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Recording a loan recieved as revenue
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Recognizing a loan received as revenue instead of as a liability has a positive effect on the reported financial statem...
l UCSLIUI LUI. PUILLS Unearned revenue is reported in the financial statements as: A revenue on...
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UCSLIUI LUI. PUILLS Unearned revenue is reported in the financial statements as: A revenue on the balance sheet. O A liability on the balance sheet. An unearned revenue on the income statement. An asset on the balance sheet. A financing activity on the statement of cash flows. Question 19 (0.5 points) Net Income: Decreases equity. Represents the amount of assets owners put into a business. Equals assets minus liabilities. Is the excess of revenues over expenses. Represents owners' claims...
1- Under IFRS, which of the following is generally not a guideline for recognizing revenue? The...
1- Under IFRS, which of the following is generally
not a guideline for recognizing revenue?
The transaction price is determinable.
When (or as) the company satisfies the performance
obligation.
The contract is identified with the client.
Collection is reasonably assured.
2- If Bee Corp. fails to adjust the Unearned Rent account for
rent that has been earned, what effect will this have on that
month’s financial statements?
Liabilities will be understated and revenues will be
understated.
Assets will be understated...
Question 10 0.5 pts If a company fails to adjust its unearned rent revenue pccount at...
Question 10 0.5 pts If a company fails to adjust its unearned rent revenue pccount at year-end, what effect will this have on that month's financial statements? Liabilities will be overstated and revenues will be understated. Assets will be overstated and revenues will be understated. Liabilities will be understated and revenues will be understated. Liabilities will be understated and net income will be overstates. Assets will be understated and revenues will be understated.
If the following adjusting entry is omitted, what effect will it have on the financial statements?...
If the following adjusting entry is omitted, what effect will it have on the financial statements? 1,900 Unearned Rent Rent Revenue 1,900 a. Revenues will be overstated by $1,900. O b. There will be no effect on net income. c. There will be no effect on liabilities. d. Revenues will be understated by $1,900.
Unadjusted Financial Statements income Statement For the Year Ended December 31, 2017 Service revenue $70,600.00 Wages...
Unadjusted Financial Statements income Statement For the Year Ended December 31, 2017 Service revenue $70,600.00 Wages expense 44,300.00 Net income $26,300.00 Cole Designs Inc. Balance Sheet December 31, 2017 Assets Cash $5,000.00 Accounts receivable 32,600.00 Supplies 3,650.00 5 Prepaid insurance 4,000.00 6 Office equipment 11,000.00 Total assets $56,250.00 Liabilities Unearned revenue $9,500.00 Stockholders' Equity Common stock $12,000.00 12 Retained earnings 34,750.00 46,750.00 13 Total liabilities and stockholders'equity $56,250.00 Cole Designs Inc. Income Statement For the Year Ended December 31, 2017...
best answer explenation Problem A-I - Multiple Choice. Choose the best answer for each of the...
best answer explenation
Problem A-I - Multiple Choice. Choose the best answer for each of the following questions and enter the identifying letter in the space provided. 1. How does failure to record accrued revenue distort the financial reports? a. It understates revenue, net income, and current assets. b. It understates net income, stockholders' equity, and current liabilities. c. It overstates revenue, stockholders' equity, and current liabilities d. It understates current assets and overstates stockholders' equity. A contingent liability which...
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...
Exercise 13-11A Recording unearned revenue and identifying its effect on financial statements LO 13-1 Raylan received...
Exercise 13-11A Recording unearned revenue and identifying its effect on financial statements LO 13-1 Raylan received a $58,000 cash advance payment on June 1, Year 1, for consulting services to be performed in the future. Services were to be provided for a one-year term beginning June 1, Year 1. Required a. & b. Record the June 1 cash receipt in T-accounts and the adjustment required as of December 31, Year 1. c. Show the preceding transaction and related adjustment in a horizontal statements model. d....
