Homework Answers
| a. | |
| Amount of misstatement of income before taxes = The amount of accrued expenses = | 468900 |
| b. | |
| Percentage of misstatement = Accrued expenses / Income before taxes = 468900 / 450000 = | 104.2% |
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UUNINIS MAMY PORTFOLD Ad Ad Tienda Virtual Book Calculator Effects of Errors on Financial Statements For...
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please asap i have 15 minutes
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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...
Effects of Errors on Financial Statements The accountant for Healthy Medical Co., a medical services consulting firm, mistakenly omitted adjusting entries for $291,100 of uneared revenue that had been earned during the year and accrued wages of $16,800. If the net income for the current year had been $4,220,800, what would have been the correct net income if the proper adjustments had been made?
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...
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Financial statement effects of depreciation methods Answer the following questions using data from the Campbell Soup Company annual report in the appendix: Required: a. Find the discussion of Property, Plant, and Equipment and depreciation methods used by Campbell's in the appendix. Explain why the particular method is used for the purpose described. What method do you think the company uses for income tax purposes? b. Calculate the ratio of the depreciation and amortization expense for 2017, which is reported in...
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