Homework Answers
Option D is correct.
Revenue is overstated, no effect on expenses, Net income is overstated.
Explanation:
This is a transaction of cash received for Unearned revenue which is not part of current revenue. Unearned revenue is revenue for future, therefore it is deferred to next period to which it belongs by showing as liabilities.
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alle C... 2000 Seved Help Save The following question is an Error Analysis question...
11 Saved Help Save & Exit The following question is an Error Analysis question related to...
11 Saved Help Save & Exit The following question is an Error Analysis question related to the adjustment process. Please note: Do not overthink the scenario. Instead, deal only with the facts provided. The financial statement effects being requested in any given scenario are for the current period only. "The company will pay staff members next period for work performed in the current period. When recording the adjustment entry in the current period, the owner recorded the wages as if...
The following transaction has been recorded in a particular accounting period. Determine the effect of this...
The following transaction has been recorded in a particular accounting period. Determine the effect of this transaction on the Accounting Equation Please note: do not overthink the scenario. Instead, deal only with the facts provided. The Accounting Equation effects being requested in any given scenario are for the current period only A business purchases Inventory for $5,000 cash. Increase in Asset Increase in the No Efecto Shareholders Equity Increase in increase in Libis Decrease in Shareholders Equity Increase in As...
QUESTION 2 An error in the physical count of goods on hand at the end of...
QUESTION 2 An error in the physical count of goods on hand at the end of a period resulted in a $10,000 overstatement of the ending inventory. The effect of this error in the current period is Cost of Goods Sold Understated Net Income Understated Cost of Goods Sold Overstated Net Income Overstated Cost of Goods Sold Understated Net Income Overstated Cost of Goods Sold Overstated Net Income Understated
Do not overrakte scenario teste re Staff Browse Barned to c What is the effect of...
Do not overrakte scenario teste re Staff Browse Barned to c What is the effect of this mo deal with the facts vided. The financial statement effects a o me that was earned in the current period n th' s As we west. Not Story Question 13 The following customisan Error Analysis question related to the water s Please note Do not over een standalony with the facts The w e es b y scenario are for the currently Staff...
QUESTION 9 The Allowance for Bad Debts account has a credit balance of 58,300 before the...
QUESTION 9 The Allowance for Bad Debts account has a credit balance of 58,300 before the adjusting entry for bad debts expense. Aher analyzing the accounts in the accounts receivable subsidiary ledgerusing the aging of-receivables method, the company's management estimates that uncofect ble accounts will be $14.700. What will be the balance of the Allowance for Bed Debts reported on the balance et $23.000 $13.230 $14,700 56,400 QUESTION 7 On March 18, James Smith purchased $5,000 of furniture from Home...
please do question 3 Exercise 3-49 (Algorithmic) Prepayments, Collections in Advance Greensboro Properties Inc. owns a...
please do question 3
Exercise 3-49 (Algorithmic) Prepayments, Collections in Advance Greensboro Properties Inc. owns a building in which it leases office space to small businesses and professionals. During 2019, Greensboro Properties engaged in the following transactions: a. On March 1, Greensboro Properties paid $9,240 in advance to Patterson Insurance Company for 1 year of insurance beginning March 1, 2019. The full amount of the prepayment was debited to prepaid insurance, b. On May 1, Greensboro Properties received $32,280 for...
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...
MIU MIUI ACU ASSignment 1: Chapter 2 This Question: 18 pts 6 of 4 complete On...
MIU MIUI ACU ASSignment 1: Chapter 2 This Question: 18 pts 6 of 4 complete On Hep Raine Advertising creates plans, and handles advertising campaigns in the province. Recently, Rains had to replace an inexperienced office worker in charge of booking because some soumisha had been in the accounting records. You have been hired to review these transaction to determine wy corrections that might be neory. I al case, the bookkeeper made an accurate description the radion but did not...
LOL What is the difference between cash basis accounting and accrual basis accounting a) Which method...
LOL What is the difference between cash basis accounting and accrual basis accounting a) Which method records transactions only when cash is received? b) Which method records transaction when it occurs, regardless of when the cash is paid? L02. What concepts and principles apply to accrual basis accounting a) Match the concept (by number) to the correct terminology. 1. Time period concept 2. Revenue recognition principle 3. Matching Principle 4. Fiscal year __An accounting time period that may not coincide...
