Please answer question 4&5 Ukraine Company, your client, failed to record accrued salaries expense of P 50,00Oas of December 31, 2022.Based on the foregoing, answer the following questions:Question 1: Which of the following accounts is(are) understated by P 50,000 at theend of year 2022 as a result of the error? Both accrued salaries payable a OQuestion 2: Which of the following accounts is(are) overstated by P 50,000 at theend of year 2023 as a result of the error? Retained earnings onlyQuestion 3: VWhat would be the adjusting entry if the error is discovered in year2022? [Select]Question 4: VWhat would be the adjusting entry if the error is discovered in year2023?V [ Select ]NO AJE is necessary becausethe error alreadyQuesticntry if the error is discovered in year2024?counterbalanced.Debit - Retained earnings, P50,000; Credit SalariesExpense, P 50,000Debit - Salaries Expense, P50,000; Credit RetainedEarnings, P 50,000« PrevicNextDebit - Salaries expense, P50,000; Credit Accruedsalaries payable, P 50,000Submit Q Ukraine Company, your client, failed to record accrued salaries expense of P 50,000as of December 31, 2022.Based on the foregoing, answer the following questions:Question 1: VWhich of the following accounts is(are) understated by P 50,000 at theend of year 2022 as a result of the error? Both accrued salaries payable aQuestion 2: Which of the following accounts is(are) overstated by P 50,000 at theend of year 2023 as a result of the error? Retained earnings onlyQuestion 3: VWhat would be the adjusting entry if the error is discovered in year2022? [ Select]Question 4: VWhat would be the adjusting entry if the error is discovered in year2023? [ Select]Question 5: What would be the adjusting entry if the error is discovered in year2024? [ Select ]V [ Select ]Debit - Retained Earnings, P50,000; Credit SalariesPayable. P 50,000.« PrevicNextDebit - Retained Earnings, P50,000; Credit SalariesExpense. P 50,000.save.Submit QNO AJE is necessary becausethe error alreadycounterbalanced.Debit - Salaries expense, P50,000; Credit - Accruedsalaries payable, P 50,000stionsQuestion 1

Accounting errors are mainly inadvertent errors that occur at the time of recording journal entries.…

Ukraine Company, your client, failed to record accrued salaries expense of P 50,000 as of December 31, 2022. Based on the foregoing, answer the following questions: Question 1: Which of the following accounts is(are) understated by P 50,000 at the end of year 2022 as a result of the error? Both accrued salaries payable a O Question 2: Which of the following accounts is(are) overstated by P 50,000 at the end of year 2023 as a result of the error? Retained earnings only Question 3: What would be the adjusting entry if the error is discovered in year 2022? [ Select ] Question 4: WWhat would be the adjusting entry if the error is discovered in year 2023? V [ Select ] NO AJE is necessary because the error already Questic ntry if the error is discovered in year 2024? counterbalanced. Debit - Retained earnings, P 50,000; Credit - Salaries Expense, P 50,000 Debit - Salaries Expense, P 50,000; Credit Retained Earnings, P 50,000 * Previ Next Debit - Salaries expense, P 50,000; Credit Accrued salaries payable, P 50,000 Submit C

Ukraine Company, your client, failed to record accrued salaries expense of P 50,000 as of December 31, 2022. Based on the foregoing, answer the following questions: Question 1: Which of the following accounts is(are) understated by P 50,000 at the end of year 2022 as a result of the error? Both accrued salaries payable a O Question 2: Which of the following accounts is(are) overstated by P 50,000 at the end of year 2023 as a result of the error? Retained earnings only Question 3: What would be the adjusting entry if the error is discovered in year 2022? [ Select ] Question 4: WWhat would be the adjusting entry if the error is discovered in year 2023? V [ Select ] NO AJE is necessary because the error already Questic ntry if the error is discovered in year 2024? counterbalanced. Debit - Retained earnings, P 50,000; Credit - Salaries Expense, P 50,000 Debit - Salaries Expense, P 50,000; Credit Retained Earnings, P 50,000 * Previ Next Debit - Salaries expense, P 50,000; Credit Accrued salaries payable, P 50,000 Submit C

