How much was net income understated or overstated

Reference no: EM131823895

Question: 1. A company makes an accrued revenue adjusting entry for $780 and an accrued expense adjusting entry for $510. How much was net income understated or overstated prior to these entries? Explain.

2. On January 9, a company pays $6,200 for salaries, of which $1,100 was reported as Salaries and Wages Payable on December 31. Give the entry to record the payment.

Reference no: EM131823895

Questions Cloud

Observed between the lymph node and spleen : What structural similarities are observed between the lymph node and spleen?

Describe the between ifrs and us gaap : There are many differences with the measurement of assets between IFRS and U.S. GAAP. Property, plant, and equipment (IAS 16) - Cost elements.

What purpose did art serve during this time : As we've read, during the 15th and 16th centuries, great value was placed on the ability to draw realistically and to represent nature accurately.

Discuss how stress can cause excessive : Discuss how stress can cause excessive and prolonged cortisol release and the types of disease states that may develop as a result.

How much was net income understated or overstated : A company makes an accrued revenue adjusting entry for $780 and an accrued expense adjusting entry for $510. How much was net income understated or overstated?

Determine net income for the year ended december : At December 31, 2018 total assets had increased to $69,000, Given this information, determine Net Income for the year ended December 31, 2018

Identify two characteristics of utilitarianism : Identify two characteristics of utilitarianism, two characteristics of virtue ethics, and two characteristics of deontology.

Discuss how the given module on ethics relates to gaas : Research the Code of Professional Conduct and then discuss how this module on ethics relates to GAAS.

What is the value of the income interest received by kelley : Jacob placed into trust assets worth $1,000,000. Assume the applicable federal rate (AFR) is 4%. What is the value of the income interest received by Kelley

User Account

All Pages