1.Given the following: 2013 Net Loss is: Select one: a. $38 b. $6 c. $12 d....
1.Given the following:
2013 Net Loss is:
Select one:
a. $38
b. $6
c. $12
d. $13
e. $8
2.The Walton Company accrued a revenue and recorded this journal
entry.
Determine the effect of the error on the following:
Select one:
a. Assets Understated, Net Income No Error
b. Assets No Error, Net Income No Error
c. Assets Understated, Net Income Understated
d. Assets Overstated, Net Income No Error
e. Assets No Error, Net Income Understated
3.
In preparing its...
11 Saved Help Save & Exit The following question is an Error Analysis question related to the adjustment process. Please note: Do not overthink the scenario. Instead, deal only with the facts provided. The financial statement effects being requested in any given scenario are for the current period only. "The company will pay staff members next period for work performed in the current period. When recording the adjustment entry in the current period, the owner recorded the wages as if...
The following transaction has been recorded in a particular accounting period. Determine the effect of this transaction on the Accounting Equation Please note: do not overthink the scenario. Instead, deal only with the facts provided. The Accounting Equation effects being requested in any given scenario are for the current period only A business purchases Inventory for $5,000 cash. Increase in Asset Increase in the No Efecto Shareholders Equity Increase in increase in Libis Decrease in Shareholders Equity Increase in As...
QUESTION 2 An error in the physical count of goods on hand at the end of a period resulted in a $10,000 overstatement of the ending inventory. The effect of this error in the current period is Cost of Goods Sold Understated Net Income Understated Cost of Goods Sold Overstated Net Income Overstated Cost of Goods Sold Understated Net Income Overstated Cost of Goods Sold Overstated Net Income Understated
Do not overrakte scenario teste re Staff Browse Barned to c What is the effect of this mo deal with the facts vided. The financial statement effects a o me that was earned in the current period n th' s As we west. Not Story Question 13 The following customisan Error Analysis question related to the water s Please note Do not over een standalony with the facts The w e es b y scenario are for the currently Staff...
QUESTION 9 The Allowance for Bad Debts account has a credit balance of 58,300 before the adjusting entry for bad debts expense. Aher analyzing the accounts in the accounts receivable subsidiary ledgerusing the aging of-receivables method, the company's management estimates that uncofect ble accounts will be $14.700. What will be the balance of the Allowance for Bed Debts reported on the balance et $23.000 $13.230 $14,700 56,400 QUESTION 7 On March 18, James Smith purchased $5,000 of furniture from Home...
please do question 3
Exercise 3-49 (Algorithmic) Prepayments, Collections in Advance Greensboro Properties Inc. owns a building in which it leases office space to small businesses and professionals. During 2019, Greensboro Properties engaged in the following transactions: a. On March 1, Greensboro Properties paid $9,240 in advance to Patterson Insurance Company for 1 year of insurance beginning March 1, 2019. The full amount of the prepayment was debited to prepaid insurance, b. On May 1, Greensboro Properties received $32,280 for...
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...
MIU MIUI ACU ASSignment 1: Chapter 2 This Question: 18 pts 6 of 4 complete On Hep Raine Advertising creates plans, and handles advertising campaigns in the province. Recently, Rains had to replace an inexperienced office worker in charge of booking because some soumisha had been in the accounting records. You have been hired to review these transaction to determine wy corrections that might be neory. I al case, the bookkeeper made an accurate description the radion but did not...
LOL What is the difference between cash basis accounting and accrual basis accounting a) Which method records transactions only when cash is received? b) Which method records transaction when it occurs, regardless of when the cash is paid? L02. What concepts and principles apply to accrual basis accounting a) Match the concept (by number) to the correct terminology. 1. Time period concept 2. Revenue recognition principle 3. Matching Principle 4. Fiscal year __An accounting time period that may not coincide...
1.Given the following:
2013 Net Loss is:
Select one:
a. $38
b. $6
c. $12
d. $13
e. $8
2.The Walton Company accrued a revenue and recorded this journal
entry.
Determine the effect of the error on the following:
Select one:
a. Assets Understated, Net Income No Error
b. Assets No Error, Net Income No Error
c. Assets Understated, Net Income Understated
d. Assets Overstated, Net Income No Error
e. Assets No Error, Net Income Understated
3.
In preparing its...
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