Homework Answers
the accountant of newton legal services failed to make an adjusting entry for supplies that had been used for the year. Assume the supplies were initially recorded as an asset. Which of the following statements is true?
Answer : (A) The total assets will be overstated
Assets that are expected to be converted to cash, sold, or used up during the next 12 months, or within the business's normal operating cycle if the cycle is longer than a year. are called _______ assets.
Answer : (D) Current
Add Answer to:
The accountant of Newton Legal Services failed to make an adjusting entry for supplies that had...
Is this correct? In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries...
Is this correct?
In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries for the following situations: O (Click to view the adjusting entries.) Determine the effects on the income statement and balance sheet by identifying whether assets, liabilities, equity, revenue, and expenses are either overstated or understated. Use the following table. Adjustment a has been provided as an example. Begin by determining the effects for adjusting entries b. and c. and then determine the effects for...
In preparing its 2018 adjusting entries, the Billabong Company neglected to adjust the Office Supplies (asset)...
In preparing its 2018 adjusting entries, the Billabong Company neglected to adjust the Office Supplies (asset) account for the amount of supplies used up during the year. As a result of this error: Select one: O a. Liabilities are understated b. 2018 profit is overstated, the balance of equity is overstated, and assets are correctly stated O c. 2018 profit is overstated, the balance of equity is overstated, and assets are overstated O d. 2018 profit is understated, the balance...
In preparing its 2018 adjusting entries, the Billabong Company neglected to adjust the Office Supplies (asset)...
In preparing its 2018 adjusting entries, the Billabong Company neglected to adjust the Office Supplies (asset) account for the amount of supplies used up during the year. As a result of this error: Select one: O a. Liabilities are understated b. 2018 profit is overstated, the balance of equity is overstated, and assets are correctly stated C. 2018 profit is overstated, the balance of equity is overstated, and assets are overstated d. 2018 profit is understated, the balance of equity...
At the end of the current year, the accountant for Computer Graphics, Inc. forgot to make...
At the end of the current year, the accountant for Computer Graphics, Inc. forgot to make an adjusting entry to accrue Wages Payable for the company's employees for the last week in December. The wages will be paid to the employees in January. Which of the following is an effect of this error? O A. Net income is overstated. OB. Liabilities are overstated. OC. Net income is understated. OD. Expenses are overstated.
Question 7 0.5 pts A corporation began the period with $3,500 of supplies on hand and...
Question 7 0.5 pts A corporation began the period with $3,500 of supplies on hand and recorded as assets. On the last day of the accounting period, there are $1,100 of unused office supplies on hand. What should the accountant do? O Debit Supplies and credit Supplies Expense for $1,100. Debit Supplies Expense for $1,100 and credit Supplies for $1,100. O Debit Supplies Expense for $2,400 and credit Supplies for $2,400. o Debit Supplies and credit Supplies Expense for $3,500....
Question 10 0.5 pts A corporation's depreciation in the current year is $800. The company's accountant...
Question 10 0.5 pts A corporation's depreciation in the current year is $800. The company's accountant recorded the year-end adjusting entry for depreciation as a debit to depreciation expense for $800 and a credit to cash for $800. The company's net income and total assets will be correctly stated. O net income and total assets will be overstated by $800. net income will be correctly stated but total assets will be overstated by $800. net income and total assets will...
B. Below are 4 adjusting journal entries (AJEs) that another firm, Wolverine, failed to make at...
B. Below are 4 adjusting journal entries (AJEs) that another firm, Wolverine, failed to make at year end. For each entry NOT MADE indicate the effect that each omitted AJE would have on the Wolverine's financial statements for the year ended 12/31/2019. Use O for overstated, U for understated, and NE for no effect. Organize your answer in tabular form, using the column headings shown below and provided in the worksheet titled "Part A, Question B." Example 0: At year...
The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for...
The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for (a) unearned revenue earned during the year ($28,200) and (b) accrued wages ($4,820). 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 "O" in those spaces where there is no overstatement or no understatement....
Exercise 3-53 (Algorithmic) Adjusting Entries Reynolds Computer Service offers data processing services to retail clothing stores....
Exercise 3-53 (Algorithmic) Adjusting Entries Reynolds Computer Service offers data processing services to retail clothing stores. The following data have been collected to aid in the preparation of adjusting entries for Reynolds Computer Service for 2019: a. Computer equipment was purchased from IBM in 2016 at a cost of $540,000. Annual depreciation is $125,900. b. A fire insurance policy for a 2-year period beginning September 1, 2019, was purchased from Good Hands Insurance Company for $12,000 cash. The entire amount...
35) Which one of the following account groups normally has a debit balance? A) Habilities and...
35) Which one of the following account groups normally has a debit balance? A) Habilities and revenues B) revenues and expenses C) assets and liabilities D) assets and expenses 36) The accountant for Eagle Financial Services, Inc. failed to make an adjusting entry to record $3,000 of telephone expenses incurred in the last two months of the year but unpaid at year-end. Which of the following statements is true? A) The total assets will be overstated. B) The total liabilities...
Is this correct?
