Add Answer to:
If the following adjusting entry is omitted, what effect will it have on the financial statements?...
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...
Effect of Omitting Adjusting Entry At the end of January, the first month of the business...
Effect of Omitting Adjusting Entry At the end of January, the first month of the business year, the usual adjusting entry transferring rent earned from the unearned rent account to a revenue account was omitted. Indicate which items will be incorrectly stated, because of the error, on (a) the income statement for January and (b) the balance sheet as of January 31. Also indicate whether the items in error will be overstated or understated. a. Income Statement Revenues Expenses Net...
1- Under IFRS, which of the following is generally not a guideline for recognizing revenue? The...
1- Under IFRS, which of the following is generally
not a guideline for recognizing revenue?
The transaction price is determinable.
When (or as) the company satisfies the performance
obligation.
The contract is identified with the client.
Collection is reasonably assured.
2- If Bee Corp. fails to adjust the Unearned Rent account for
rent that has been earned, what effect will this have on that
month’s financial statements?
Liabilities will be understated and revenues will be
understated.
Assets will be understated...
During the adjusting process two transactions were neglected or omitted. The first is for unearned rent...
During the adjusting process two transactions were neglected or
omitted. The first is for unearned rent revenue of which $415 was
earned during the period, the second was for accrued interest
payable of which $275 is owed for the period. As a result of these
omissions
During the adjusting process two transactions were neglected or omitted. The first is for unearned rent revenue of which $415 was earned during the period, the second was for accrued interest payable of which...
please asap i have 15 minutes Effects of Errors on Financial Statements The accountant for Healthy...
please asap i have 15 minutes
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 ($20,230) and (b) accrued wages (54,350). 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...
If an adjustment for $8,600 in accrued revenues is omitted, how will this affect the financial...
If an adjustment for $8,600 in accrued revenues is omitted, how will this affect the financial statements? O a. Net income will be understated by $8,600. O b. There will be no effect on the financial statements. O c. Net income will be overstated by $8,600. O d. Accounts Receivable will be overstated by $8,600.
If an adjustment for $8,600 in accrued revenues is omitted, how will this affect the financial...
If an adjustment for $8,600 in accrued revenues is omitted, how will this affect the financial statements? O a. Net income will be understated by $8,600. O b. There will be no effect on the financial statements. O c. Net income will be overstated by $8,600. O d. Accounts Receivable will be overstated by $8,600.
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...
Is this correct? In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries...
Is this correct?
In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries for the following situations: O (Click to view the adjusting entries.) 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. Begin by determining the effects for adjusting entries b. and c. and then determine the effects for...
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....
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...
Effect of Omitting Adjusting Entry At the end of January, the first month of the business year, the usual adjusting entry transferring rent earned from the unearned rent account to a revenue account was omitted. Indicate which items will be incorrectly stated, because of the error, on (a) the income statement for January and (b) the balance sheet as of January 31. Also indicate whether the items in error will be overstated or understated. a. Income Statement Revenues Expenses Net...
1- Under IFRS, which of the following is generally
not a guideline for recognizing revenue?
The transaction price is determinable.
When (or as) the company satisfies the performance
obligation.
The contract is identified with the client.
Collection is reasonably assured.
2- If Bee Corp. fails to adjust the Unearned Rent account for
rent that has been earned, what effect will this have on that
month’s financial statements?
Liabilities will be understated and revenues will be
understated.
Assets will be understated...
During the adjusting process two transactions were neglected or
omitted. The first is for unearned rent revenue of which $415 was
earned during the period, the second was for accrued interest
payable of which $275 is owed for the period. As a result of these
omissions
During the adjusting process two transactions were neglected or omitted. The first is for unearned rent revenue of which $415 was earned during the period, the second was for accrued interest payable of which...
please asap i have 15 minutes
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 ($20,230) and (b) accrued wages (54,350). 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...
If an adjustment for $8,600 in accrued revenues is omitted, how will this affect the financial statements? O a. Net income will be understated by $8,600. O b. There will be no effect on the financial statements. O c. Net income will be overstated by $8,600. O d. Accounts Receivable will be overstated by $8,600.
If an adjustment for $8,600 in accrued revenues is omitted, how will this affect the financial statements? O a. Net income will be understated by $8,600. O b. There will be no effect on the financial statements. O c. Net income will be overstated by $8,600. O d. Accounts Receivable will be overstated by $8,600.
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...
Is this correct?
In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries for the following situations: O (Click to view the adjusting entries.) 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. Begin by determining the effects for adjusting entries b. and c. and then determine the effects 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....
Most questions answered within 3 hours.
-
Which of the following pairs of ions have the same electron
configuration?
I: Br− and Se2−...
asked 1 hour ago -
The Foremost Composite Materials Company is planning a two-day
sales conference for October 19-20. The conference...
asked 1 hour ago -
3) Illustrate the observed pattern of relatedness of organisms
versus adaptations to specific conditions. This means...
asked 2 hours ago -
In winter a lake has a 0.35 m thick ice layer over 1.10 m of
water....
asked 3 hours ago -
Assuming the following has been encrypted with a Vigenere cipher
below, use the method(s) and assumptions...
asked 3 hours ago -
How would I use switch statements to write a program that will
take an input of...
asked 3 hours ago -
Imagine a reaction in which methane gas combusts at a constant
pressure of 1 atm and...
asked 3 hours ago -
Two parallel wires (each 12 m in length) are separated by a
distance of 0.065 m...
asked 3 hours ago -
Suppose there were three masses at the corner of uniform
equilateral triangle. The masses are m1...
asked 3 hours ago -
Situation: A building that is 618 m above the ground floor. How
many times would a...
asked 3 hours ago -
help me and discuss one successful and one
unsuccessful international company/busines in Indonesia.whyit
succeed and why...
asked 3 hours ago -
I- Choose the best answer
Which of the following statements about the structure and
packaging of...
asked 3 hours ago