Indicate the impact on the income statement and balance sheet if the following adjusting entries were omitted. You should indicate which of the items shown would be overstated or understated. Wages are paid every Friday for the 5-day work week. The month ended on Monday and no adjustment was recorded. Revenues Understated Expenses Understated Net Income Correct Assets Overstated

Indicate the impact on the income statement and balance sheet if the following adjusting entries were omitted. You should indicate which of the items shown would be overstated or understated. Wages are paid every Friday for the 5-day work week. The month ended on Monday and no adjustment was recorded. Revenues Understated Expenses Understated Net Income Correct Assets Overstated

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 3.16E: Effect of omitting adjustment Assume that the error in Exercise 3-15 was not corrected and that the...

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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…
e answer The following trial balance was extracted from the ledger accounts of William Enterprise, a sole proprietor as at 31 December 2019. Trial Balance as at 31 December 2019DRCR GH¢GH¢ Building, at cost650,000 Office equipment at cost135,000 Plant and Machinery263,500 Purchases248,000 Sales500,000 Inventory 1 January 201927,500 Discount allowed4,800 Returns inwards3,200 Wages and Salaries64,885 Rent5,580 Insurance6,000 Trade receivables145,000 Trade payables132,750 Bank overdraft58,956 Cash in hand5,400 Long term loan350,000 Capital 1 January 2018________517,159 1,558,8651,558,865 The following additional information as at 31 December 2019 is available:Inventory as at December 2019 was valued at GH¢24,000. Required:1.Prepare william Enterprise’s Income Statement (Profit or loss account) for the year ended 31 December 2019.2. Prepare Statement financial position as at that date
Financial statements Alpine Realty. Inc., organized July 1. 20Y8, is operated by Angela Griffin. How many errors can you find in the following financial statements far Alpine Realty, Inc. prepared after its first month of operations?
Effect of omitting adjustment Assume that the error in Exercise 3-15 was not corrected and that the $6750 of accrued salaries was included in the first salary payment in January 20Y7. Indicate which items will he erroneously stated LWC1LL%C of failure to correct the initial error on (a) the income statement for January 20Y7 and (h) the balance sheet as of January 31, 20Y7.
4. The following is extracted trial balance of Grey Grig Ltd as at 30 June 2019. Grey Grig LtdTrial Balance as at 30 June 2019Particulars Debit (RM) Credit (RM)Equipment rental 940Insurance 1,804Lighting and heating expenses 1,990Motor expenses 2,350Salaries and wages 48,580Sales 382,420Purchase 245,950Sundry expenses 624Lorry 19,400Account payable 23,408Account receivable 44,516Fixtures 4,600Shop 174,000Cash at bank 11,346Drawings 44,000Capital 194,272TOTAL 600,100 600,100Inventory at 30 June 2019 was RM29,304.Required: i. Statement of Profit and Loss and Others Comprehensive Income for the year ended 30 June 2019 ii. Statement of Financial Position as 30 June 2019
2. Assume instead that KIP uses IFRS. Prepare its balance sheet as of December 31, 2019. KIP INTERNATIONAL PRODUCTS COMPANY Balance Sheet December 31, 2019 Assets Noncurrent Assets $fill in the blank f024defdf051fa4_2 fill in the blank f024defdf051fa4_4 fill in the blank f024defdf051fa4_6 $fill in the blank f024defdf051fa4_8 fill in the blank f024defdf051fa4_10 fill in the blank f024defdf051fa4_11 $fill in the blank f024defdf051fa4_13 fill in the blank f024defdf051fa4_15 fill in the blank f024defdf051fa4_16 fill in the blank f024defdf051fa4_18 Total noncurrent assets $fill in the blank f024defdf051fa4_19 Current Assets $fill in the blank f024defdf051fa4_21 $fill in the blank f024defdf051fa4_23 fill in the blank f024defdf051fa4_25 fill in the blank f024defdf051fa4_26 fill in the blank f024defdf051fa4_28 Prepaid items $fill in the blank…
at the end of the accounting period(sept 30th, T account after AJE), what is the balance of advances from customers? use accural accounting multiple choice: a) $0, b) $1000, c) $3000, d) $2000, e) none of the other alternatives are correct
A. Calculate the ending balance for each account. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Assets Liabilities Owner’s Equity Cash Inventory Equipment AccountsPayable WagesPayable CommonStock RetainedEarnings 1 $50,000 $50,000 2 (6,000) $6,000 3 $25,000 $25,000 4 1,250 $1,250 5 (750) (750) 6 600 (600) 7 $3,500 (3,500) 8 3,200 3,200 9 250 (250) 10 (1,000) 1,000 Ending Balance $ $ $ $ $ $ $ $ $ B. Create the income statement. Use minus sign to indicate the loss. Pancake Palace Income Statement For the Month Ended July 31 $ $ C. Create the statement of owner’s equity. If an amount box requires a zero, enter "0". For those boxes in which you must enter subtractive or negative numbers use a minus sign. Pancake Palace Statement of Owner's Equity…
Beginning Balance (BB) ? $ 8,820 $ 73,500 Ending Balance (EB) 36,260 ? 77,000 Transferred In (TI) 196,500 44,500 ? Transferred Out (TO) 194,700 48,400 183,800 For Case (A) above, what is the Beginning Balance (BB)? Multiple Choice $35,940. $38,300. $39,960. $34,460.
Please provide the answers to the amounts not given.For the following items, provide the missing number.Retained Earnings, 1/1/16$ 575,603Net Income?Subtotal$ 498,667Dividends10,000Retained Earnings, 1/1/16$ 488,667Make sure your answer does not include a "$" (dollar sign) or "," (comma). It should be in the format of a basic number; such as "55000".
E3.10 Analyse adjusted data.LO3, 4, 5 This is a partial adjusted trial balance of Darcy Designs Pty Ltd. DARCY DESIGNS PTY LTDAdjusted trial balance (partial)as at 31 July 2019 No. Account name Debit Credit 110 Supplies $1 500 112 Prepaid insurance 2 400 212 Salaries payable $1 500 213 Service revenue received in advance 1 125 400 Service revenue 3 000 500 Salaries expense 7 300 505 Supplies expense 1 220 515 Insurance expense 800 Required Answer these questions, assuming the year begins on 1 July: If the amount in supplies expense is the 31 July adjusting entry, and $1320 of supplies was purchased in July, what was the balance in supplies on 1 July? If the amount in insurance expense is the July adjusting entry, and the original insurance premium was for 1 year, what was the total premium and when was the policy purchased? If $7500 of salaries was paid in July, what was the balance in…
Determine the missing items. If required, use the minus sign to indicate a net or operating loss, unrealized losses, or a credit balance in the valuation allowance account. Highland Industries Inc. Selected Income Statement Items For the Years Ended December 31, Year 2 and Year 3 Year 2 Year 3 Operating Income (Loss) $fill in the blank 4a02a8fb0ff3010_1 $fill in the blank 4a02a8fb0ff3010_2 Gain (Loss) from Sale of Investments 5,890 (11,780) Net Income (Loss) $fill in the blank 4a02a8fb0ff3010_3 $(16,200) Highland Industries Inc. Selected Balance Sheet Items December 31, Year 1, Year 2, and Year 3 Dec. 31, Year 1 Dec. 31, Year 2 Dec. 31, Year 3 Assets Available-for-Sale Investments, at Cost $114,860 $100,130 $139,890 Valuation Allowance for Available-for-Sale Investments 7,360 (8,840) fill in the blank b142bc0b505c055_1 Available-for-Sale Investments, at Fair Value fill in the blank b142bc0b505c055_2 fill in the blank…