The following information for the year ended December 31, 2021, was reported by Nice Bite, Incorporated Accounts Payable Accounts Receivable Cash (balance on January 1, 2021) Cash (balance on December 31, 2021) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable office Expense Prepaid Rent Retained Earnings (beginning) Salaries and Wages Expense Service Revenue Utilities Expense Salaries and Wages Payable Other cash flow information: Cash from issuing common stock Cash paid to reacquire common stock Cash paid for income taxes Cash paid to purchase long-term assets Cash paid to suppliers and employees Cash received from customers Prepare a balance sheet for 2021. $ 59,000 36,800 116,900 98,000 136,500 0 150,700 11,500 30,900 18,600 37,600 15,700 8,400 13,300 37,100 165,800 26,500 22,000 $ 35,000 40,100 12,400 66,400 100,000 165,000

The following information for the year ended December 31, 2021, was reported by Nice Bite, Incorporated Accounts Payable Accounts Receivable Cash (balance on January 1, 2021) Cash (balance on December 31, 2021) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable office Expense Prepaid Rent Retained Earnings (beginning) Salaries and Wages Expense Service Revenue Utilities Expense Salaries and Wages Payable Other cash flow information: Cash from issuing common stock Cash paid to reacquire common stock Cash paid for income taxes Cash paid to purchase long-term assets Cash paid to suppliers and employees Cash received from customers Prepare a balance sheet for 2021. $ 59,000 36,800 116,900 98,000 136,500 0 150,700 11,500 30,900 18,600 37,600 15,700 8,400 13,300 37,100 165,800 26,500 22,000 $ 35,000 40,100 12,400 66,400 100,000 165,000

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 16E: Dudley Company failed to recognize the following accruals. It also recorded the prepaid expenses and...

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Dudley Company failed to recognize the following accruals. It also recorded the prepaid expenses and unearned revenues as expenses and revenues, respectively', in the following year when paid or collected. The reported pretax income was 20,000 in 2018, 25,000 in 2019, and 23,000 in 2020. Required: 1. Compute the correct pretax income for 2018, 2019, and 2020. 2. Prepare the journal entries necessary in 2020 if the errors are discovered at the end of that year. Ignore income taxes. 3. Prepare the journal entries necessary in 2021 if the errors are discovered at the end of that year. Ignore income taxes.
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he comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Dux Company. Additional information from Dux’s accounting records is provided also. DUX COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands) 2021 2020 Assets Cash $ 195 $ 134 Accounts receivable 60 62 Less: Allowance for uncollectible accounts (4 ) (3 ) Dividends receivable 15 8 Inventory 73 62 Long-term investment 45 40 Land 112 70 Buildings and equipment 351 376 Less: Accumulated depreciation (55 ) (74 ) $ 792 $ 675 Liabilities Accounts payable $ 25 $ 32 Salaries payable 8 11 Interest payable 10 8 Income tax payable 13 14 Notes payable 42 0 Bonds payable 263 190 Less: Discount on…