Reference no: EM132879700
Problem - Errors in Financial Statements - At the end of the current year, Jodi Corporation's controller discovers the following items of information:
1. Salaries are paid every Friday for a 5-day work week. The normal weekly payroll is $40,000. The year-end falls on a Tuesday this year.
2. The company has a $20,000, 9-month, 12% (annual rate) note payable outstanding at the end of the year. The note was issued on October 1; the interest is due when the note is paid.
3. Examining the Rent Expense account, the controller finds that it includes a $4,800 advance payment for 3 months' rent. The payment was made on November 1.
4. The storeroom contains $500 of office supplies. At the beginning of the year, there were no office supplies. During a year, the company purchased $3,500 of office supplies which were debited to the Office Supplies account.
5. The company received a large order in May with a $13,000 advance payment. The advance payment was credited to Unearned Revenue. In November, the order was delivered to the customer.
Required - For each of the preceding items, indicate the effect on net income, assets, liabilities, and shareholders' equity in the financial statements of the company for the year if the controller fails to make an adjusting entry for the item (ignore income taxes). (Contributed by Paula L. Koch)
What are the alternatives to jail or prison
: What are the alternatives to jail or prison? Please detail some of the ways that the United states can lower the amount of individuals incarcerated?
|
List of all crime scene team members
: Explanation of the types of evidence that may be found and their proper collection and preservation procedures. List of all crime scene team members
|
Identify additional types of physical evidence the team may
: Identify additional types of physical evidence the team may have encountered at the crime scene. Describe the preservation and collection of the evidence.
|
Describe the toxicology of drugs
: Describe the toxicology of drugs. Identify the role of the forensic pathologist, forensic entomologist, forensic toxicologist, and forensic anthropologist.
|
Indicate the effect on net income and assets
: For each of the preceding items, indicate the effect on net income, assets, liabilities, and shareholders' equity in the financial statements of the company
|
How do victims address cyber bullying
: In what ways do social media users experience cyber bullying? how does cyber bullying affect social media users? How do victims address cyber bullying
|
Prepare the adjusting entries that are necessary
: Prepare adjusting entries that are necessary to bring Sarah's accounts up to date on December 31. Each journal entry explanation should summarize calculations
|
How do class affect lawmaking
: How do class, race and gender affect lawmaking and the administration of criminal law and justice? In your discussion, cite examples from the text.
|
Prepare journal entries to adjust Clapton books
: On the basis of the preceding information, prepare journal entries to adjust Clapton's books as of December 31
|