State the effect of the following errors if OVERSTATED, UNDERSTATED, or NO EFFECT. NO. ERRORS EFFECT...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
State the effect of the following errors if OVERSTATED, UNDERSTATED, or NO EFFECT. NO. ERRORS EFFECT IN Omission of accrued expense Retained Earnings, I Select] 1. in year 2021 12/31/2022 Omission of prepaid expense 2. in year 2021 Asset, 12/31/2022 Select] Omission of accrued income 3. in year 2021 Asset. 12/31/2021 Select] Omission of unearned 4. income in year 2021 Income of 2022 [ Select ) Sales of 2021 recorded as 5. sales of 2022 Net income of 2021 ( Select Purchases of 2020 recorded Retained Earnings, 6. as purchases of 2021 [Select] 12/31/2021 Inventory, 12/31/2021 is 7. understated Net income of [ Select] 2022 Inventory, 1/1/2021 is Net income of [ Select ] overstated 2022 Depreciation of 2020 is 9. Net income of 2022 ( Select understated Interest income is recorded 10 as Rent Income Net income [ Select ) State the effect of the following errors if OVERSTATED, UNDERSTATED, or NO EFFECT. NO. ERRORS EFFECT IN Omission of accrued expense Retained Earnings, I Select] 1. in year 2021 12/31/2022 Omission of prepaid expense 2. in year 2021 Asset, 12/31/2022 Select] Omission of accrued income 3. in year 2021 Asset. 12/31/2021 Select] Omission of unearned 4. income in year 2021 Income of 2022 [ Select ) Sales of 2021 recorded as 5. sales of 2022 Net income of 2021 ( Select Purchases of 2020 recorded Retained Earnings, 6. as purchases of 2021 [Select] 12/31/2021 Inventory, 12/31/2021 is 7. understated Net income of [ Select] 2022 Inventory, 1/1/2021 is Net income of [ Select ] overstated 2022 Depreciation of 2020 is 9. Net income of 2022 ( Select understated Interest income is recorded 10 as Rent Income Net income [ Select )
Expert Answer:
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
Posted Date:
Students also viewed these accounting questions
-
Determine the effect of the following errors on a company's total revenue, total expenses, and net income. Indicate the effect by writing O for Overstated (too much), U for Understated (too little),...
-
State the effect of each of the following errors made by Clawson Inc. on the income statement and the balance sheet (1) of the current period and (2) of the succeeding period: (a) The ending...
-
State the effect of each of the following errors made in 2010 on the balance sheets and the income statements prepared in 2010 and 2011. (a) The ending inventory is understated as a result of an...
-
The owner of Atlantic City Confectionary is considering the purchase of a new semiautomatic candy machine. The machine will cost $25,000 and last 10 years. The machine is expected to have no salvage...
-
Under what circumstances would you advise a not-for-profit organization to use fund accounting?
-
As the previous example demonstrated, utility maximization places no restrictions on the slopes of individual demand functions. However, the consumer's demand must always satisfy the budget...
-
What are the ethical issues involved in sampling?
-
Leah Sanchez is concerned that if she orders too few calendars, customers disappointment in not finding a calendar might drive them to shop elsewhere, resulting in more of a loss over the long term...
-
The annual income for Company A is $360,000 in year 1 and it decreased by $15,000 each year. Interest rate is 10% per year. 1. What is the income in year 3? 2. What is the present worth of the...
-
A. Richard McCarthy (born 2/14/64; Social Security number 100-10-9090) and Christine McCarthy (born 6/1/1966; Social security number 101-21-3434) have a 19-year-old son (born 10/2/99 Social Security...
-
Two blocks A and B of masses 3m and m respectively are connected by a massless and inextensible string. The whole system is suspended by a massless spring as shown in figure. The magnitudes of...
-
Should criminal justice agencies maintain a social media presence? Should police departments have a dedicated social media unit? How have social media sites assisted law enforcement in fighting and...
-
explain how the media helps and hurts the terrorists. Then, explain how the media helps and hurts law enforcement.
-
Does the 4th amendment protect social media content? What content should law enforcement be allowed to collect? And under what circumstances? How is social media content similar to other personal...
-
Define two cost accounting methods. Describe typical uses for each and include examples. Discuss which of the various cost accounting methods you think are most appropriate for measuring the costs of...
-
A company receives a $900 utility bill for the current month but does not plan to pay the bill until early next month. Record the receipt of the utility billusing (a) accrual-basis accounting and (b)...
-
Given the following AVL Tree: 15 20 25 30 35 50 40 55 70 60 80 (10) (a) Draw the resulting BST after 50 is removed, but before any rebalancing takes place. Label each node in the resulting tree with...
-
Read the case study Richter: Information Technology at Hungarys Largest Pharma and answer the following question: How does the organization ensure the accuracy of the data it stores?
-
On October 1, 2011, the company has a building with a cost of $375,000 and accumulated depreciation of $225,000. The company commits to a plan to sell the building by February 1, 2012. On October 1,...
-
What is a bargain purchase option?
-
What is the most common event that causes the equipment account to increase? decrease?
-
When a honeybee flies through the air, it develops a charge of +17 pC. How many electrons did it lose in the process of acquiring this charge?
-
Falling raindrops frequently develop electric charges. Does this create noticeable forces between the droplets? Suppose two 1.8 mg drops each have a charge of +25 pC; these are typical values. The...
-
A housefly walking across a surface may develop a significant electric charge through a process similar to frictional charging. Suppose a fly picks up a charge of +52 pC. How many electrons does it...
Study smarter with the SolutionInn App