Homework Answers
| Additional information | ASSETS | Liabilities | Owners equity | Net income | |||||||
| $24000 depreciation on equipment was unrecorded | Due to this Fixed assets remain overstated by $24000 as depreciation was not charged | this transaction has no effect on liabilities | owners equity would be overstated as income is added to owners capital and income statement is over stated by $24000 | net income would be over stated by $ 24000 as depreciation should have been charged to income statement which left understated |
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Suppose that Laramie Company's adjusted trial balance ignored the following information. For each item, indicate what...
Suppose that Laramie Company’s adjusted trial balance ignored the following information. For each item, indicate what...
Suppose that Laramie Company’s adjusted trial balance ignored the following information. For each item, indicate what effects, if any, these omissions would have on the stated components of Laramie Company's 2021 Income Statement and 12/31/2021 Balance Sheet. Assume no income taxes. Additional Information: $4,500 in cash dividends declared and paid in December 2021 were unrecorded. 12/31/2021 Assets amount: No effect, Understated, Overstated: 12/31/2021 Liabilities amount: No effect, understated, overstated: amount: 12/31/2021 Owners’ Equity amount: No effect, understated, overstated: 2021 Net...
Overstated, Understated, or No effect Suppose that Laramie Company's adjusted trial balance ignored the following information....
Overstated, Understated, or No effect
Suppose that Laramie Company's adjusted trial balance ignored the following information. For each item, indicate what effects, if any, these omissions would have on the stated components of Laramie Company's 2021 Income Statement and 12/31/2021 Balance Sheet. Assume no income taxes. 12/31/2021 Assets 12/31/2021 Liabilities 12/31/2021 Owners' Equity Additional Information The estimated uncollectible accounts receivable is now zero and should be $31,000 2021 Net Income
1/ The December 31, 2018 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Account...
1/ The December 31, 2018 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Account Title Debit Credit Accounts payable 108,000 Accounts receivable 188,000 Accumulated depreciation - equipment 278,000 Common stock 508,000 Cash 44,000 Cost of goods sold 498,000 Depreciation expense 78,000 Equipment 736,000 Interest expense 8,000 Inventory 168,000 Note payable (due in six months) 78,000 Rent expense 48,000 Retained earnings 84,000 Salaries and wages payable 26,000 Sales revenue 824,000 Salaries expense 138,000 Totals 1,906,000 1,906,000 Required: Assuming no...
U Am p el -Vercon Date ta you are reviewing O'Brian Co.'s adjusted trial balance for...
U Am p el -Vercon Date ta you are reviewing O'Brian Co.'s adjusted trial balance for the year ended 12/312021. You notice several omissions and incorrect items during your review, some of which are noted below. For each one, you are to determine what effect, if any, these items would have on the stated components of O'Brian Co's 2021 Income Statement and 12/31/2021 Balance Sheet if they are not corrected or updated Assume no income taxes 120121 Owners 12/31/21 Assets...
Chapter 2 You are reviewing O'Brian Co.'s adjusted trial balance for the year ended 12/31/16. You...
Chapter 2 You are reviewing O'Brian Co.'s adjusted trial balance for the year ended 12/31/16. You notice several omissions and incorrect items during your review, some of which are noted below. For each one, you are to determine what effect, if any, these items would have on the stated components of O'Brian Co's 2016 Income Statement and 12/31/16 Balance Sheet if they are not corrected or updated. Assume no income taxes, Use the following code for your answers. You need...
You are reviewing O'Brian Co.'s adjusted trial balance for the year ended 12/31/2021. You notice several...
You are reviewing O'Brian Co.'s adjusted trial balance for the year ended 12/31/2021. You notice several omissions and incorrect items during your review, some of which are noted below. For each one, you are to determine what effect, if any, these items would have on the stated components of O'Brian Co.'s 2021 Income Statement and 12/31/2021 Balance Sheet if they are not corrected or updated. Assume no income taxes. What is the effect on Assets, Liabilities, owners equity if rent...
The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31,...
