User Account

All Pages

A bookkeeper prepared the year end financial statements

Assignment Help Accounting Basics
Reference no: EM13911996

Effects of adjustments. A bookkeeper prepared the year end financial statements of Giftwrap, Inc. The income statement showed net income of $237,000, and the balance sheet showed ending retained earnings of $910,000. The firm's accountant reviewed the bookkeeper's work and determined that adjustments should be made that would increase revenues by $50,000 and increase expenses by $84,000.

Required:
Calculate the amounts of net income and retained earnings after the preceding adjustments are recorded.

Reference no: EM13911996

Questions Cloud

Bond discount be reduced for the six months : On June 30, 2016, Hardy Corporation issued $11.5 million of its 12% bonds for $10.5 million. The bonds were priced to yield 14%. The bonds are dated June 30, 2016, and mature on June 30, 2026. Interest is payable semiannually on December 31 and July ..
Calculate the geometric rate of return for the djia : Calculate the geometric rate of return for the DJIA from 2005 to 2010. If an investment of $100,000 is made in 2005 and the portfolio performs with returns equal to those of the DJIA, what is the investment worth in 2010?
Straight-line amortization-result of the retirement : Nickel Inc. bought $300,000 of 3-year, 8% bonds as an investment on December 31, 2015 for $324,000. Nickel uses straight-line amortization. On May 1, 2016, $60,000 of the bonds were redeemed at 113. As a result of the retirement, MSG will report
Mass ratio of calcium to oxygen : The mass ratio of calcium to oxygen in calcium oxide is 5/2. if the reaction of equal masses of calcium and oxygen produces 28g of calcium oxide,
A bookkeeper prepared the year end financial statements : Effects of adjustments. A bookkeeper prepared the year end financial statements of Giftwrap, Inc.
What would you recommend to other day traders and investors : What would you recommend to other day traders and investors? Would you suggest other investors to enter in the day trading market? Include reasoning.
Analysis and diagnosis : Respond to at least two of your peers with any questions you have about their analysis and diagnosis, and compare their answer to your own understanding of the case.Use the above link to access the group pages for this activity
Design how mnes can diversity financing : Defend why, or why not financial managers should apply currency risk techniques. Design how MNEs can diversity financing.
The proposal should be a full explanation of the topic : The Proposal should be a full explanation of the topic/issue, and, equally importantly, the methods ofresearch that will be used.The guideline word count is: 500 to 750 words.You will need to:? Prepare a research proposal relating to a specified area..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Discuss the key factors which generate a strong buy or sell

discuss the key factors that generate a strong buy or sell ranking and explain the primary ways in which an investment

  Mr farrow is familiar with your reputation for brilliant

steven farrow is considering opening a franchise liquor store next to a new retail shopping center based on historical

  Prepare a schedule of expected cash collections for july

colerain corporation is a merchandising company that is preparing a profit plan for the third quarter of the calendar

  How much total interest will amos pay on this payment plan

Amos could borrow $100,000 from its bank to finance the purchase at an annual rate of 8%. Should Amos borrow from the bank or use the manufacturer's payment plan to pay for the equipment?

  Prepare a monthly cash budget and supporting schedules for

prepare a monthly cash budget and supporting schedules for march april and may. input all amounts as positive values

  Rouse company purchased the following stock securities as a

rouse company purchased the following stock securities as a long-term investment 300 shares haggle corporation common

  Discuss the ethical dilemma

Discuss the ethical dilemma or explain why you do not perceive an ethical dilemma.

  If estimated uncollectibles as apercentage of sales or

georgia company reported accounts receivable of 16.5 millionat the end of its 2007 fiscal year. this amount was net of

  Denzel brooks opens a web consulting business called

denzel brooks opens a web consulting business called venture consultants and completes the following transactions in

  Determine the direct materials price variance direct

the following data relate to the direct materials cost for the production of 2000 automobile tiresactual 54600 lbs at

  A direct labor worker at cogswell corporation is paid 22

a direct labor worker at cogswell corporation is paid 22 per hour for regular time and time and a half for all work in

  Requirements for training independence and due professional

1. which of the following attributes most clearly differentiates a cpa who audits managements financial statements as

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd