Homework Answers
Correct answer is option d.2012 Net income is overstated
It was given that no adjusting entry was passed in respect of accrued wages to employees amounting to $1700.
Since company ignored an expense to recognize,it has been showed more income than actually it has.
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QUESTION 42 Employees are owed $1,700 for services earned but not yet paid on December...
Question 7 4 points There was no adjustment made for accrued wages on 31 December. This...
Question 7 4 points There was no adjustment made for accrued wages on 31 December. This was an error. The amount of wages eamed in December but not payable until the first week in January following year was $600. If this error is not discovered before the financial statements are prepared: assets as of 31 December will be overstated. liabilities as of 31 December will be overstated. net income will be overstated by $600. net income will be understated by...
Accrued Expenses (1 of 2) NetSolutions pays it employees biweekly. During December, NetSolutions paid wages of...
Accrued Expenses (1 of 2) NetSolutions pays it employees biweekly. During December, NetSolutions paid wages of $950 on December 13 and $1,200 on December 27. As of December 31, NetSolutions owes $250 wages to employees for Monday and Tuesday, December 30 and 31. 250 Dec. 31 Wages Expense Wages Payable Accrued wages. 51 22 250 O NetSolutions paid wages of $1,275 on January 10. This payment includes the $250 of accrued wages recorded on December 31. Jan. 10 Wages Expense...
Cortina Company accumulates the following adjustment data at December 31. Indicate (1) the type of adjustment...
Cortina Company accumulates the following adjustment data at December 31. Indicate (1) the type of adjustment (prepaid expense, accrued revenue, and so on) and (2) the status of the accounts before adjustment (overstated or understated). (Enter your answers in alphabetical order.) (1 (2) Accounts Before Adjustment Item (a) Type of Adjustment T Prepaid Expenses A Supplies of $400 are on hand. Supplies account shows $1,600 balance. Assets Overstated T Expenses Understated 4 (b) Services performed but unbilled total $700. Accrued...
QUESTIONS Tate Company employees earned $9,000 in December 2019 that will not be paid until January...
QUESTIONS Tate Company employees earned $9,000 in December 2019 that will not be paid until January 2020. The December 31, 2019 adjusting entry is debit Wages Expense and cred Wages Payable for $9.000 debit Cash and credit Wages Expense for 59,000 debit Wages Expense and credit Cash for $9.000 debit Wages Payable and credit Wages Expense for 59.000
Effects of Errors on Financial Statements The accountant for Healthy Life Company, a medical services consulting...
Effects of Errors on Financial Statements The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for (a) unearned revenue earned during the year ($34,900) and (b) accrued wages ($12,770). 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 "0" in those spaces where there...
8) Daisy Co. previously received & recorded $5,000 cash from a client for future consulting services....
8) Daisy Co. previously received & recorded $5,000 cash from a client for future consulting services. Now Daisy Co. has provided $3,000 of the services and earned that revenue. What is the necessary adjusting entry? Debit Credit If this adjustment is not made, the following are overstated, understated, or not impacted: (completed for you on this question) Assets: not impacted Revenue: understated Liabilities: overstated Expense:_not impacted Stockholders' Equity: understated 9) Interest of $450 has accrued on a note payable. What...
Uator:&inprogress=false Effect of Omitting Adjusting Entry Accrued salaries owed to employees for October 30 and 31...
Uator:&inprogress=false Effect of Omitting Adjusting Entry Accrued salaries owed to employees for October 30 and 31 are not considered in preparing the financial statements for the year ended Oc Indicate which items will be erroneously stated, because of the error, on (A) the income statement for the year and (b) the balance sheet Also indicate whether the items in error will be overstated or understated. a. Income Statement Salaries Expense Net Income b. Balance Sheet Salaries Payable Stockholders' Equity yuy...
Willycom Company borrowed $80,000 from China Bank on September 2, 2012. Willycom signed a 180 day,...
Willycom Company borrowed $80,000 from China Bank on September 2, 2012. Willycom signed a 180 day, 12% note payable to China Bank. On December 31, 2012, part of the adjusting entry should include: Debit Interest Expense for $3,200. Credit Interest Payable for $4,800. Debit Interest Expense for $9,600. Credit Note Payable for $80,000. None of the above. Use the following information for the next two questions On December 31, 2012, Lauren Company prepared year-end financial statements. Lauren failed to record any...
Employees at ta certain are paid on Friday, December 27 for the five days ending on...
