User Account

All Pages

Calculate the overall overstatement of net income

Assignment Help Accounting Basics
Reference no: EM132095384

Question - This is a 2-part question.

Part 1) Journalize the adjusting entries below at year-end December 31, XXXX. Please share your supporting calculations for the adjusting entries requiring computations.

(a) Accrued Service Revenue of $5,000

(b) The unadjusted balance of the Supplies account is $1,700. The total cost of supplies remaining is $900.

(c) Interest revenue of $500 has been earned but not yet received.

(d) Equipment was purchased at the beginning of the year for $35,000. The equipment's useful life is 5 years and the residual value is $7,000. Record the depreciation for this year.

(e) The weekly payroll is $30,000. Employees are owed for 2 days of a 5-day work week.

(f) Beginning unearned service revenue is $3,000, and ending unearned service revenue is $1,500. (30 points)

Part 2) Calculate the overall overstatement or understatement of net income if the above adjusting entries were not made. Please share your work.

Reference no: EM132095384

Questions Cloud

Determine the direct materials cost per equivalent unit : The ending in-process inventory was 2,900 units, which were 3/5 complete as to conversion cost. Determine the Direct materials cost per equivalent unit
Explain the components of motivational interviewing : What other techniques could you use when working with difficult inmates and offenders?
Calculate the pearson product-moment correlations : Write a 125- to 175-word summary of your interpretation of the correlation results. Remember that most people never see the actual output or data.
Modeling and leading diversity acceptance and change : As the diversity manager of a global company, you have developed a deep appreciation for the importance of understanding multi-cultural teams in the workplace.
Calculate the overall overstatement of net income : Calculate the overall overstatement or understatement of net income if the above adjusting entries were not made. Please share your work
Explain the multiple sub-theories within behaviorism : For example, did you know there are multiple sub-theories within behaviorism? Cognitivism? Do you have previous knowledge about the stimulus-organism-response.
Identify a personal approach for resolving ethical dilemmas : Different agencies and administrators have their own approach for resolving ethical issues in different types of cases.
Compute the gross margin percentage : Compute the gross margin percentage and net profit margin ratio. Caldor Company's assets at the beginning of the year were $900,000
Describe the nature of the interdependency : Describe the nature of the interdependency that exists between you and these critical groups or individuals. That is: in what way do you rely on each other

Reviews

Write a Review

Accounting Basics Questions & Answers

  Accounting systems and accruals

From the e-Activity, examine the greatest threats to a computerized accounting system. Suggest two (2) preventive measures or remedies to protect the system and / or mitigate negative impact to the system. Provide a rationale for your response.

  What are the equivalent units produced of direct material

A department had 12,500 units which were 20% complete in beginning Goods in Process Inventory. What are the equivalent units produced of direct material

  Graph the npv profiles for plan a and plan b and project

The Pinkerton Publishing Company is considering two mutually exclusive expansion plans. Plan A calls for the expenditure of $50 million on a large-scale.

  Advanced management accountingplease include thorough

advanced management accountingplease include thorough explanation and thorough calculations for each answer

  How does it assist businesses in gaining a competitive

What is predictive analysis, and how does it assist businesses in gaining a competitive advantage?

  Discuss the impact of each states population

Discuss the impact of each state's population increase on the four (4) highest discretionary spending accounts. Note: Please refer back to Week 3 and review the State of Michigan and your state's budget.

  Should gillian and goelzer approve the standard as proposed

Mindful of these considerations, Gillian,Goelzer, and the other board memebers mulled over the options: Should they approve the standard as proposed Should they accommodate the critics Should they find a middle ground If so, what provisions should..

  Shanklin company issued bonds

At the beginning of 2010, Shanklin Company issued 10 year bonds with a face value of $1,000,000 due on December 31, 2019.

  Discuss the three forms of emh

Define each of the following terms: Proxy; proxy fight; takeover; preemptive right; classified stock; founders' shares.

  Create income statements using absorption costing

Create income statements using absorption costing, assuming that Stuart Glass makes 1,000, 1,250, and 1,500 lamps during the year.

  Calculate income from operations and comprehensive income

Calculate Income from operations, comprehensive income, and the retained earnings balance of December 31, 2014

  Designing a risk management policy

Design a brief risk management policy statement for a small child-care company. Remember to include the most important objectives. For the same child-care company, create a risk identification list and plot the risks on a risk map.

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