Question

VanBrush Enterprises, a painting contractor, prepared the following adjusting entries at year-end:
Required:
1. Show the effect of these adjustments on
(1) Assets, liabilities, and equity
(2) Revenues, expenses, and net income.
2. If these adjustments were made with estimates that were considered conservative, how would this affect your interpretation of earnings quality?


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  • CreatedSeptember 22, 2015
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