Question

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 comedy cord the di in the journal (Click the leon to view the journal entries.) Requirements Requirement 1. For each of the preceding entries, indicate the effect of the error ons, total, and not come. The wwwer for the first section has been provided as an example of the error has outlet, weet Correct and leave the amount call blank.) Date Effect on Cash Effect on Total Assets Effect on Net Income May 1 Understated $ 300 Overstated $ 300 Ovensted $ 300 2 Understated 1600 Understated 1600 Understated 1600 5 Overstated 3000 Overstated 3000 Overstated 3000 10 Overstated 3500 Understated 3500 Correct 16 Understated 5300 Correct Correct 25 Overstated 4400 Overstated 4400 Oversted 4400 Requirement 2. What is the correct balance of cash if the balance of cash on the books before correcting the preceding transactions was 16.8007 The correct cash balance is $ 10800 Requirement 3. What is the correct amount of total assets of the total assets on the books before correcting the preceding transactions was $20.0007 The correct amount of total assets is $ Requirement 4. What is the correct net income for Mavi the reported income before correcting the preceding transactions was $17.0007 Any list or enter any number in the input fields and then continue to the next question

Answer 1

Answer

Correct amount of total assets is :

Total asset on books before correcting the preceeding transaction was. : $29,000

Now Add/Less all overstated - Understated amount to $29,000

=$29,000 + $3,000 + $4,400 - $1,600 - $3,500

=$31,300

Correct amount of net income is:

=$17,000 + $3,000 + $4,400 - $1,600

=$22,800