In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries for the following situations: O (Click to view the adjusting entries.) Determine the effects on the income statement and balance sheet by identifying whether assets, liabilities, equity, revenue, and expenses are either overstated or understated. Use the following table. Adjustment a has been provided as an example. Begin by determining the effects for adjusting entries b. and c. and then determine the effects for...
In preparing its 2018 adjusting entries, the Billabong Company neglected to adjust the Office Supplies (asset) account for the amount of supplies used up during the year. As a result of this error: Select one: O a. Liabilities are understated b. 2018 profit is overstated, the balance of equity is overstated, and assets are correctly stated O c. 2018 profit is overstated, the balance of equity is overstated, and assets are overstated O d. 2018 profit is understated, the balance...
In preparing its 2018 adjusting entries, the Billabong Company neglected to adjust the Office Supplies (asset) account for the amount of supplies used up during the year. As a result of this error: Select one: O a. Liabilities are understated b. 2018 profit is overstated, the balance of equity is overstated, and assets are correctly stated C. 2018 profit is overstated, the balance of equity is overstated, and assets are overstated d. 2018 profit is understated, the balance of equity...
At the end of the current year, the accountant for Computer Graphics, Inc. forgot to make an adjusting entry to accrue Wages Payable for the company's employees for the last week in December. The wages will be paid to the employees in January. Which of the following is an effect of this error? O A. Net income is overstated. OB. Liabilities are overstated. OC. Net income is understated. OD. Expenses are overstated.
Question 7 0.5 pts A corporation began the period with $3,500 of supplies on hand and recorded as assets. On the last day of the accounting period, there are $1,100 of unused office supplies on hand. What should the accountant do? O Debit Supplies and credit Supplies Expense for $1,100. Debit Supplies Expense for $1,100 and credit Supplies for $1,100. O Debit Supplies Expense for $2,400 and credit Supplies for $2,400. o Debit Supplies and credit Supplies Expense for $3,500....
Question 10 0.5 pts A corporation's depreciation in the current year is $800. The company's accountant recorded the year-end adjusting entry for depreciation as a debit to depreciation expense for $800 and a credit to cash for $800. The company's net income and total assets will be correctly stated. O net income and total assets will be overstated by $800. net income will be correctly stated but total assets will be overstated by $800. net income and total assets will...
B. Below are 4 adjusting journal entries (AJEs) that another firm, Wolverine, failed to make at year end. For each entry NOT MADE indicate the effect that each omitted AJE would have on the Wolverine's financial statements for the year ended 12/31/2019. Use O for overstated, U for understated, and NE for no effect. Organize your answer in tabular form, using the column headings shown below and provided in the worksheet titled "Part A, Question B." Example 0: At year...
The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for (a) unearned revenue earned during the year ($28,200) and (b) accrued wages ($4,820). 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 "O" in those spaces where there is no overstatement or no understatement....
Exercise 3-53 (Algorithmic) Adjusting Entries Reynolds Computer Service offers data processing services to retail clothing stores. The following data have been collected to aid in the preparation of adjusting entries for Reynolds Computer Service for 2019: a. Computer equipment was purchased from IBM in 2016 at a cost of $540,000. Annual depreciation is $125,900. b. A fire insurance policy for a 2-year period beginning September 1, 2019, was purchased from Good Hands Insurance Company for $12,000 cash. The entire amount...
35) Which one of the following account groups normally has a debit balance? A) Habilities and revenues B) revenues and expenses C) assets and liabilities D) assets and expenses 36) The accountant for Eagle Financial Services, Inc. failed to make an adjusting entry to record $3,000 of telephone expenses incurred in the last two months of the year but unpaid at year-end. Which of the following statements is true? A) The total assets will be overstated. B) The total liabilities...
Most questions answered within 3 hours.
-
How high must a pointed arch be if it is to span a
space 4.2 m...
asked 2 minutes ago -
A housepainter who weighs 750 N stands 0.6 m from one end of a
2.0 m...
asked 4 minutes ago -
Implement Singly Linked List detectLoop in Java.
It would check whether the linked list contains a...
asked 7 minutes ago -
A small mailbag is released from a helicopter that is descending
steadily at 2.10 m/s.
After...
asked 7 minutes ago -
Write a C – program that calls a user-defined function from
within main() that determines the...
asked 11 minutes ago -
For a 2-Level design, with 8 factors, a recommended screening
design model is:
a. Taguchi L12...
asked 51 minutes ago -
1. Define a function in python that returns the sum of the
following 4 lists. Remember...
asked 42 minutes ago -
Elspeth, associate research specialist for a marketing research
firm in a large Midwestern city, had just...
asked 42 minutes ago -
If domestic savings are insufficient to finance domestic private
investment and exports are greater than imports,...
asked 57 minutes ago -
Q.4.
Use the format in Exhibit 9-1 to compute the ending LIFO
inventory and cost of...
asked 1 hour ago -
Discuss the different receiving and dispatch equipment required
for uploading and loading different types of material...
asked 1 hour ago -
Which of the following is true for simultaneous testing?
a. Net specificity is greater than the...
asked 1 hour ago