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4) The company leased a portion of its building for P48,000. The term of the You discovered the following errors in connection with your examination of the 2) Accrued interest receivable of P15,000 was not recorded at the end of 2020, 1) Accrued rent expense of P10,000 was not recorded at the end of 2020. 3) The company paid one-year insurance premium of P24,000 effective April 1, 2020. The entire amount was debited to expense account and no adjustment PROBLEM financial statements of Jane Corporation: was made at the end of 2020. 4) The company leased a portion of its building for P48,000. The ferm ef lease is one year ending April 30, 2021. Collection of rent was credited tor revenue account. At the end of 2020, no entry was made to take un t unearned portion of the amount collected. The following data were extracted from the financial statements of lana Corporation: 2020 2021 100,000 300,000 100,000 150,000 400,000 250,000 Net income Working capital RE, end of the year

4) The company leased a portion of its building for P48,000. The term of the You discovered the following errors in connection with your examination of the 2) Accrued interest receivable of P15,000 was not recorded at the end of 2020, 1) Accrued rent expense of P10,000 was not recorded at the end of 2020. 3) The company paid one-year insurance premium of P24,000 effective April 1, 2020. The entire amount was debited to expense account and no adjustment PROBLEM financial statements of Jane Corporation: was made at the end of 2020. 4) The company leased a portion of its building for P48,000. The ferm ef lease is one year ending April 30, 2021. Collection of rent was credited tor revenue account. At the end of 2020, no entry was made to take un t unearned portion of the amount collected. The following data were extracted from the financial statements of lana Corporation: 2020 2021 100,000 300,000 100,000 150,000 400,000 250,000 Net income Working capital RE, end of the year

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 10MC: Shannon Corporation began operations on January 1, 2019. Financial statements for the years ended...
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Based on the given data, answer the three questions. Show your solutions.

4. Net Income in 2021 a. P155,000 c. P145,000 d. P161,000 b. P139,000 5. Working capital, end of 2021 P406,000 b. P400,000 c. P410,000 d. P385,000 а. 6. Retained earnings, end of 2021 a. P250,000 b. P260,000 c. P244,000 d. P235,000
Transcribed Image Text:4. Net Income in 2021 a. P155,000 c. P145,000 d. P161,000 b. P139,000 5. Working capital, end of 2021 P406,000 b. P400,000 c. P410,000 d. P385,000 а. 6. Retained earnings, end of 2021 a. P250,000 b. P260,000 c. P244,000 d. P235,000
2020. The entire amount was debited to expense account and no adjustment You discovered the following errors in connection with your examination of the 3) The company paid one-year insurance premium of P24,000 effective April 1, lease is one year ending April 30, 2021. Collection of rent was credited to rent 2) Accrued interest receivable of P15,000 was not recorded at the end of 2020. PROBLEM 6-2 Counterbalancing Errors 4) The company leased a portion of its building for P48,000. The term of the financial statements of Jane Corporation: was made at the end of 2020. 4) The company leased a portion of its building for P48,000. The term of lease is one year ending April30, 2021. Collection of rent was credited to re revenue account. At the end of 2020, no entry was made to take un se unearned portion of the amount collected. The following data were extracted from the financial statements of lane Corporation: 2020 2021 100,000 300,000 100,000 150,000 400,000 250,000 Net income Working capital RE, end of the year
Transcribed Image Text:2020. The entire amount was debited to expense account and no adjustment You discovered the following errors in connection with your examination of the 3) The company paid one-year insurance premium of P24,000 effective April 1, lease is one year ending April 30, 2021. Collection of rent was credited to rent 2) Accrued interest receivable of P15,000 was not recorded at the end of 2020. PROBLEM 6-2 Counterbalancing Errors 4) The company leased a portion of its building for P48,000. The term of the financial statements of Jane Corporation: was made at the end of 2020. 4) The company leased a portion of its building for P48,000. The term of lease is one year ending April30, 2021. Collection of rent was credited to re revenue account. At the end of 2020, no entry was made to take un se unearned portion of the amount collected. The following data were extracted from the financial statements of lane Corporation: 2020 2021 100,000 300,000 100,000 150,000 400,000 250,000 Net income Working capital RE, end of the year
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