User Account

All Pages

Find overall overstatement or understatement of net income

Assignment Help Accounting Basics
Reference no: EM131820168

Assignment

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

(a) Beginning prepaid insurance, $500. Payments for insurance during the period are $900. Ending prepaid insurance is $600.

(b) Interest revenue of $1,500 has been earned but not yet received.

(c) Accrued Service Revenue of $12,000

(d) The weekly payroll is $20,000. Employees are owed for 4 days of a 5-day work week.

The unadjusted balance of the Supplies account is $1,200. The total cost of supplies remaining is $300.

(f) Equipment was purchased at the beginning of the year for $25,000. The equipment's useful life is 5 years, and the residual value is $5,000. Record the depreciation for this year.

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: EM131820168

Questions Cloud

Interest payments firm pays to its creditors result : When net new borrowings are subtracted from the interest payments a firm pays to its creditors the result is called the:
A merchandise purchases budget in units and in dollars : A merchandise purchases budget in units and in dollars. Show the budget by month and in total
What was oaks edge sales price variance : Oaks Edge Company's budgeted sales were 22,500 units at $76 per unit. Actual sales were 21,750 units at $79 per unit. What was Oaks Edge sales price variance
What issues should a manager focus on : Summarize the total assembly department costs for April 2014, and assign them to units completed (and transferred out) and to units in ending work in process
Find overall overstatement or understatement of net income : Calculate the overall overstatement or understatement of net income if the above adjusting entries were not made. Please share your work.
Calculate the target cost of the product : The company likes to maintain a target profit equal to 35 percent of the product's cost. Calculate the target cost of the product
Substance abuse and mental health services administration : According to a study released by the federal Substance Abuse and Mental Health Services Administration
Journalize the given bond transactions : Analyzing and journalizing bond transactions On January 1, 2016, Nurses Credit Union (NCU) issued 7%, 20-year bonds payable with face value of $400,000.
Construct a tree diagram having two first-generation : Construct a tree diagram having two first-generation branches, for has disease and doesn't have disease, and two second-generation branches leading

Reviews

Write a Review

Accounting Basics Questions & Answers

  Discuss about the constant-dollar plan

Charles Spurge, a mathematician with Ansco Petroleum Company, wishes to develop a rational basis for timing his portfolio transactions.

  The company can only perform 14000 set-ups each period yet

the following are production and cost data for two products x and y. product x product y 450 280 contribution to margin

  Prepare a direct materials budget for the march and june

Prepare a direct materials budget for the March and June quarters of 2017 in both units and dollars

  Information about the july inventories follows use this

cash -- 280000raw materials inventory -- 32000goods in process inventory -- 31000 2800 of direct materials 5000 of

  Kahane co has an inventory conversion period of 5175 days

kahane co has an inventory conversion period of 51.75 days an average collection period of 41.50 days and a payable

  Calculate the expected total cost of operating level

The following data is assembled for Steve company. Use the High Low method. The expected total cost of operating level of 1,900 hours is

  Is the transaction taxable

Red Corporation owns assets valued at $500,000 and liabilities at $200,000, and White Corporation has assets valued at $1 million

  Total estimated overhead costs are 263000 of which 110400

nbspjulio produces two types of calculator standard and deluxe. the company is currently using a traditional costing

  Trade controls-tariffs-subsidies

Describe the following trade controls: Tariffs, subsidies, and quotas. How do these trade controls affect relationship of trading partners and what is their value in international business.

  Find variable overhead counts

Question - TC Company estimates the following costs for the coming month: Required - Find variable overhead counts

  The alberts are considering buying another house their

the alberts are considering buying another house. their mortgage payments would increase by 500 to 1500 per month which

  Calculate melissas recognized gain or loss

a like-kind exchange. Calculate Melissa's recognized gain or loss

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