The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit $88,665 Cash Accounts Receivable 232,000 17,000 Supplies Equipment 395,000 Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 220,000 Retained Earnings 127,145 Service Revenue 877,105 Interest Income 5,500 7,000 Dividends Rent Expense 59,900 529,000 Wages Expense Supplies Expense 40,000 Utilities Expense 8,000 Depreciation Expense 150,000 $1,526,565 $1,526,565 Totals Use this information to prepare the Balance Sheet for the fiscal year....
Required information Exercise 3-16A Prepare financial statements from an adjusted trial balance (LO3-5) The following information...
Required information Exercise 3-16A Prepare financial statements from an adjusted trial balance (LO3-5) The following information applies to the questions displayed below,) The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below Accounts Debit Credit 10,800 138,000 Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense 4,800 24,000 280,000...
The adjusted trial balance of rain company appears below using the information from the adjusted trial...
The adjusted trial balance of rain company appears below using
the information from the adjusted trial balance you are to prepare
for the month ending December 31
1. an income statement
2. A retained earnings statement
3. A balance sheet
figure out ş Problem #4 - 30 Points (FORMATTING IMPORTANT) The adjusted trial balance of Ryan Company trial balance, you are to prepare for the ance of Ryan Company appears below. Using the information from the adjusted you are to...
Help Save & E TB TF Qu. 03-120 A company's adjusted trial balance... A company's adjusted...
Help Save & E TB TF Qu. 03-120 A company's adjusted trial balance... A company's adjusted trial balance provides the information needed to prepare the balance sheet and income statement True or False True False
Overstated, Understated, or No effect
Suppose that Laramie Company's adjusted trial balance ignored the following information. For each item, indicate what effects, if any, these omissions would have on the stated components of Laramie Company's 2021 Income Statement and 12/31/2021 Balance Sheet. Assume no income taxes. 12/31/2021 Assets 12/31/2021 Liabilities 12/31/2021 Owners' Equity Additional Information The estimated uncollectible accounts receivable is now zero and should be $31,000 2021 Net Income
U Am p el -Vercon Date ta you are reviewing O'Brian Co.'s adjusted trial balance for the year ended 12/312021. You notice several omissions and incorrect items during your review, some of which are noted below. For each one, you are to determine what effect, if any, these items would have on the stated components of O'Brian Co's 2021 Income Statement and 12/31/2021 Balance Sheet if they are not corrected or updated Assume no income taxes 120121 Owners 12/31/21 Assets...
Chapter 2 You are reviewing O'Brian Co.'s adjusted trial balance for the year ended 12/31/16. You notice several omissions and incorrect items during your review, some of which are noted below. For each one, you are to determine what effect, if any, these items would have on the stated components of O'Brian Co's 2016 Income Statement and 12/31/16 Balance Sheet if they are not corrected or updated. Assume no income taxes, Use the following code for your answers. You need...
The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit $88,665 Cash Accounts Receivable 232,000 17,000 Supplies Equipment 395,000 Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 220,000 Retained Earnings 127,145 Service Revenue 877,105 Interest Income 5,500 7,000 Dividends Rent Expense 59,900 529,000 Wages Expense Supplies Expense 40,000 Utilities Expense 8,000 Depreciation Expense 150,000 $1,526,565 $1,526,565 Totals Use this information to prepare the Balance Sheet for the fiscal year....
Required information Exercise 3-16A Prepare financial statements from an adjusted trial balance (LO3-5) The following information applies to the questions displayed below,) The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below Accounts Debit Credit 10,800 138,000 Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense 4,800 24,000 280,000...
The adjusted trial balance of rain company appears below using
the information from the adjusted trial balance you are to prepare
for the month ending December 31
1. an income statement
2. A retained earnings statement
3. A balance sheet
figure out ş Problem #4 - 30 Points (FORMATTING IMPORTANT) The adjusted trial balance of Ryan Company trial balance, you are to prepare for the ance of Ryan Company appears below. Using the information from the adjusted you are to...
Help Save & E TB TF Qu. 03-120 A company's adjusted trial balance... A company's adjusted trial balance provides the information needed to prepare the balance sheet and income statement True or False True False
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