Overstated, Understated, or No effect
Homework Answers
If uncollectible expense of $31,000 is not recorded, it will have the following effects:
| Additional Information | 12/31/2021 Assets | 12/31/2021 Liabilities | 12/31/2021 Owner's Equity | 12/31/2021 Net Income | ||||
| The estimated uncollectible accounts receivable is now zero and should be $31,000 | Overstated | $31,000 | No effect | Overstated | $31,000 | Overstated | $31,000 | |
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Overstated, Understated, or No effect
Suppose that Laramie Company's adjusted trial balance ignored the following information....
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...
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. 12/31/2021 Assets 12/31/2021 Liabilities 12/31/2021 Owners' Equity Additional Information $24,000 in depreciation on some equipment was still unrecorded. 2021 Net Income
1/ The December 31, 2018 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Account...
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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...
Exercise 3-16A Prepare financial statements from an adjusted trial balance (LO3-5) [The following information applies to...
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 credit Debit $ 11,100 141,000 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 5,100 25,500 310,000 $126,000 11,100 10,100 4,100 31,000...
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....
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 Cash $88,665 Accounts Receivable 232,000 Supplies 17,000 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 Dividends 7,000 Rent Expense 59,900 Wages Expense 529,000 Supplies Expense 40,000 Utilities Expense 8,000 Depreciation Expense 150,000 Totals $1,526,565 $1,526,565 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 belov credit Debit s 11,100 141,000 Accounts 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 5,100 25,500...
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 $24,000 in depreciation on some equipment was still unrecorded. 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...
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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 belov credit Debit s 11,100 141,000 Accounts 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 5,100 25,500...
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