Homework Answers
| Balance sheet | Income statement | |||||||||||
| Asset | Liabilities | Stockholders equity | Revenue | Expense | Net income | |||||||
| Transaction | Effect | Amount | Effect | Amount | Effect | Amount | Effect | Amount | Effect | Amount | Effect | Amount |
| a | Understated | 1300 | Understated | 1300 | Understated | 1300 | Understated | 1300 | ||||
| b | O | 14100 | O | 14100 | U | 14100 | O | 14100 | ||||
| C | O | 1400 | U | 1400 | U | 1400 | U | 1400 | ||||
| d | O | 1950 | U | 1950 | O | 1950 | U | 1950 | ||||
| e | O | 700 | O | 700 | O | 700 | ||||||
***D)Interest expense actually recorded :23400*.10=2340
Interest expense that should actually have been recorded = 23400*.10*2/12 = 390
excess interest charged= 2340-390= 1950
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(The following information applies to the questions displayed below) Cohen & Boyd, Inc., publishers of movie...
Chapter 4 Quinlan-Cohen, Inc., publishers of movie and song trivia books, made the following errors in...
Chapter 4
Quinlan-Cohen, Inc., publishers of movie and song trivia books,
made the following errors in adjusting the accounts at year-end
(December 31):
Required information (The following information applies to the questions displayed below.) Quinlan-Cohen, Inc., publishers of movie and song trivia books, made the following errors in adjusting the accounts at year-end (December 31): a. Did not accrue $1,300 owed to the company by another company renting part of the building as a storage facility. b. Did not record...
He IUNUWmy MHUMALIN appelle que SUNS Uisplayeu Dei W.] Quinlan-Cohen, Inc., publishers of movie and song...
He IUNUWmy MHUMALIN appelle que SUNS Uisplayeu Dei W.] Quinlan-Cohen, Inc., publishers of movie and song trivia books, made the following errors in adjusting the accounts at year-end (December 31): a. Did not accrue $1,800 owed to the company by another company renting part of the building as a storage facility. b. Did not record $14,600 depreciation on the equipment costing $108,000. c. Failed to adjust the Unearned Fee Revenue account to reflect that $1,400 was earned by the end...
! Required information [The following information applies to the questions displayed below.] Fausett Electronics, Inc., headquartered...
! Required information [The following information applies to the questions displayed below.] Fausett Electronics, Inc., headquartered in Richfield, Minnesota, is one of the leading consumer electronics retailers, operating more than 1,000 stores across the globe. The following was reported in a recent annual report: CONSOLIDATED BALANCE SHEETS ($in millions ) ASSETS Property and Equipment Land and buildings Leasehold improvements Fixtures and equipment Property under capital lease Prior Year Current Year $ 773 2,018 $ 714 1,745 3,047 4,061 123 58...
Required information [The following information applies to the questions displayed below] Fraud Investigators Inc....
Required information [The following information applies to the questions displayed below] Fraud Investigators Inc. operates a fraud detection service. a. On March 31, 10 customers were billed for detection services totaling $32,000. b. On October 31, a customer balance of $1,850 from a prior year was determined to be uncollectible and was written off. c. On December 15, a customer paid an old balance of $830, which had been written off in a prior year d. On December 31, $570...
Required information (The following information applies to the questions displayed below.) Mint Cleaning Inc. prepared the...
Required information (The following information applies to the questions displayed below.) Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) Account Titles Debit Credit Cash $ 44 Accounts Receivable 15 Prepaid Insurance 7 Equipment 92 Accumulated Depreciation $ 0 Accounts Payable 15 Common Stock 91 Retained Earnings 7 Sales Revenue 93 Insurance Expense Salaries and Wages Expense 16 Supplies Expense...
Required information [The following information applies to the questions displayed below.] Dyer, Inc., completed its first...
Required information [The following information applies to the questions displayed below.] Dyer, Inc., completed its first year of operations on December 31, 2018. Because this is the end of the annual accounting period, the company bookkeeper prepared the following preliminary income statement: $113,500 Income Statement, 2018 Rent Revenue Expenses: Salaries and Wages Expense $28,400 Repairs and Maintenance Expense 12,900 Rent Expense 8,900 Utilities Expense 3,900 Travel Expense 2,900 Total Expenses Income 57,000 $ 56,500 You are an independent CPA hired...
Required information [The following information applies to the questions displayed below.) Arndt, Inc. reported the following...
Required information [The following information applies to the questions displayed below.) Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% 2021 $ 954 810 $ 144 $ 90 2022 $1,046 866 $ 180 $ 248 a. Expenses each year include $72 million from a two-year casualty insurance policy purchased in 2021 for $90 million. The cost is tax deductible in 2021. b. Expenses...
[The following information applies to the questions displayed below.) Leach Inc. experienced the following events for...
