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Problem 1. The accountant for the Times Company forgot to make an adjusting entry to record salaries earned but not paid to employees. The effect of this error would be:
a. An understatement of net income and an overstatement of liabilities.b. An overstatement of net income and an understatement of liabilities.c. An understatement of net income and liabilities.d. An overstatement of net income and liabilities.e. None of the above.
real property taxes $3,900 interest on home mortgage 4,000 operating expenses of home 1,100 depreciation allocated to 20% business use 1,600 Christine's income from consulting is 16,000, and the related expenses are $5,000.
On December 31, 20X9, Rudd Company acquired 80 percent of the common stock of Wilton Company. At the time, Rudd held land with a book value of $100,000.
Swine paid dividend of P40,000 at the end of the period. What is the non-controlling interest in the operating profit of Swine Co.
distinguish between a capital expenditure and an operating expenditure. explain why a company might want to capitalized expenditures rater than expense them. what impact would such a decision have on its financial statement?
Gate Grocery's most popular candy bars cost $0.50 each and sell for $0.75. How much is cost of goods sold for February
Explain how the accounting equation organizes financial information using T-accounts and debits and credits
He wants you to reduce the proposed audit fee and rely on the internal audit department for much of the work. How would you respond to Dan
Based on the above information and using Excel, calculate the following items for this proposed equipment purchase: Annual rate of return
Prepaid rent has a balance of $6,000 that was paid on July 1st for 6 months of rent. The date is now August 31st. What should the adjusting journal entry
elizabeth sweeney wants to accumulate 13000 by the end of 12 years. if the annual interest rate is 6.10 percent how
a. Diamond Company acquires an ore mine at a cost of $1,300,000. It incurs additional costs of $200,000 to access the mine, which is estimated to hold 500,000 tons of ore. 90,000 tons of ore are mined and sold the first year.
Prepare T accounts for the accounts payable control and cleaning supplies accounts. Post control totals to the two accounts, and determine their ending balances.
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