If the adjustment for unearned revenues is not recorded O a. net income will be correctly stated. O b. net income will be understated. O c. liabilities will be understated. O d. assets will be overstated.
Q: How would you account for the payments made to Xero?
A: The cloud-based accounting software will be recorded as an intangible asset in the Balance Sheet if…
Q: Annual depreciation on equipment at Charmed, Inc.is $2,100. The adjusting entry to record one…
A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…
Q: L Trading Company operates a branch in Dallas, Texas. At close of business on December 31, 2008,…
A: Debit Balance of Dallas Branch: P225,770 Office equipment amount recorded by branch: P350 Amount of…
Q: What amount of share premium on the issuance of the shares as a result of the exercise of the…
A: The determination of amount of Share Premium on the issuance of shares as a result of the exercise…
Q: Tala Nicole Dimaapi Valdez made a 3-month advance rent payment and a 1-month security deposit to…
A: Given: - Adjusted balance for rent= 17,777 Rental income recognized for= 3 months Advance of = 2…
Q: ABC Company manufacturers high end-whole electronic systems. The company provides a one-year…
A: ABC Company reported liability for estimated warranty costs of P6.5 million at the beginning of this…
Q: On the December 31, 2020 statement of financial position, the amount of these notes payable that ABC…
A: Short term obligation is a financial Liability that to be repaid within one year. Subsequent Event:…
Q: In an audit of Ingenious Company for the year ended December 31, 2013, the entity took its annual…
A: Inventory refers to the raw materials utilised in manufacturing as well as the finished goods that…
Q: Determine the net income attributable to Pakito Corporation.
A: While preparing consolidated balance sheet, the inter-company transactions are eliminated. In this…
Q: PT Kenko is committed to disposing of the building used by CGU ABC. As of June 30, 2021, all the…
A:
Q: True or False 1. Equivalent units of production are computed to assign costs to partially completed…
A: 1. True Reason: Statement of equivalent units : A statement of equivalent units is prepared to…
Q: For the next two (2) questions: Selected balances related to the accounts receivable of ABC Company…
A: >Account receivables are the balances of customers or borrowers who owe the business certain…
Q: 28-Which of the following is the best example of a natural monopoly? A) owning the only licensed…
A: Answer : B .United States postal services 1.The word ‘Monopoly’ means “alone to sell”. Monopoly is a…
Q: B. Capital balances of partners after exhausting their non-cash assets are as follows: A U B R 0…
A: Given that, Solvent partners = R, O, U and I Insolvent partners = A, B and N Profit and loss…
Q: Sigh Corporation has the ff information for year 2010: Increase in current assets other than cash…
A: Cash flows from operating activities: It is a section of Statement of cash flow that explains the…
Q: 7. The following table show's a credit cardholder's transactions for his credit card with statement…
A: The credit card holder's transactions for his credit card are given to us. The statement is upto…
Q: On December 1, 2012, Pateros Corporation sold furniture's to Singapore Company. The sellin price of…
A: Forward Contract receivable: It is a derivative financial instrument that occurs between two…
Q: Katherin, Ltd. is developing their manufacturing overhead budget for May, which is based on budgeted…
A: Fixed overhead rate = $102,000 / 11,552 direct labor hours = $8.83 per direct labor hour Variable…
Q: You were assigned to audit the financial statements of PASADO Company for the year ended December…
A: Cash account is maintained to meet day to day expenses, and such account includes bank balance. The…
Q: It refers to the right of mortgagor to redeem the mortgaged property after his default of the…
A: The question is related to the choose the correct option for the given statement. Redemption means…
Q: 63. Which of the following actions should employers take to protect younger workers? 1. Make sure…
A: Conclusion: "Since you have asked multiple question in a single question we solve first question for…
Q: Suppose that Australians in 2017 expect inflation to equal 7 percent in 2018, but, in fact, prices…
A: A lower rate of inflation will help the lender of a fixed interest rate loan. Inflation means the…
Q: Multiple choice: a benefit of using an accelerated depreciation method is that a. it is preferred…
A: Accelerated depreciation method is a type of depreciation method in which the fixed assets are…
Q: Prepare the journal entries to record the following adjustment information of September 30, 2019 and…
A: Adjusting journal entries are used to record transactions that have occurred but have not yet been…
Q: At Jaqueline, SRL, the monthly fixed selling and administrative expenses are $259,000 and the…
A: Variable selling and administrative expense = 4500 units ×$4 =$18000 Assuming depreciation expense…
Q: Annual depreciation on equipment at Charmed, Inc.is $2,100. The adjusting entry to record one…
A: Depreciation represents the reduction in the value of an asset over a useful life of the asset. It…
Q: 16. ABC transferred merchandise inventory from its home office to its branch and the average gross…
A:
Q: What would the Trial balance and Income Statement be?
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: Ann wants to buy a building. The annual NOI for the building will be $165,000. She wants to get a 20…
A: Given: - NOI= $165,000 DSCR= 1.25
Q: Income Statement (SM) Revenue Depreciation Other Operating Expense Income Before Taxes Taxes 2019…
A: Formula: Net profit margin ratio = ( Net income / Revenues ) x 100
Q: P Company acquired 90% of S Corporation on January 1, 2014 for $2,250,000. S had net assets at that…
A: The equity method of accounting is a method for accounting for investment in another company.…
Q: a. Are there Nash equilibria? If so, determine how many and state which strategies.
