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Question - Complete the table

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Question - Complete the table

The accountant, Nancy Aguilar, for Stiff-Arm Company, a medical services consulting firm mistakenly omitted adjusting entries for (a) unearned revenue earned during the year [$ 34,900]and (b) accrued wages [$12,770]. Indicate the effect of each error, considered individually, on the income statement for the current year ended July 31, 2020. Also indicate the effect of each error on the July 31, 2020 Balance sheet. Complete the table below by recording your answers in the appropriate spaces. Insert a zero if the error does not affect the item.

 

Error (a)

Error (b)

 

Overstated

Understated

Overstated

Understated

Revenue for the year would be:

 

 

 

 

Expenses for the year would be:

 

 

 

 

Net Income for the year would be:

 

 

 

 

Assets at July 31, 2020 would be:

 

 

 

 

Liabilities at July 31, 2020 would be:

 

 

 

 

Stockholders' equity at July 31 would be:

 

 

 

 

Reference no: EM132670132

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