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1. Accrued salaries of $600 owed to employees for December 29, 30, and 31 are not taken into consideration in preparing the financial statements for the year ended December 31. Indicate which items will be erroneously stated, because of the error, on (a) the income statement for the year and (b) the balance sheet as of December 31. Also indicate whether the items in error will be overstated or understated.
2. At the end of April, the first month of the year, the usual adjusting entry transferring rent earned to a revenue account from the unearned rent account was omitted. Indicate which items will be incorrectly stated, because of the error, on (a) the income statement for April and (b) the balance sheet as of April 30. Also indicate whether the items in error will be overstated or understated.
3. At January 31, the end of the first month of the year, the usual adjusting entry transferring expired insurance to an expense account is omitted. Which items will be incorrectly stated, because of the error, on (a) the income statement for January and (b) the balance sheet as of January 31? Also indicate whether the items in error will be overstated or understated.
On march 2, the two 50% shareholders of a calendar year corporation decide to elect S status. One of the shareholders, Terry, purchased her stock from a previous shareholder (a nonresident alien) on January 18. Identify any potential problems for ..
suppose that you re considering the purchase of a security that has the following timeline of payments year interest
aviss taxable income for the year is 300000 and bests taxable income for the year is 425000. for each of the scenarios
new century financial corp. formed in 1995 was a large mortgage lender in the united states. many of these mortgages
What are the different issues involved with translation exposure, transaction exposure and economic exposure? How can companies plan to mitigate the risk of each? What are the opportunity costs associated with measures to mitigate this risk?
quick industries inc. has 4000 shares of 5 20par preferred stock and 150000 shares of 1 par common stock outstanding.
seven enterprises is a large producer of gourmet per food. during april it produced 147 batches of puppy meal. each
What is the breakeven point in sales dollars for Win?
quay co. had the following transactions during the current period.mar.2issued 5000 shares of 5 par value common stock
you have been employed as a entry level management accountant for a little under a year. you suspect that your
The company issued to the stockholders 100,000 rights. Ten rights are needed to buy one share of stock at $34. The rights were void after 30 days. The market price of the stock at this time was $36 per share.
Justings Co. owned 80% of Evana Corp. During 2006, Justings sold to Evana land with a book value of $48,000. The selling price was $70,000. In its accounting records, Justings should:
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