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X Company prepares monthly financial statements. In January, it purchased inventory on account. The accountant recorded...
X Company prepares monthly financial statements. On May 14, the company paid a supplier for a...
X Company prepares monthly financial statements. On May 14, the company paid a supplier for a purchase it made in April on account. X Company's accountant recorded the May 14 transaction as a decrease in Cash and a decrease in Retained Earnings. What was the effect of this incorrect entry on the May 31 financial statements? Retained Earnings was overstated. Inventories were understated. Revenue was understated. Cash was understated. Accounts Receivable was overstated. Accounts Payable was overstated.
X Company prepares monthly financial statements. The company received its bill from the utility company in...
X Company prepares monthly financial statements. The company received its bill from the utility company in June but did not pay it until July. Its accountant failed to record the utility expense in June, but instead recorded it in July when it was paid. As a result, which of the following is true regarding 1) total assets on June 30 2) total liabilities on June 30 3) Net Income for June 1) overstated; 2) correct; 3) overstated 1) understated; 2) understated; 3) correct 1)...
8 pt X Company prepares monthly financial statements. The company received its bill from the utility...
8 pt X Company prepares monthly financial statements. The company received its bill from the utility company in June ut did not pay it until July. Its accountant failed to record the utility expense in June, but instead recorded it in July when it was paid. As a result, which of the following is true regarding 1) total assets on June 30 2) total liabilities on June 30 3) Net Income for June 9.AO 1) understated; 2) understated; 3) correct...
X Company prepares monthly financial statements. On September 6, its accountant made an entry that resulted...
X Company prepares monthly financial statements. On September 6, its accountant made an entry that resulted in a $42,000 increase in Cash and a $42,000 decrease in Accounts Receivable. Which of the following transactions is consistent with this entry? X Company paid $42,000 to a supplier from whom the firm had previously bought merchandise on account. received $42,000 from a customer who bought merchandise with cash. received $42,000 from a new investor. received $42,000 from a customer who had previously...
X Company prepares monthly financial statements. The following is the company's Equities Accounts Payable Notes Payable...
X Company prepares monthly financial statements. The following is the company's Equities Accounts Payable Notes Payable $5,904 20,142 Assets Cash Accounts Receivable Inventory Prepayments Equipment Total Assets $39,388 5,130 13,994 3,355 69,444 Paid-In Capital Retained Earnings Total Equities 75,085 30,180 $131,311 $131,311 The following were the company's July transactions: 1. borrowed $26,000 from a bank 2. bought equipment costing $10,500, paying the manufacturer $5,600 in cash and signing a note for $4,900 3. purchased a $6,000, five-year insurance policy, paying...
X Company prepares monthly financial statements. Its accountant recorded the following October 1 transactions and the...
X Company prepares monthly financial statements. Its accountant recorded the following October 1 transactions and the appropriate adjusting entries on October 31: On October 1, the company paid rent for the final three months of the year. Rent was $1,500 per month. On October 1, the company purchased equipment that cost $20,000, borrowing the full amount from a bank. The equipment has a life of four years and a salvage value at that time of $2,000. The company will repay...
X Company prepares monthly financial statements. The following is the company's July 1 Balance Sheet:  
X Company prepares monthly financial statements. The following is the company's July 1 Balance Sheet: Balance Sheet July 1 Assets Equities Cash $35,468 Accounts Payable $5,422 Accounts Receivable 5,138 Notes Payable 20,732 Inventory 10,785 Prepayments 3,667 Paid-In Capital 60,177 Equipment 68,219 Retained Earnings 36,946 Total Assets $123,277 Total Equities $123,277 The following were the company's July transactions: borrowed $30,000 from a bank bought equipment costing $10,000, paying the manufacturer $5,200 in cash and signing a note for $4,800 purchased a...
X Company prepares monthly financial statements. On October 31, its accountant made adjusting entries to recognize: $5,670 of unpaid interest expense on a bank loan $1,045 of wages that were earned b...
X Company prepares monthly financial statements. On October 31, its accountant made adjusting entries to recognize: $5,670 of unpaid interest expense on a bank loan $1,045 of wages that were earned by employees but not paid $3,074 of rent and insurance that had expired $7,870 of depreciation 7. What was the effect of these entries on Retained Earnings in October? A: $-9,983 B: $-13,277 C: $-17,659 D: $-23,486 E: $-31,237 F: $-41,545 G: $-55,255 H: $-73,489 Tries 0/2 8. What...
On April 1, 2016, SBD Corp. purchased a year of property insurance for $120,000, and recorded...
On April 1, 2016, SBD Corp. purchased a year of property insurance for $120,000, and recorded this payment as an increase to insurance expense. What is wrong with SBD’s financial statements if no adjustment is made at SBD’s fiscal year of December 31, 2016? a) Insurance expense is understated by $30,000 b) Current liabilities are understated by $30,000 c) Retained earnings is understated by $30,000 d) Cash flows from operations is overstated by $30,000 e) None of the above
X Company is a merchandiser and prepares monthly financial statements. The following is its balance sheet...
X Company is a merchandiser and prepares monthly financial statements. The following is its balance sheet at the beginning of July: Balance Sheet July 1 Assets Equities Cash $52,438 Accounts Payable $53,176 Accounts Receivable 34,819 Notes Payable 30,627 Inventory 80,386 Prepaid Rent 6,377 Paid-In Capital 227,278 Equipment 211,910 Retained Earnings 74,849 Total Assets $385,930 Total Equities $385,930 The following summary transactions occurred during July: Sold stock to investors for $42,000. Borrowed $26,000 from a bank and paid off a $13,000...
8 pt X Company prepares monthly financial statements. The company received its bill from the utility company in June ut did not pay it until July. Its accountant failed to record the utility expense in June, but instead recorded it in July when it was paid. As a result, which of the following is true regarding 1) total assets on June 30 2) total liabilities on June 30 3) Net Income for June 9.AO 1) understated; 2) understated; 3) correct...
X Company prepares monthly financial statements. On September 6, its accountant made an entry that resulted in a $42,000 increase in Cash and a $42,000 decrease in Accounts Receivable. Which of the following transactions is consistent with this entry? X Company paid $42,000 to a supplier from whom the firm had previously bought merchandise on account. received $42,000 from a customer who bought merchandise with cash. received $42,000 from a new investor. received $42,000 from a customer who had previously...
X Company prepares monthly financial statements. The following is the company's Equities Accounts Payable Notes Payable $5,904 20,142 Assets Cash Accounts Receivable Inventory Prepayments Equipment Total Assets $39,388 5,130 13,994 3,355 69,444 Paid-In Capital Retained Earnings Total Equities 75,085 30,180 $131,311 $131,311 The following were the company's July transactions: 1. borrowed $26,000 from a bank 2. bought equipment costing $10,500, paying the manufacturer $5,600 in cash and signing a note for $4,900 3. purchased a $6,000, five-year insurance policy, paying...
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