Homework Answers
The effect on the financial statements would be:-
a) Liabilities will be overstated and revenues will be understated.
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Question 10 0.5 pts If a company fails to adjust its unearned rent revenue pccount at...
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...
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 the financial statements? 1,900 Unearned Rent Rent Revenue 1,900 a. Revenues will be overstated by $1,900. O b. There will be no effect on net income. c. There will be no effect on liabilities. d. Revenues will be understated by $1,900.
< 13 If an entry to adjust uneared rent and rent revenue is not recorded at...
< 13 If an entry to adjust uneared rent and rent revenue is not recorded at the end of the period, Rent Revenue and net income on the income statement will be O a. understated Ob unaffected because these items are not on the income statement. O cunaffected because the omitted entry affects two accounts that cancel each other out Od overstated 14 15 16 17
Question 41 2 pts Carlton, Inc. pays its rent of $60,000 annually on January 1 and...
Question 41 2 pts Carlton, Inc. pays its rent of $60,000 annually on January 1 and makes monthly adjusting entries. If the February 28 monthly adjusting entry for prepaid rent is omitted, which of the following are true? Expenses will be overstated by $5,000 and net income and stockholders equity will be understated by $5,000. Assets will be overstated by $5.000 and net income and stockholders' equity will be overstated by $5,000. Assets will be overstated by $10,000 and net...
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...
Hi there, can you please answer questions 1-4. they are all very short :) Also, the...
Hi there, can you please answer questions 1-4. they are all very
short :) Also, the circled answer may or may not be correct and
please disregard the blue scribble marks
Enter Shift Part A (20 marks) he balance in the Prepaid Rent account before adjustment at the end of the year is $12,000 and represents three months rent starting on November 1. The adjusting entry required on December 31, assuming adjusting entries have not previously been made, is Debit...
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...
l UCSLIUI LUI. PUILLS Unearned revenue is reported in the financial statements as: A revenue on...
l
UCSLIUI LUI. PUILLS Unearned revenue is reported in the financial statements as: A revenue on the balance sheet. O A liability on the balance sheet. An unearned revenue on the income statement. An asset on the balance sheet. A financing activity on the statement of cash flows. Question 19 (0.5 points) Net Income: Decreases equity. Represents the amount of assets owners put into a business. Equals assets minus liabilities. Is the excess of revenues over expenses. Represents owners' claims...
Page 1 of 3 ACCT 201 Spring Semester Preparation for Mid-Term Exam The exam has 9 questions, SOLV...
Page 1 of 3 ACCT 201 Spring Semester Preparation for Mid-Term Exam The exam has 9 questions, SOLVE THE QUESTIONS 1. ABC adopts the (15 marks) plus a 1 mark bonus question. Here are 13 questions to help you prepare for the exam accounting practice whereby all external transactions involving prepaid expenses are initially debited to the ount. if the company fails to adjust any one of these accounts for the current year what will be the effect on (1)...
Question 7 0.5 pts A corporation began the period with $3,500 of supplies on hand and...
Question 7 0.5 pts A corporation began the period with $3,500 of supplies on hand and recorded as assets. On the last day of the accounting period, there are $1,100 of unused office supplies on hand. What should the accountant do? O Debit Supplies and credit Supplies Expense for $1,100. Debit Supplies Expense for $1,100 and credit Supplies for $1,100. O Debit Supplies Expense for $2,400 and credit Supplies for $2,400. o Debit Supplies and credit Supplies Expense for $3,500....
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...
If the following adjusting entry is omitted, what effect will it have on the financial statements? 1,900 Unearned Rent Rent Revenue 1,900 a. Revenues will be overstated by $1,900. O b. There will be no effect on net income. c. There will be no effect on liabilities. d. Revenues will be understated by $1,900.
< 13 If an entry to adjust uneared rent and rent revenue is not recorded at the end of the period, Rent Revenue and net income on the income statement will be O a. understated Ob unaffected because these items are not on the income statement. O cunaffected because the omitted entry affects two accounts that cancel each other out Od overstated 14 15 16 17
Question 41 2 pts Carlton, Inc. pays its rent of $60,000 annually on January 1 and makes monthly adjusting entries. If the February 28 monthly adjusting entry for prepaid rent is omitted, which of the following are true? Expenses will be overstated by $5,000 and net income and stockholders equity will be understated by $5,000. Assets will be overstated by $5.000 and net income and stockholders' equity will be overstated by $5,000. Assets will be overstated by $10,000 and net...
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...
Hi there, can you please answer questions 1-4. they are all very
short :) Also, the circled answer may or may not be correct and
please disregard the blue scribble marks
Enter Shift Part A (20 marks) he balance in the Prepaid Rent account before adjustment at the end of the year is $12,000 and represents three months rent starting on November 1. The adjusting entry required on December 31, assuming adjusting entries have not previously been made, is Debit...
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...
l
UCSLIUI LUI. PUILLS Unearned revenue is reported in the financial statements as: A revenue on the balance sheet. O A liability on the balance sheet. An unearned revenue on the income statement. An asset on the balance sheet. A financing activity on the statement of cash flows. Question 19 (0.5 points) Net Income: Decreases equity. Represents the amount of assets owners put into a business. Equals assets minus liabilities. Is the excess of revenues over expenses. Represents owners' claims...
Page 1 of 3 ACCT 201 Spring Semester Preparation for Mid-Term Exam The exam has 9 questions, SOLVE THE QUESTIONS 1. ABC adopts the (15 marks) plus a 1 mark bonus question. Here are 13 questions to help you prepare for the exam accounting practice whereby all external transactions involving prepaid expenses are initially debited to the ount. if the company fails to adjust any one of these accounts for the current year what will be the effect on (1)...
Question 7 0.5 pts A corporation began the period with $3,500 of supplies on hand and recorded as assets. On the last day of the accounting period, there are $1,100 of unused office supplies on hand. What should the accountant do? O Debit Supplies and credit Supplies Expense for $1,100. Debit Supplies Expense for $1,100 and credit Supplies for $1,100. O Debit Supplies Expense for $2,400 and credit Supplies for $2,400. o Debit Supplies and credit Supplies Expense for $3,500....
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