Effects of Errors on Financial Statements For a recent year, the balance sheet for The Campbell Soup Company includes accrued expenses of $676 million. The income before taxes for Campbell for the year was $272 million. a. Assume the adjusting entry for $676 million of accrued expenses was not recorded at the end of the year. By how much would income before taxes have been misstated? 676 V million b. What is the percentage of the misstatement in (a) to the reported income of $272 million? Round to one decimal place. 2.5 X % Feedback Check My Work a. Revenues and expenses net out to calculate net income. Consider the impact on net income if an accrued expense is not recorded. b. Divide the omitted expense by the income amount.
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Question B is what I'm struggling with. I'm trying to take the 676 and divide it by 272 then round it.
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- Ma1. Question 11. Which of the following is not a catetory found in the Content Pane of Dynamics GP? Options: A.Cards B.Inquiry C.Print D.Reports Question 12. The typical size of a business that is most likely to use MS Dynamics GP is options: A.Fewer than 50 employees B.250-500 employees C.2500 - 5000 employees D.More than 5000 employees Question 13. Which of the following features allows you to view information about a customer and then begin entering an invoice for that customer? options: A.Lists B.Reports C.Inquiry D.SmartLists Question 14. Which of the following statements is not true regarding the Navigation Pane? options: A.You can choose not to show specific series/functions on the Navigation Pane B.You can change the order in which series/function areas appear on the Navigation Pane C.If you hide a series/function so it doesn’t appear on the Navigation Pane, it is removed from your Dynamics GP system D.It can be hidden in order to make the Content area larger…eBook Check my workCheck My Work button is now disabled1 Item 1 Required information Skip to question Loaded: 0.00% Current Time 1:44 / Duration 10:14 1x Juarez Company acquired $1,200 from the issue of common stock. Which of the following shows how this event will affect the company’s accounting equation? The letters “NA” indicate that the component of the equation is not affectedParrish pg 37 Please solve for the missing amount in this T-Account. Explain in depth and show how you found the missing amound (method, formula etc) Inventory 4/1 Beginning Balance 40,000 4/15 Transaction B 5,000 Ending Balance UNKOWN CRs Transaction A 8,000 4/28 Transaction C 25,000
- 3. The following was the trial balance extract from ABC Trading as at 31 March 2019.Particulars DEBIT (RM) CREDIT (RM)Purchases and Sales 22,800 41,000Inventory on 1 April 2018 5,100Capital 8,170Bank overdraft 4,300Cash 140Discount allowed and received 1,440Returns inwards and outwards 790Carriage outwards 2,180Office expenses 450Fixtures and fittings 1,210Delivery van 2,000Accounts receivables and account payables 11,900 6,720Rent and insurance 1,790Drawings 2,850Wages and salaries 8,980TOTAL 61,690 61,690Additional information as at 31 March 2019:a. Inventory on 31 March 2019 was RM4,250b. Wages and salaries accrued as at 31 march 2019 was RM210; outstanding office expenses was RM30c. Rent and insurance prepaid was RM150Required:i. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March 2019ii. Prepare Statement of Financial Position as at 31 March 2019Ex5.19From the following accounts (not in order), prepare a post-closing trial balance for Winter Co. onOctober 31, 201X. Note: These balances are before closing.Accounts Receivable $19,950P. Winter, Capital $45,300Legal Supplies 9,700P. Winter, Withdrawals 3,000Office Equipment 54,400Legal Fees Earned 28,000Repair Expense 2,700Accounts Payable 48,000Salaries Expense 1,550Cash 30,000Adjustment Dataa. Insurance expired, $100.b. Dance supplies on hand, $1,100.c. Depreciation on dance equipment, $2,000.d. Salaries earned by employees but not to be paid until October, $1,000.Your task is to do the following:1. Prepare a worksheet.2. Journalize adjusting and closing entries.16) When creating a new QuickBooks data file for an existing company, QuickBooks automatically offsets accounts receivable balances with an entry to the:A) Uncategorized Expenses accountB) Uncategorized Income accountC) Opening Balance Equity accountD) Capital Stock account Group of answer choices A B C D
- DATA PROVIDEDThe pre-adjustment trial balance of Wing-It (Pty) Ltd as at 31 August 2022 is presented:AccountDebitCreditProfessional fees765 000Goods sold435 000Cost of sales215 000Interest received19 500Interest on loan6 300Bank charges3 200Cleaning1 500Staff welfare650Salaries and wages35 850Municipal services6 850Printing and stationery16 715Telephone18 600Fuel and oil56 000Repairs and maintenance: Building5 200Repairs and maintenance: Vehicles6 850Capital: Blue520 000Capital: Green630 000Drawings: Blue35 000Drawings: Green27 000Current account: Blue2 500Current account: Green6 400Retained income265 000Land500 000Buildings1 500 000Accumulated depreciation on buildings21 000Vehicles380 000Accumulated depreciation on vehicles65 000Equipment and electronics79 500Accumulated depreciation on equipment and electronics1 5008% Long-term loan325 000Bank: FNB168 000Bank: ABSA32 000Debtors control account85 000Allowance for credit losses6 400Creditors control account78 600Petty cash2…Parrish 2-8 Pg 37 For each of the T-accounts find the missing amount and write it in the space in the T-Account . Assume that the beginning and ending balances are on the normal side of the account, that is, the side on which the balance increases. Inventory Left Side of T-Account4/1 Beginning balance $400004/15 Transaction (B) $500 Right Side of T-Account4/9 Trasnsaction (A) $80004/28 Transaction (C) $2500 Ending balance?EB2. LO 7.1The following information pertains to Crossroads Consulting, Inc. Match each of the following parts of Crossroad’s accounting information system in the left-hand column with the appropriate item(s) from the right-hand column. You may use items in the right-hand column more than once or not at all. There may be several answers for each item in the left-hand column. You may choose items in the right-hand column more than once. A. Source document i. Sales invoice from cleaning company B. Output device ii. Printed check to be mailed to phone company C. Input device iii. Dropbox (online storage) D. Data and information storage iv. Voice-to-text software E. Information processing v. QuickBooks Accounting Software vi. Keyboard vii. Printer viii. Bar code scanner ix. Computer screen x. Flash drive xi. Text scanner xii. Computing interest on a loan
- May I ask for a solution and explanation to the problem for a better understanding. Thank you! 3. Using Carrot Corp data. What is the inventory turn over for year 2? a. 6 b. 4 c. 3 d. 5T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation expense11,600Sales183,000Salaries expense39,000Sales discounts4,200Miscellaneous expenses5,000Sales returns and allowances5,200 1. Record the entry to close the income statement accounts with credit balances. 2. Record the entry to close the income statement accounts with debit balances. 3. Record the entry to close the Income Summary account. 4. Record the entry to close the Withdrawals account.4-C Challenge Problem p118 century 21 accounting: general journal 11th edition Liam Liu owns a service business that uses a general journal that is different from the journal used in this chapter. The made general journal and general ledger accounts (before posting) are provided. Post from the general journal to the general ledger.