You are reviewing O'Brian Co.'s adjusted trial balance for the year ended 12/31/2021. You notice several...
You are reviewing O'Brian Co.'s adjusted trial balance for the
year ended 12/31/2021. You notice several omissions and incorrect
items during your review, some of which are noted below. For each
one, you are to determine what effect, if any, these items would
have on the stated components of O'Brian Co.'s 2021 Income
Statement and 12/31/2021 Balance Sheet if they are not corrected or
updated. Assume no income taxes.
What is the effect on Assets, Liabilities, owners equity if rent
revenue is recorded for this year, but was actually for next
year?
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You are reviewing O'Brian Co.'s adjusted trial balance for the year ended 12/31/2021. You notice several...
Chapter 2 You are reviewing O'Brian Co.'s adjusted trial balance for the year ended 12/31/16. You...
Chapter 2 You are reviewing O'Brian Co.'s adjusted trial balance for the year ended 12/31/16. You notice several omissions and incorrect items during your review, some of which are noted below. For each one, you are to determine what effect, if any, these items would have on the stated components of O'Brian Co's 2016 Income Statement and 12/31/16 Balance Sheet if they are not corrected or updated. Assume no income taxes, Use the following code for your answers. You need...
U Am p el -Vercon Date ta you are reviewing O'Brian Co.'s adjusted trial balance for...
U Am p el -Vercon Date ta you are reviewing O'Brian Co.'s adjusted trial balance for the year ended 12/312021. You notice several omissions and incorrect items during your review, some of which are noted below. For each one, you are to determine what effect, if any, these items would have on the stated components of O'Brian Co's 2021 Income Statement and 12/31/2021 Balance Sheet if they are not corrected or updated Assume no income taxes 120121 Owners 12/31/21 Assets...
Overstated, Understated, or No effect Suppose that Laramie Company's adjusted trial balance ignored the following information....
Overstated, Understated, or No effect
Suppose that Laramie Company's adjusted trial balance ignored the following information. For each item, indicate what effects, if any, these omissions would have on the stated components of Laramie Company's 2021 Income Statement and 12/31/2021 Balance Sheet. Assume no income taxes. 12/31/2021 Assets 12/31/2021 Liabilities 12/31/2021 Owners' Equity Additional Information The estimated uncollectible accounts receivable is now zero and should be $31,000 2021 Net Income
Suppose that Laramie Company’s adjusted trial balance ignored the following information. For each item, indicate what...
Suppose that Laramie Company’s adjusted trial balance ignored the following information. For each item, indicate what effects, if any, these omissions would have on the stated components of Laramie Company's 2021 Income Statement and 12/31/2021 Balance Sheet. Assume no income taxes. Additional Information: $4,500 in cash dividends declared and paid in December 2021 were unrecorded. 12/31/2021 Assets amount: No effect, Understated, Overstated: 12/31/2021 Liabilities amount: No effect, understated, overstated: amount: 12/31/2021 Owners’ Equity amount: No effect, understated, overstated: 2021 Net...
Suppose that Laramie Company's adjusted trial balance ignored the following information. For each item, indicate what...
Suppose that Laramie Company's adjusted trial balance ignored the following information. For each item, indicate what effects, if any, these omissions would have on the stated components of Laramie Company's 2021 Income Statement and 12/31/2021 Balance Sheet. Assume no income taxes. 12/31/2021 Assets 12/31/2021 Liabilities 12/31/2021 Owners' Equity Additional Information $24,000 in depreciation on some equipment was still unrecorded. 2021 Net Income
Selected accounts from Lue Co.'s adjusted trial balance for the year ended December 31 follow.
Selected accounts from Lue Co.'s adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet.
Selected accounts from Westeros Co.'s adjusted trial balance for the year ended December 31 follow. Sales...
Selected accounts from Westeros Co.'s adjusted trial balance for the year ended December 31 follow. Sales Repairs expense Depletion expense $52,000 1,050 5,100 Depreciation expense Salaries expense Amortization expense $10,500 21,000 3,100 Prepare its income statement. FROSCO. WESTEROS CO. Income Statement For Year Ended December 31 Revenes Expenses Total expenses
1/ The December 31, 2018 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Account...
1/ The December 31, 2018 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Account Title Debit Credit Accounts payable 108,000 Accounts receivable 188,000 Accumulated depreciation - equipment 278,000 Common stock 508,000 Cash 44,000 Cost of goods sold 498,000 Depreciation expense 78,000 Equipment 736,000 Interest expense 8,000 Inventory 168,000 Note payable (due in six months) 78,000 Rent expense 48,000 Retained earnings 84,000 Salaries and wages payable 26,000 Sales revenue 824,000 Salaries expense 138,000 Totals 1,906,000 1,906,000 Required: Assuming no...
