The payment of $6,000 of dividends was erroneously recorded as a debit to Salary Expense. (A) Explain

Fantastic news! We've Found the answer you've been seeking!

Question:

The payment of $6,000 of dividends was erroneously recorded as a debit to Salary Expense.

(A) Explain how this error would impact the equality of the trial balance.

(B) Explain how this error would impact the income statement, retained earnings statement, and balance sheet. At least 150 words must be used, and the number of words used should not exceed 180.

Related Book For answer-question

Managerial Accounting

ISBN: 9781119577669

4th Edition

Authors: Charles E. Davis, Elizabeth Davis

See More Books

Posted Date: Mar 06, 2022 06:35 AM

See More Questions

In recording variances, is an unfavorable variance recorded as a debit or a credit? Why?
The financial statement column should be identified as Balance Sheet Income Statement or Retained Earnings The classification column should be identified as current liabilities noncurrent liabilities...
A comparative balance sheet and income statement for Eaton Company follow: During 2008, the company sold some equipment for $18 that had cost $30 and on which there was accumulated depreciation of...
The equity profolio of a company is thus 31/12/2001. Nature: Actions A, Quantity = 350, Unit cost = 36000, Purchase dates = 03/1999, 2000 = 37000, 2001= 34000. Nature: Actions B, Qauntity = 125, Unit...
Ned Timmons, engineer, is considering using a computerized accounting system for his professional engineering business. Ned has asked that you help him understand the components of a computerized...
What is Pareto analysis and how is the graph used to aid the project manager during quality control?
What are the final two steps a researcher should do after presenting the research findings to the decision makers?
The following is an excerpt from a conversation between the chief executive officer, Rob Rameriz, and the chief financial officer, Maurice Chandler, of Nile Group, Inc.: Rameriz (CEO): Maurice, as...
Image transcription text Problem 1a. Calculate the o values of the data below using 3 Different methods[1]: Total Overall Variation (0.5 POINT) Within Group Variation (Rbar) (0.5 POINT) W N Between...
This year Robert had the following income and losses from four passive activities: Activity 1. $(20,000) Activity 2... (10,000) Activity 3. (5,000) Activity 4. 33,000 Activity 4 had $10,000 of...
On January 16 th of the current year, F Inc. acquired 75% of the shares of G Inc. from an arm's length person. At that time, G Inc. owned Class 8 assets (Fair Market Value $76,000; Cost $80,000; UCC...
Please fill out with a paragraph for each section Be able to identify and describe the elements of organizational culture, where culture comes from, issues relative to changing culture, and...
Analyze the case study, identify the missing or inadequate security controls, and propose alternative controls that could have mitigated the risks.
What is cost of quality? Describe the total quality cost. Company A spends $ 5 0 , 0 0 0 on quality on inspection and receive $ 6 0 , 0 0 0 as complaint. Company B spends $ 1 0 , 0 0 0 on quality...
Write a program in c++ , gcd of two no. Using recursion
prepare a two page paper on how these three principles apply in the supervision of others. Is one more important than the others? Define each term and analyze how each one effects the supervisory...
Compute: answer = |w* x | Click here for example 1 import math 2 3 w float(input()) 4 x float(input()) = 5 6 7 11 Your code goes here *** 8 print (f'answer = {answer:.2f}') # Outp Outputs answer with...
Use critical values to test the null hypothesis H0: 1 2 = 20 versus the alternative hypothesis H0: 1 2 20 by setting a equal to .10, .05, .01, and .001. How much evidence is there that the...
Explain how a scattergraph is used to separate a mixed cost into its fixed and variable components.
What income statement format is appropriate for variable costing?
Refer to Exercise 10.9. Assume that Armange Corporations actual weighted-average cost of capital is 8% and its tax rate is 28%. Data From Exercise 10.9 Paula Boothe, president of the Armange...
True or False: Inflation decreases the purchasing power of money.
Logan is conducting an economic evaluation under inflation using the then-current approach. If the inflation rate is $j$ and the real time value of money rate is $d$, which of the following is...
What is a good working definition of inflation in 10 words or less?

The payment of $6,000 of dividends was erroneously recorded as a debit to Salary Expense. (A) Explain

Question:

Expert Answer:

Atwo equal and opposite errors leave the trial balance balancing this type ... View the full answer

Managerial Accounting

Students also viewed these accounting questions