A: Yes, there are Nash equilibrium.
Q: Neighboring parishes in Louisiana have agreed to pool road tax resources already designated for…
A: a)
Q: (9) In a liquidating distribution Christine Chapel receives cash of $35,000 and land, which the…
A: A partnership is a form of business in which two or more individuals agree to manage and operate the…
Q: Same data in I1, but assuming the use of asset revaluation method, how much is the total asset…
A: Given that, Amount paid to hugo = P300,000 Capital balance of hugo = P200,000 Profit sharing ratio…
Q: 1.1 You have just joined Pandemic Limited as a director. You then noted that your co- directors know…
A: Answer:- Director meaning:- A director is basically an elected official who is in charge of a…
Q: 1) Company "Y" has two service departments, DA and DB, and two production departments, P1 and P2..…
A: The department costs can be allocated to other departments using various methods as direct method,…
Q: For the next two (2) questions: Selected balances related to the accounts receivable of ABC Company…
A: Allowance for doubtful accounts means where we expect some debts to become bad in near future then…
Q: Annual depreciation on equipment at Charmed, Inc.is $2,100. The adjusting entry to record one…
A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…
Q: Trading Company operates a branch in Dallas, Texas. At close of business on December 31, 2008,…
A: Unadjusted Balance in Home office Current account To Calculate the unadjusted balance of the current…
Q: 1. How much should be the inventory to be reported in the year-end statement of financial position?…
A: Inventory must be recorded at a lower of cost or the net realizable value. Under LCNRV, we…
Q: During the current year, XYZ Corporation had the following activities related to financial…
A: Cash flow from Financing activities includes the transactions relating to the loan/debt,…
Q: A client had the following investment transactions in 20X0: On March 20, purchased 1,000 shares of…
A: Number of shares purchased: 1,000 shares Price of ordinary shares: P80.50 Broker's fees: P500 Right…
Q: Required information [The following information applies to the questions displayed below.] Raner,…
A: 1. Segment income statement break down the revenue and expense of a business and present it…
Q: Case 1: No separate records are maintained a. Prepare the journal entries for transactions (a) to…
A: Journal Entries in the books of Joint Operation for the transaction (a) to (f) mentioned above:…
Q: Compute for the consolidated net income. * Separate income statements of Quail Corporation and its…
A: The following calculations are needed to find out the consolidated income:- Share of Quail in…
Q: 1. If P5,000 is invested in a time-deposit for 2 years in a bank that offers 4% annual interest…
A: Interest means the extra amount which we received because of investment made and will be paid in…
Q: ALOY Company acquires 100% of the voting stock of BENNET Company on January 1, 2021 for P400,000…
A: The acquirer shall recognize contingent consideration as a part of consideration transferred to…
Q: Officers and employees of the Cooperative Development Authority are disqualified to be elected or…
A: As per our protocol we provide solution to the one question only but as you have asked multiple…
Q: A. B. C. Prepare the Sales Ledger Control Account. Prepare the Purchases Ledger Control Account.…
A:
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- How are gain contigencies reported in the financial statements? a. a contingent account receivable b. an accrued revenue c. a deferred revenue d. not at allReversing entries maybe used in unearned income when the original collection is recorded as a. Asset b. Liabilty c. Expense d. IncomeWhat is the effect of omission of prepaid expense in net income during the year of error? a. Overstated b. Cannot be determined based on the given information c. Understated d. No Effect
- WHICH STATEMENT IS FALSE?A. If the net income of prior period is overstated because of the change in accounting policy, the effect is deducted from the beginning retained earnings.B. Equity is also the net assets.C. Prior period errors are shown as adjustment of the ending balance of retained earnings. If the net income of the prior period is overstated, the amount of the error uis deducted from retained earnings.D. In the conversion of preference chares into ordinary shares, if the total par or stated value of the ordinary shares is more than the original issue of the preference shares, the difference is charged to retained earnings.Which of the following journals would correctly post an adjustment for deferred (prepaid) income? Select one: A. DR Income Account / CR Asset B. DR Asset / CR Income Account C. DR Income Account / CR Deferred Income D. DR Deferred income / CR Income AccountWhat is the total net effect on income (overstated or understated) if the adjusting entriesare not recorded?
- If the income statement error is discovered in the year of error, what action is to be done by the entity? a. Reclassify the item to its proper nominal account. b. Reclassify the item to real account. c. Adjust the effect to the retained earnings account. d. Ignore the error.Which of the following is not an expense adjustment? A. None of the above B. Consumable inventory adjustment C. Depreciation D. Prepaid expenseA debit balance in the Income Summary account represents a net loss. O True False
- What is the effect of omission of accrued income in assets at the end of the year of error? a. Understated b. Overstated c. Cannot be determined from the given information d. NO effectUnder the U.S. GAAP, which of the following is not an approach used to determine when to report an expense? A. match with revenues B. when incurred C. systematic allocation D. net realizable valueUnearned Revenue is classified as a(n) ________ account. A. equity B. revenue C. liability D. asset