User Account

All Pages

What should be the adjusted january

Assignment Help Financial Accounting
Reference no: EM132635834

Question 1: On September 1, Krant Corp. is loaned $200,000 by signing a 6%, 4-year notes payable. How much "interest expense" should be accrued in the company's December 31 adjusting entries? Round amounts to the nearest dollar.

Question 2: Reliable Motors understated its insurance expense by $44,700 in 20X1. The company makes an error correction on their 20X2 retained earnings statement. Assume a 20% income tax rate for both 20X1 and 20X2. If the company's January 1, 20X2 retained earnings balance is $214,000, what should be the "adjusted" January 1, 20X2 retained earning balance?

Reference no: EM132635834

Questions Cloud

Find no discontinued operations during the year : ssume the company has 33,000 common shares, no dividends on preferred stock, a 25% tax rate, and no discontinued operations during the year.
How journalize the may transactions : Journalize the May transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles)
What color is safarin : What color is safarin? How do you calculate magnification?
Design a program to screen out defective products : We are producing two types of products, product A and product B. Product A is defective if the weight is greater than 10 lbs. Product B is defective.
What should be the adjusted january : If the company's January 1, 20X2 retained earnings balance is $214,000, what should be the "adjusted" January 1, 20X2 retained earning balance?
Journalize entries for transactions : Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Rafael Masey, Capital
Find out carbohydrate source-protein source : Give 2 examples each of a carbohydrate source and a protein source from among the media in the list given. List:
Discuss the visible and invisible physical security controls : Many business environments have both visible and invisible physical security controls. You see them at the post office, at the corner store, and in certain.
Prevention strategies in epidemiology : Select a health problem or condition and identify related primary, secondary, and tertiary prevention strategies.

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is laptop inc debt to equity ratio

Please show me how to work these problems Laptop Inc obtained their first loan for $250,000 with an 8% interest rate. Laptop Inc. estimates that they will have net income of $165,000. As a not for profit, they do not pay income taxes. The company has..

  Identify the core functions of each department

Identify the core functions of each department, their strengths and weaknesses, and make recommendations for improvement, as appropriate

  Flexible budget variances-activity-level variances for cost

Sunday Corporation prepared the following performance report for variable overhead costs for the last quarter of the year. Machine hours are the cost driver for all overhead costs. Cost Driver(Machine Hours) Variable Overhead Costs:

  What was the net cash flow from investing activities

When its book value was $1.65 million, and purchased new equipment for $4.1 million. What was the net cash flow from investing activities?

  Lake incorporated purchased all of the outstanding stock

Lake Incorporated purchased all of the outstanding stock of Huron Company paying $1,095,000 cash. Lake assumed all of the liabilities. Book values and fair values of acquired assets and liabilities were: Book Value Fair Value Current assets (net) $12..

  Workpaper elimination entries for a downstream sale

Frazer Corporation purchased 60 percent of Minnow Corporation's voting common stock on January 1, 20X1, at an underlying book value.

  Distributed between common and preferred stockholders

Dividend decisions - How should this dividend be distributed between common and preferred stockholders? Show your calculations.

  Is relevance in country with different cultural environment

Perera (1989) argues that because International Accounting Standards were developed without any influence from Anglo-American accounting models

  Does fasb charge for its statements

Can you oftain a copy of the full text of these statements from this web site? Does FASB charge for its statements, or are they provided free of charge?

  Determine the actuarial gain or loss from defined benefit

The current service cost for the year ended 31 March 2018 was £10 million. Determine the actuarial gain or loss from the defined benefit plan.

  Questiontrasky company is trying to decide whether it

questiontrasky company is trying to decide whether it should lease or purchase a new automated machine to be used in

  What percentage increase in net income must heartnachieve

Heart corporations net income was 400,000, What percentage increase in net income must heartnachieve in 2006 to offset the decline in profits in 2005.

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