[The following information applies to the questions displayed below.) Leach Inc. experienced the following events for the first two years of its operations: Year 1: 1. Issued $10,000 of common stock for cash. 2. Provided $78,000 of services on account. 3. Provided $36,000 of services and received cash. 4. Collected $69,000 cash from accounts receivable. 5. Paid $38,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that...
Required information [The following information applies to the questions displayed below.) All of the current year's...
Required information [The following information applies to the questions displayed below.) All of the current year's entries for Zimmerman Company have been made, except the following adjusting entries. The company's annual accounting year ends on December 31 a. On September 1 of the current year, Zimmerman collected six months' rent of $9,600 on storage space. At that date, Zimmerman debited Cash and credited Unearned Rent Revenue for $9,600. b. On October 1 of the current year, the company borrowed $18,000...
Required information (The following information applies to the questions displayed below.] Tunstall, Inc., a small service...
Required information (The following information applies to the questions displayed below.] Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Credit Debit $ 47,400 10,800 580 650 17,800 $ 7,900 9,460 2,230 Account Titles Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable...
Chapter 4
Quinlan-Cohen, Inc., publishers of movie and song trivia books,
made the following errors in adjusting the accounts at year-end
(December 31):
Required information (The following information applies to the questions displayed below.) Quinlan-Cohen, Inc., publishers of movie and song trivia books, made the following errors in adjusting the accounts at year-end (December 31): a. Did not accrue $1,300 owed to the company by another company renting part of the building as a storage facility. b. Did not record...
He IUNUWmy MHUMALIN appelle que SUNS Uisplayeu Dei W.] Quinlan-Cohen, Inc., publishers of movie and song trivia books, made the following errors in adjusting the accounts at year-end (December 31): a. Did not accrue $1,800 owed to the company by another company renting part of the building as a storage facility. b. Did not record $14,600 depreciation on the equipment costing $108,000. c. Failed to adjust the Unearned Fee Revenue account to reflect that $1,400 was earned by the end...
! Required information [The following information applies to the questions displayed below.] Fausett Electronics, Inc., headquartered in Richfield, Minnesota, is one of the leading consumer electronics retailers, operating more than 1,000 stores across the globe. The following was reported in a recent annual report: CONSOLIDATED BALANCE SHEETS ($in millions ) ASSETS Property and Equipment Land and buildings Leasehold improvements Fixtures and equipment Property under capital lease Prior Year Current Year $ 773 2,018 $ 714 1,745 3,047 4,061 123 58...
Required information [The following information applies to the questions displayed below] Fraud Investigators Inc. operates a fraud detection service. a. On March 31, 10 customers were billed for detection services totaling $32,000. b. On October 31, a customer balance of $1,850 from a prior year was determined to be uncollectible and was written off. c. On December 15, a customer paid an old balance of $830, which had been written off in a prior year d. On December 31, $570...
Required information (The following information applies to the questions displayed below.) Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) Account Titles Debit Credit Cash $ 44 Accounts Receivable 15 Prepaid Insurance 7 Equipment 92 Accumulated Depreciation $ 0 Accounts Payable 15 Common Stock 91 Retained Earnings 7 Sales Revenue 93 Insurance Expense Salaries and Wages Expense 16 Supplies Expense...
Required information [The following information applies to the questions displayed below.] Dyer, Inc., completed its first year of operations on December 31, 2018. Because this is the end of the annual accounting period, the company bookkeeper prepared the following preliminary income statement: $113,500 Income Statement, 2018 Rent Revenue Expenses: Salaries and Wages Expense $28,400 Repairs and Maintenance Expense 12,900 Rent Expense 8,900 Utilities Expense 3,900 Travel Expense 2,900 Total Expenses Income 57,000 $ 56,500 You are an independent CPA hired...
Required information [The following information applies to the questions displayed below.) Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% 2021 $ 954 810 $ 144 $ 90 2022 $1,046 866 $ 180 $ 248 a. Expenses each year include $72 million from a two-year casualty insurance policy purchased in 2021 for $90 million. The cost is tax deductible in 2021. b. Expenses...
[The following information applies to the questions displayed below.) Leach Inc. experienced the following events for the first two years of its operations: Year 1: 1. Issued $10,000 of common stock for cash. 2. Provided $78,000 of services on account. 3. Provided $36,000 of services and received cash. 4. Collected $69,000 cash from accounts receivable. 5. Paid $38,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that...
Required information [The following information applies to the questions displayed below.) All of the current year's entries for Zimmerman Company have been made, except the following adjusting entries. The company's annual accounting year ends on December 31 a. On September 1 of the current year, Zimmerman collected six months' rent of $9,600 on storage space. At that date, Zimmerman debited Cash and credited Unearned Rent Revenue for $9,600. b. On October 1 of the current year, the company borrowed $18,000...
Required information (The following information applies to the questions displayed below.] Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Credit Debit $ 47,400 10,800 580 650 17,800 $ 7,900 9,460 2,230 Account Titles Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable...
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