The following are categories of accounts reported in the financial statements: Current Assets  
The following are categories of accounts reported in the financial statements: Current Assets E. Stockholders’ Equity Non-Current Assets F. Revenue Current Liabilities G. Expense Non-Current Liabilities H. Not Applicable Indicate where each of the following accounts would be reported (classified) in the financial statement categories noted above (categories may be used more than once or not at all). Identify only one category for each account listed below. _______Accrued Liabilities ________Accumulated Depreciation _______Rental Income ________Intangible Property _______Wages Expense ...
accounting question alle C... 2000 Seved Help Save The following question is an Error Analysis question...
accounting question
alle C... 2000 Seved Help Save The following question is an Error Analysis question related to the adjustment process. Please note: Do not overthink the scenario. Instead, deal only with the facts provided. The financial statement effects being requested in any given scenario are for the current period only. "Staff at Mont Blanco received cash this period for services that will be delivered to customers next period. The accountant recorded the cash received in the current period as...
l
UCSLIUI LUI. PUILLS Unearned revenue is reported in the financial statements as: A revenue on the balance sheet. O A liability on the balance sheet. An unearned revenue on the income statement. An asset on the balance sheet. A financing activity on the statement of cash flows. Question 19 (0.5 points) Net Income: Decreases equity. Represents the amount of assets owners put into a business. Equals assets minus liabilities. Is the excess of revenues over expenses. Represents owners' claims...
1- Under IFRS, which of the following is generally
not a guideline for recognizing revenue?
The transaction price is determinable.
When (or as) the company satisfies the performance
obligation.
The contract is identified with the client.
Collection is reasonably assured.
2- If Bee Corp. fails to adjust the Unearned Rent account for
rent that has been earned, what effect will this have on that
month’s financial statements?
Liabilities will be understated and revenues will be
understated.
Assets will be understated...
Question 10 0.5 pts If a company fails to adjust its unearned rent revenue pccount at year-end, what effect will this have on that month's financial statements? Liabilities will be overstated and revenues will be understated. Assets will be overstated and revenues will be understated. Liabilities will be understated and revenues will be understated. Liabilities will be understated and net income will be overstates. Assets will be understated and revenues will be understated.
If the following adjusting entry is omitted, what effect will it have on the financial statements? 1,900 Unearned Rent Rent Revenue 1,900 a. Revenues will be overstated by $1,900. O b. There will be no effect on net income. c. There will be no effect on liabilities. d. Revenues will be understated by $1,900.
Unadjusted Financial Statements income Statement For the Year Ended December 31, 2017 Service revenue $70,600.00 Wages expense 44,300.00 Net income $26,300.00 Cole Designs Inc. Balance Sheet December 31, 2017 Assets Cash $5,000.00 Accounts receivable 32,600.00 Supplies 3,650.00 5 Prepaid insurance 4,000.00 6 Office equipment 11,000.00 Total assets $56,250.00 Liabilities Unearned revenue $9,500.00 Stockholders' Equity Common stock $12,000.00 12 Retained earnings 34,750.00 46,750.00 13 Total liabilities and stockholders'equity $56,250.00 Cole Designs Inc. Income Statement For the Year Ended December 31, 2017...
best answer explenation
Problem A-I - Multiple Choice. Choose the best answer for each of the following questions and enter the identifying letter in the space provided. 1. How does failure to record accrued revenue distort the financial reports? a. It understates revenue, net income, and current assets. b. It understates net income, stockholders' equity, and current liabilities. c. It overstates revenue, stockholders' equity, and current liabilities d. It understates current assets and overstates stockholders' equity. A contingent liability which...
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...
Exercise 13-11A Recording unearned revenue and identifying its effect on financial statements LO 13-1 Raylan received a $58,000 cash advance payment on June 1, Year 1, for consulting services to be performed in the future. Services were to be provided for a one-year term beginning June 1, Year 1. Required a. & b. Record the June 1 cash receipt in T-accounts and the adjustment required as of December 31, Year 1. c. Show the preceding transaction and related adjustment in a horizontal statements model. d....
accounting question
alle C... 2000 Seved Help Save The following question is an Error Analysis question related to the adjustment process. Please note: Do not overthink the scenario. Instead, deal only with the facts provided. The financial statement effects being requested in any given scenario are for the current period only. "Staff at Mont Blanco received cash this period for services that will be delivered to customers next period. The accountant recorded the cash received in the current period as...
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