Homework Answers
ANSWER : C ) Net income for the period will be overstated.
Journal entry for recording depreciation
Depreciation a/c ........ Dr. xxxx
To Accumulated depreciation a/c. xxxx
Income statement ......Dr. xxxx
To Depreciation a/c. xxxx
If depreciation of an asset is not recorded, then the income statement will be overstated by the amount of depreciation to be charged. And at the same time accumulated depreciation would be understated.
Please provide feedback if it was helpful. Feel free to comment if you have any doubts.
Add Answer to:
What will be the result if the adjusting entry to record the current period's depreciation on...
1. The Charleston Company pre-pays annual rent. If the adjusting entry to record the current period’s...
1. The Charleston Company pre-pays annual rent. If the adjusting entry to record the current period’s prepaid rent expired is not recorded: Select one: a. Current assets will be understated b. Net income will be overstated c. Current liabilities will be overstated d. Current liabilities will be understated e. Gross Profit will be overstated 2. Which organization is attempting to establish one set of accounting standards to be used in every country in the world? Select one: a. PCAOB b....
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...
Question 10 0.5 pts A corporation's depreciation in the current year is $800. The company's accountant...
Question 10 0.5 pts A corporation's depreciation in the current year is $800. The company's accountant recorded the year-end adjusting entry for depreciation as a debit to depreciation expense for $800 and a credit to cash for $800. The company's net income and total assets will be correctly stated. O net income and total assets will be overstated by $800. net income will be correctly stated but total assets will be overstated by $800. net income and total assets will...
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...
What happens if I fail to record depreciation expense for the current period? (Overstated/Understated/No effect) Revenue...
What happens if I fail to record depreciation expense for the current period? (Overstated/Understated/No effect) Revenue Expenses Net Income Assets Liabilities Equity
If a company neglects to make an adjusting entry to record accrued interest expense, which of the following statements is/are true?
If a company neglects to make an adjusting entry to record accrued interest expense, which of the following statements is/are true?Group of answer choicesIncome from Operations will be overstatedLiabilities will be understated and Stockholders' Equity will be overstatedAssets will be understated and Stockholders' Equity will be understatedNet Income will be understatedBoth A and B are true
8. The adjustment for depreciation expense was omitted, this would: A) overstate the period's expenses and...
8. The adjustment for depreciation expense was omitted, this would: A) overstate the period's expenses and overstate the period end liabilities. B) overstate the period's expenses and understate the period end liabilities. C) understate the period's expenses and overstate the period's assets. D) understate the period's expenses and understate the period's assets. 9. The income statement columns on a worksheet have subtotals as follows: debit column, $12,000, and credit column, $9,000. This indicates that: A) the company incurred a net...
A company recorded the $36,000 adjusting entry for the earning of rent received in advance by...
A company recorded the $36,000 adjusting entry for the earning of rent received in advance by debiting expenses and crediting assets $36,000. Net income is $72,000 understated B. $36,000 understated C. $36,000 overstated $72,000 overstated correctly stated
The accountant of Newton Legal Services failed to make an adjusting entry for supplies that had...
The accountant of Newton Legal Services failed to make an adjusting entry for supplies that had been used for the year. Assume the supplies were tally recorded as an asset. Which of the following statements is true? O A The total assets will be overstated OBThe total assets will be understated C. The total liabilities will be overstated OD. They will be understated Assets that are expected to be converted to cash, sold or used up during the next 12...
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...
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...
Question 10 0.5 pts A corporation's depreciation in the current year is $800. The company's accountant recorded the year-end adjusting entry for depreciation as a debit to depreciation expense for $800 and a credit to cash for $800. The company's net income and total assets will be correctly stated. O net income and total assets will be overstated by $800. net income will be correctly stated but total assets will be overstated by $800. net income and total assets will...
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...
8. The adjustment for depreciation expense was omitted, this would: A) overstate the period's expenses and overstate the period end liabilities. B) overstate the period's expenses and understate the period end liabilities. C) understate the period's expenses and overstate the period's assets. D) understate the period's expenses and understate the period's assets. 9. The income statement columns on a worksheet have subtotals as follows: debit column, $12,000, and credit column, $9,000. This indicates that: A) the company incurred a net...
A company recorded the $36,000 adjusting entry for the earning of rent received in advance by debiting expenses and crediting assets $36,000. Net income is $72,000 understated B. $36,000 understated C. $36,000 overstated $72,000 overstated correctly stated
The accountant of Newton Legal Services failed to make an adjusting entry for supplies that had been used for the year. Assume the supplies were tally recorded as an asset. Which of the following statements is true? O A The total assets will be overstated OBThe total assets will be understated C. The total liabilities will be overstated OD. They will be understated Assets that are expected to be converted to cash, sold or used up during the next 12...
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...
Most questions answered within 3 hours.
-
Rice Products in Bangladesh
Business behavior is derived in large part from the basic cultural
environment...
asked 1 hour ago -
The following base sequence is found for a mRNA fragment from
wild-type E. coli: 5'- UAUCAGUAGAUAAUGUAACC-3'...
asked 1 hour ago -
For this exercise, round all regression parameters to three
decimal places.
One of the two tables...
asked 1 hour ago -
What is the 5% level of significance for mean = 3.60, standard
deviation = 0.94, and...
asked 1 hour ago -
Prior to beginning work on this discussion, please read the
article by Hayley Peterson, 15 Companies...
asked 2 hours ago -
Which pair of aqueous solutions, when mixed, will form a
precipitate?
A) NaNO3 and AgC2H3O2
B)...
asked 2 hours ago -
1-Write an algorithm to get two numbers from the user (as
inputs) and calculate the sum...
asked 6 hours ago -
Define white-collar crime. What is the difference between
offender and offense-based definitions of white-collar crime? What...
asked 6 hours ago -
Consider a reaction which is 1st order with respect to A and 1st
order with respect...
asked 6 hours ago -
c++
The length of the hypotenuse of a right-angled triangle is the
square root of the...
asked 7 hours ago -
When a metal rod is heated, not only its resistance but also its
length and cross‐sectional...
asked 7 hours ago -
write a c++ program that computes the L^1 - Norm of a given
vector (L^1 norm...
asked 7 hours ago