Employees at ta certain are paid on Friday, December 27 for the five days ending on December 27. The next payday is Friday, January 3. Employees work 5 days a week. The weekly payroll amounts to $3,800. The appropriate adjusting journal entry on December 31 would be to credit Salaries and Wages Payable for $2,280. $3,800 $760 $630. $1,520.
It said determine the amount of the adjustment given the trial balance ( prepare before any adjus...
it said determine the amount of the adjustment given
the trial balance ( prepare before any adjusting entire bare made)
and facts below
Instructions: Determine the amount of the adjustment given the trial balance (prepared BEFORE any adjusting entries are made) and facts below Supplies 2,400 18,000 Equipment Accumulated Depreciation-Equipment Accounts Payable Notes Payable Interest Payable 12,000 Unearned Service Revenue Wages Payable Owner's Capital Owner's Drawing Service Revenue Supplies Expense Insurance Expense 8800 4,000 19,000 200 Depreciation Expense Interest Expense...
Question 7 4 points There was no adjustment made for accrued wages on 31 December. This was an error. The amount of wages eamed in December but not payable until the first week in January following year was $600. If this error is not discovered before the financial statements are prepared: assets as of 31 December will be overstated. liabilities as of 31 December will be overstated. net income will be overstated by $600. net income will be understated by...
Accrued Expenses (1 of 2) NetSolutions pays it employees biweekly. During December, NetSolutions paid wages of $950 on December 13 and $1,200 on December 27. As of December 31, NetSolutions owes $250 wages to employees for Monday and Tuesday, December 30 and 31. 250 Dec. 31 Wages Expense Wages Payable Accrued wages. 51 22 250 O NetSolutions paid wages of $1,275 on January 10. This payment includes the $250 of accrued wages recorded on December 31. Jan. 10 Wages Expense...
Cortina Company accumulates the following adjustment data at December 31. Indicate (1) the type of adjustment (prepaid expense, accrued revenue, and so on) and (2) the status of the accounts before adjustment (overstated or understated). (Enter your answers in alphabetical order.) (1 (2) Accounts Before Adjustment Item (a) Type of Adjustment T Prepaid Expenses A Supplies of $400 are on hand. Supplies account shows $1,600 balance. Assets Overstated T Expenses Understated 4 (b) Services performed but unbilled total $700. Accrued...
QUESTIONS Tate Company employees earned $9,000 in December 2019 that will not be paid until January 2020. The December 31, 2019 adjusting entry is debit Wages Expense and cred Wages Payable for $9.000 debit Cash and credit Wages Expense for 59,000 debit Wages Expense and credit Cash for $9.000 debit Wages Payable and credit Wages Expense for 59.000
Effects of Errors on Financial Statements The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for (a) unearned revenue earned during the year ($34,900) and (b) accrued wages ($12,770). 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 "0" in those spaces where there...
8) Daisy Co. previously received & recorded $5,000 cash from a client for future consulting services. Now Daisy Co. has provided $3,000 of the services and earned that revenue. What is the necessary adjusting entry? Debit Credit If this adjustment is not made, the following are overstated, understated, or not impacted: (completed for you on this question) Assets: not impacted Revenue: understated Liabilities: overstated Expense:_not impacted Stockholders' Equity: understated 9) Interest of $450 has accrued on a note payable. What...
Uator:&inprogress=false Effect of Omitting Adjusting Entry Accrued salaries owed to employees for October 30 and 31 are not considered in preparing the financial statements for the year ended Oc Indicate which items will be erroneously stated, because of the error, on (A) the income statement for the year and (b) the balance sheet Also indicate whether the items in error will be overstated or understated. a. Income Statement Salaries Expense Net Income b. Balance Sheet Salaries Payable Stockholders' Equity yuy...
Employees at ta certain are paid on Friday, December 27 for the five days ending on December 27. The next payday is Friday, January 3. Employees work 5 days a week. The weekly payroll amounts to $3,800. The appropriate adjusting journal entry on December 31 would be to credit Salaries and Wages Payable for $2,280. $3,800 $760 $630. $1,520.
it said determine the amount of the adjustment given
the trial balance ( prepare before any adjusting entire bare made)
and facts below
Instructions: Determine the amount of the adjustment given the trial balance (prepared BEFORE any adjusting entries are made) and facts below Supplies 2,400 18,000 Equipment Accumulated Depreciation-Equipment Accounts Payable Notes Payable Interest Payable 12,000 Unearned Service Revenue Wages Payable Owner's Capital Owner's Drawing Service Revenue Supplies Expense Insurance Expense 8800 4,000 19,000 200 Depreciation Expense Interest Expense...
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