Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corp. Unfortunately, although the data for the individual items are correct, he is very confused as to whether an item should go in the balance sheet or income statement and whether it is an asset or liability.  fill in the blanks by rearranging the items that are wrong:                                                                            Balance Sheet Payables                                                $  35                   Inventories                                                     $50 Less accumulated depreciation                 120                 Receivables                                                      35 Total current assets                               ___?____            Total current liabilities                                __?____ Long-term debt                                       $350…

The night manager of Willis Transportation Service, who had no accounting background, prepared the following balance sheet for the company at February 28, current year. The dollar amounts were taken directly from the company’s accounting records and are correct. However, the balance sheet contains a number of errors in its headings, format, and the classification of assets, liabilities, and owners’ equity. NOT: retained earnings = net profit,    capital stock = capital   WILLIS TRANSPORTATION SERVICEManager’s Report8 P.M. Thursday Assets Owners' Equity Capital stock $ 93,000 Accounts receivable $ 70,000 Retained Earnings   63,000 Notes payable   283,000 Cash   77,000 Supplies   15,000 Building   100,000 Land   71,000 Automobiles   165,000 Accounts payable   59,000   $ 498,000   $ 498,000     Prepare a corrected balance sheet.     WILLIS TRANSPORTATION SERVICE     Assets Liabilities & Owners' Equity   Liabilities:…

Which one of the following errors is most likely to be revealed by the preparation of a trial balance even if a trial balance is in balance? a. A debit or a credit amount posted to the correct side but to the wrong account. b. Business transactions totally omitted from the books of the company. c. Business transactions recorded in the books but wih both the debit and credit misstated by equal amounts. d. none among the given choices

ASAP!! ANSWER PLEASE!!   Bookkeeper of ABC & Company. prepared the company's balance sheet while the accountant was ill. The balance sheet contains numerous errors. In particular, the bookkeeper knew that the balance sheet should balance, so he plugged in the owner's equity amount needed to achieve this balance. The owner's equity amount, however, is not correct. All other amounts are accurate, but some are out of place.   ABC & Company. Balance Sheet Month Ended July 31, 2021   Assets Liabilities Cash 12,000 Account Receivable 3,000 Office Supplies 1,000 Services-revenue 68,000 Land 44,000 Property tax expense 800 Salary Expense 2,500 Account Payable 9,000 Office Furniture 8,000     Note payable 16,000 Owner’s Equity Rent Payable 4,000 Owner’s Equity 6,700 Total Assets 87,500   87,500           Required: Prepare the correct balance sheet, and date it correctly. Compute total…

For each of the following situations, identify whether a change in accounting estimate, change in accounting policy, or an accounting error has occurred.  Also indicate whether the change or correction should be made prospectively or retrospectively. The accounting clerk did not record a shipment of product on the last day of the previous fiscal year, because the customer had not yet paid for the product.  The shipment was made FOB shipping point. In the past, Uni-Focus Company used the cash basis of accounting.  This year, the Company is changing to the accrual basis of accounting. Tri-Facet Ltd follows ASPE.  Management of Tri-Facet decided to switch from using the taxes payable method to using the future income tax method.

Assume you are employed as the chief financial officer of a corporation and are responsible for preparation of the financial statements, including the adjusting process and preparation of the adjusted trial balance. The company is facing a slow year, and after your adjusting entries, the financial statements are accurately reflecting that fact. However, as you are discussing the matter with your boss, the chief executive officer (CEO), he suggests that you have the power to make further adjustments to the statements, and that you should use that power to adjust the profits and equity into a stronger position, so that investor confidence in the companys prospects will be restored. Write a short memo to the CEO, stating your intentions about what you can and/or will do to make the financial statements more appealing. Be specific about any planned adjustments that could be made, assuming that normal period-end adjustments have already been reflected accurately in the financial statements that you prepared.

What Would You Do? A new bookkeeper cant find the errors that are causing the companys month-end trial balance to be out of balance. The bookkeeper is too shy to ask for help at the office, so she takes the financial records home and asks her uncle, a retired bookkeeper, to help her locate the errors. Even with the help of her uncle, the trial balance is still out of balance, and now she is too embarrassed to return to the office and ask for help. The bookkeeper decides to show the trial balance is in balance and hope no one notices. Explain if there is anything wrong with this practice.

The bookkeeper for Nevado Company has prepared the following trial balance: The bookkeeper has asked for your help. In examining the companys journal and ledger, you discover the following errors. Use this information to construct a corrected trial balance. a. The debits to the Cash account total 8,000, and the credits total 3,300. b. A 500 payment to a creditor was entered in the journal correctly but was not posted to the Accounts Payable account. c. The first two numbers in the balance of the Accounts Receivable account were transposed when the balance was copied from the ledger to the trial balance. d. The 1,500 amount withdrawn by the owner for personal use was debited to Miscellaneous Expense by mistakeit was correctly credited to Cash.

The Income Statement columns in the end-of-period spreadsheet show that debits are equal to $55,800 and credits are $77,520. What does this information mean to the accountant? a.There is a net loss of $21,720. b.The accounts are out of balance, indicating that an error has been made. c.The accounts have not been updated. d.There is a net income of $21,720.