Reference no: EM132818416
An accountant made the following adjustments at December 31, the end of the accounting period:
a. Prepaid insurance, beginning, $700. Payments for insurance during the period, $2,100. Prepaid insurance, ending, $800.
b. Interest revenue accrued, $900.
c. Unearned service revenue, beginning, $800. Unearned service revenue, ending, $300.
d. Depreciation, $6,200.
e. Employees' salaries owed for three days of a five-day work week; weekly payroll, $9,000.
f. Income before income tax expense, $20,000. Income tax rate is 25%.
Requirements
Problem 1. Journalize the adjusting entries.
Problem 2. If the accountant was biased to report a better operating performance for the period than actually occurred, which of the preceding adjustments would he have not made and why? Would it have been ethical for him
Compute the impairment loss of loan receivable on december
: Compute the impairment loss of the loan receivable on December 31,2020. Davao Bank loaned P7,500,000 to a borrower on January 1, 2018.
|
Which bones are most likely to get fractured
: Which bones are most likely to get fractured? And when fractured,
|
Regulation of the enzyme phosphofructokinase
: At step 3 of glycolysis, allosteric regulation of the enzyme phosphofructokinase occurs with the level of ATP molecules in a cell.
|
How should record the revenue earns-over the year
: Building a highway system, and construction will take three years. How do you think it should record the revenue it earns-over the year or over three years?
|
Which of the preceding adjustments would have not made
: Biased to report a better operating performance for the period than actually occurred, which of the preceding adjustments would he have not made and why?
|
Explain how the internal adaptation of the structure
: Explain how the internal adaptation of the structure of birds bones help the bird survive.
|
Determine the cost of the finished goods inventory reported
: Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept.
|
What you have learned from the hematopoiesis map
: Discuss a Blood Disease of your choice incorporating what you have learned from the Video in your own thinking.
|
How much net income did southwest transport inc earn
: How much net income did SouthWest Transport Inc. earn during the year ended December 31, 2020? SouthWest Transport Inc. at December 31, 2020
|