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.
At the beginning of 2020, Tanham Company discovered the following errors made in the preceding 2 years: Reported net income was 27,000 in 2018 and 35,000 in 2019. The allowance for doubtful accounts had a zero balance at the beginning of 2018. No accounts were written off during 2018 or 2019. Ignore income taxes. Required: 1. What is the correct net income for 2018 and 2019? 2. Prepare the adjusting journal entry in 2020 to correct the errors.
Shannon Corporation began operations on January 1, 2019. Financial statements for the years ended December 31, 2019 and 2020, contained the following errors: In addition, on December 31, 2020, fully depreciated machinery was sold for 10,800 cash, but the sale was not recorded until 2021. There were no other errors during 2019 or 2020, and no corrections have been made for any of the errors. Refer to the information for Shannon Corporation above. Ignoring income taxes, what is the total effect of the errors on the amount of working capital (current assets minus current liabilities) at December 31, 2020? a. working capital overstated by 4,200 b. working capital understated by 5,800 c. working capital understated by 6,000 d. working capital understated by 9,800
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A review of Anderson Corporations books indicates that the errors and omissions pertaining to the balance sheet accounts shown as follows had not been corrected during the applicable years. The net income per the books is: 2017, 10,000; 2018, 12,000; 2019, 15,000; and 2020, 20,000. No dividends were declared during these years and no adjustments were made to retained earnings. The Retained Earnings balance on December 31, 2020, is 50,000. Omissions Required: Determine the correct net income for the years 2017, 2018, 2019, and 2020, and the adjusted balance sheet accounts as of December 31, 2020. Ignore possible income tax effects.
Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense at December 31, 2020, if the double-declining-balance method were used? a. $187,200 b. $192,000 c. $195,200 d. $312, 000
your client, failed to record accrued salaries expense of P 50,000 as of December 31, 2022. Based on the foregoing, answer the following questions: Question 1: Which of the following accounts is(are) understated by P 50,000 at the end of year 2022 as a result of the error? Question 2: Which of the following accounts is(are) overstated by P 50,000 at the end of year 2023 as a result of the error? Question 3: What would be the adjusting entry if the error is discovered in year 2022? Question 4: What would be the adjusting entry if the error is discovered in year 2023? Question 5: What would be the adjusting entry if the error is discovered in year 2024?
High company, your client, failed to record accrued salaries expense of 50,000 as of December 31, 2022Based on the foregoing, answer the following questions:1.) Which of the following accounts is(are) understated by 50,000 at the end of year 2022 as a result of the error? 2.) Which of the following accounts is(are) overstated by 50,000 at the end of year 2023 as a result of the error? 3.) What would be the adjusting entry if the error is discovered in year 2022? 4.) What would be the adjusting entry if the error is discovered in year 2023? 5.) What would be the adjusting entry if the error is discovered in year 2024?
Ray Company, your client, failed to record accrued rent income of P 25,000 as of December 31, 2022. Based on the foregoing, answer the following questions: Question 1: Which of the following accounts is(are) understated by P 25,000 at the end of year 2022 as a result of the error? Question 2: Which of the following accounts is(are) overstated by P 25,000 at the end of year 2023 as a result of the error? Question 3: What would be the adjusting entry if the error is discovered in year 2022? Question 4: What would be the adjusting entry if the error is discovered in year 2023? Question 5: What would be the adjusting entry if the error is discovered in year 2024?
These errors were discovered in the account of Golden Arches Company: Salaries payable amounting to P 34,000 was not recorded in 2021. Accrued vacation pay for the year 2021 for P 62,500 was not recorded due to lack of knowledge by the bookkeeper. Insurance for a 12-month period purchased on November 1, 2021 was charged to expenses in the amount of P 37,200. a. P 6,200 under b. P 65,500 over c. P 59,300 over d. P 64,500 under
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BLACK WIDOW Corporation failed to recognize accruals and prepayments since the inception of its business three years ago. The accruals and prepayments at the end of 2021 are as follows: Unused office supplies 25,000 Accrued utilities 52,000 Rent revenue collected in advance 87,500 Interest receivable 65,500 Accrued wages 49,100 Prepaid insurance 60,000 4What is the net effect of the above errors in the 2021 netincome? (If understated, put a negative (-) sign before thenumerical value)