The following is Sunlight Co. year-end adjusted trial balance dated December 31, 2018. Sunlight Co. Adjusted Trial...
The following is Sunlight Co. year-end adjusted trial balance dated December 31, 2018. Sunlight Co. Adjusted Trial Balance at 31 December 2018 Debit Credit Cash $ 5,700 Accounts Receivable 4,500 Prepaid Insurance 2,100 Office Equipment 18,300 Accumulated Depreciation: Office Equipment $ 600 Accounts Payable 3,600 Capital Stock 15,300 Retained Earnings 2,700 Dividends 1,100 Revenue 21,750 Salaries Expense Utilities Expense Rent Expense Depreciation Expense 6,600 1,800 2,700 600 552 $43.950 $43.950 Income Taxes Expense Instructions: Using Adjusted Trial Balance above: (1)...
The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the...
The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the company's fiscal year, contained the following income statement items ($ in millions): sales revenue, $2.190; cost of goods sold, $1.420; selling expense, $205: general and administrative expense, $195, Interest expense, $65; and gain on sale of investments, $115. Income tax expense has not yet been recorded. The income tax rate is 25% Prepare a single-step Income statement for 2021. (Enter your answers in millions...
Chapter 2 You are reviewing O'Brian Co.'s adjusted trial balance for the year ended 12/31/16. You notice several omissions and incorrect items during your review, some of which are noted below. For each one, you are to determine what effect, if any, these items would have on the stated components of O'Brian Co's 2016 Income Statement and 12/31/16 Balance Sheet if they are not corrected or updated. Assume no income taxes, Use the following code for your answers. You need...
U Am p el -Vercon Date ta you are reviewing O'Brian Co.'s adjusted trial balance for the year ended 12/312021. You notice several omissions and incorrect items during your review, some of which are noted below. For each one, you are to determine what effect, if any, these items would have on the stated components of O'Brian Co's 2021 Income Statement and 12/31/2021 Balance Sheet if they are not corrected or updated Assume no income taxes 120121 Owners 12/31/21 Assets...
Overstated, Understated, or No effect
Suppose that Laramie Company's adjusted trial balance ignored the following information. For each item, indicate what effects, if any, these omissions would have on the stated components of Laramie Company's 2021 Income Statement and 12/31/2021 Balance Sheet. Assume no income taxes. 12/31/2021 Assets 12/31/2021 Liabilities 12/31/2021 Owners' Equity Additional Information The estimated uncollectible accounts receivable is now zero and should be $31,000 2021 Net Income
Suppose that Laramie Company's adjusted trial balance ignored the following information. For each item, indicate what effects, if any, these omissions would have on the stated components of Laramie Company's 2021 Income Statement and 12/31/2021 Balance Sheet. Assume no income taxes. 12/31/2021 Assets 12/31/2021 Liabilities 12/31/2021 Owners' Equity Additional Information $24,000 in depreciation on some equipment was still unrecorded. 2021 Net Income
Selected accounts from Lue Co.'s adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet.
Selected accounts from Westeros Co.'s adjusted trial balance for the year ended December 31 follow. Sales Repairs expense Depletion expense $52,000 1,050 5,100 Depreciation expense Salaries expense Amortization expense $10,500 21,000 3,100 Prepare its income statement. FROSCO. WESTEROS CO. Income Statement For Year Ended December 31 Revenes Expenses Total expenses
The following is Sunlight Co. year-end adjusted trial balance dated December 31, 2018. Sunlight Co. Adjusted Trial Balance at 31 December 2018 Debit Credit Cash $ 5,700 Accounts Receivable 4,500 Prepaid Insurance 2,100 Office Equipment 18,300 Accumulated Depreciation: Office Equipment $ 600 Accounts Payable 3,600 Capital Stock 15,300 Retained Earnings 2,700 Dividends 1,100 Revenue 21,750 Salaries Expense Utilities Expense Rent Expense Depreciation Expense 6,600 1,800 2,700 600 552 $43.950 $43.950 Income Taxes Expense Instructions: Using Adjusted Trial Balance above: (1)...
The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the company's fiscal year, contained the following income statement items ($ in millions): sales revenue, $2.190; cost of goods sold, $1.420; selling expense, $205: general and administrative expense, $195, Interest expense, $65; and gain on sale of investments, $115. Income tax expense has not yet been recorded. The income tax rate is 25% Prepare a single-step Income statement for 2021. (Enter your answers in millions...
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