User Account

All Pages

Calculate the overall overstatement of net income

Assignment Help Accounting Basics
Reference no: EM132456547

Problem -

Part A - 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.

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

Reference no: EM132456547

Questions Cloud

Compute the break-even point in dollar sales : Compute the break-even point in dollar sales for the company as a whole and the margin of safety in both dollars and percent
Case study - lean six sigma leads xerox : Case study - Lean Six Sigma Leads Xerox What additional tools would you include in this project and why?What is the problem that is being solved?
Elements of successful population health program : Identify and discuss the critical elements of a successful population health program.
Case study - quality revolution reduces defects : Case Study - Quality Revolution Reduces Defects, Drives Sales Growth at 3M,Reflection and brief synopsis of key facts (Not a repeat of the case)
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
What are five nonmonetary factors : What are five nonmonetary factors(attributes) that may be important when a significant change is considered in the design of the current best selling product?
Capitalism-State Capitalism-Socialism and Communism : Compare and contrast the various economic models (Capitalism, State Capitalism, Socialism, Communism) highlighting the pros and cons of each.
Explain how to calculate free cash flow : Explain how to calculate free cash flow, and also explain why some investors have more faith in investing based on free cash flow
Discuss six sigma green and black belts help manufacturer : Discuss case study Six Sigma Green and Black Belts Help Manufacturer,Save Nearly $1.5 Million.What is the problem that is being solved?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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