Answers
Percentage of Misstatement = ($706520
/ $ 680000) x 100
= 11.3%
Effects of Errors on Financial Statements For a recent year, the balance sheet for The Alphabet...
UUNINIS MAMY PORTFOLD Ad Ad Tienda Virtual Book Calculator Effects of Errors on Financial Statements For a recent year, the balance sheet for The Alphabet Soup Company includes accrued expenses of $468,900. The income before taxes for The Alphabet Soup Company for the year was $450,000 a. Assume the adjusting entry for $468,900 of accrued expenses was not recorded at the end of the year. By how much would income before taxes have been misstated? b. What is the percentage...
The estimated amount of depreciation on equipment for the current year is $8,200. Journalize the adjusting entry to record the depreciation. If an amount box does not require an entry, leave it blank. Effects of Errors on Financial Statements For a recent year, the balance sheet for The Campbell Soup Company (CPB) includes accrued expenses was $849 million $604 million. The income before taxes for Campbell for the year a. Assume the adjusting entry for $604 million of accrued expenses...
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...
please asap i have 15 minutes 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 ($20,230) and (b) accrued wages (54,350). 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...
Effects of Errors on Financial Statements The accountant for Healthy Medical Co., a medical services consulting firm, mistakenly omitted adjusting entries for $291,100 of uneared revenue that had been earned during the year and accrued wages of $16,800. If the net income for the current year had been $4,220,800, what would have been the correct net income if the proper adjustments had been made?
Bock PQ3 Chapter 3, EX23 1. EX.03.23 Calculator 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 (534,900) 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 31 balance sheet Enter l amounts as positive numbers....
On December 31, Fawzi Company prepared an income statement and balance sheet and failed to take into account four adjusting entries. The income statement, prepared on this incorrect basis, reflected pretax income of $77,000. The balance sheet (before the effect of income taxes) reflected total assets, $179,000; total liabilities, $75,000; and stockholders' equity, $104,000. The data for the four adjusting entries follow: a. Wages amounting to $28,000 for the last three days of December were not paid and not recorded...
Problem 20-14 Errors; change in estimate; change in principle; restatement of previous financial statements [LO 20-1, 20-3, 20-4, 20-6] Whaley Distributors is a wholesale distributor of electronic components. Financial statements for the years ended December 31, 2016 and 2017 reported the following amounts and subtotals ($ in millions Assets $650 730 liabilities $285 Shareholders' Equity $365 2016 2017 Net Income $165 185 Expenses $141 166 375 In 2018 the following situations occurred or came to light a. Internal auditors discovered...
During 2021, WMC Corporation discovered that its ending inventories reported in its financial statements were misstated by the following material amounts: 2019 understated by $ 124,000 2020 overstated by 154,000 WMC uses a periodic inventory system and the FIFO cost method. Required: 1. Determine the effect of these errors on retained earnings at January 1, 2021, before any adjustments. (Ignore income taxes.) 2. Prepare a journal entry to correct the errors.
Question 3 The recent financial statements for the Royal Caribbean Company are given below: 2006 2005 Balance Sheet for the period ending June 30 Assets Current assets Cash Accounts receivables Inventories Prepaid expenses Total current assets Property and equipment Total assets $21,000 $160,000 $300,000 $9,000 $490,000 $810,000 $1,300,000 $24,000 $162,000 $315,000 $10,000 $511,000 $700,000 $1,211,000 Liabilities and shareholders equity Liabilities Current liabilities 10% bonds payable Total liabilities $200,000 $300,000 $500,000 $290,000 $275,000 $565,000 Shareholders equity Common stock $5 per share...