Assume that Esquire Consulting erroneously recorded the payment of $30,000 of dividends as salary expense. (a) How
Question:
(a) How would this error affect the equality of the accounting equation?
(b) How would this error affect the income statement, retained earnings statement, balance sheet, and statement of cash flows?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 61% (13 reviews)
a The equality of the accounting equation would not be affected That is the accounting equation woul...View the full answer
Answered By
Sarah Khan
My core expertise are:
-_ Finance
-_ Business
-_ Management
-_ Marketing Management
-_ Financial Management
-_ Corporate Finance
-_ HRM etc...
I have 7+ years of experience as an online tutor. I have hands-on experience in handling:
-_ Academic Papers
-_ Research Paper
-_ Dissertation Paper
-_ Case study analysis
-_ Research Proposals
-_ Business Plan
-_ Complexed financial calculations in excel
-_ Home Work Assistance
-_ PPT
-_ Thesis Paper
-_ Capstone Papers
-_ Essay Writing etc...
5.00+
91+ Reviews
92+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
Assume that Esquire Consulting erroneously recorded the payment of $25,000 of dividends as salary expense. (a) How would this error affect the equality of the accounting equation? (b) How would this...
-
Assume that Muscular Consulting erroneously recorded the payment of $7,500 of dividends as a debit to Salary Expense. (a) How would this error affect the equality of the trial balance? (b) How would...
-
Assume that JRQ Consulting erroneously recorded the payment of $10,000 of owner withdrawals as a debit to Salary Expense. (a) How would this error affect the equality of the trial balance? (b) How...
-
Display the TERM_DESC, COURSE_NAME, BLDG_CODE and ROOM for every course evertaught by faculty member John Blanchard. Question 2 Display the S_LAST, S_FIRST, COURSE_NAME, TERM_DESC and GRADE values...
-
What two aldoses would yield the same phenylosazone as l-sorbose (Problem 22.24)? In problem 22.24 0. D-Glucose Ni Acetobacter suboxydans HO L-Sorbose
-
Most reactions occur by a series of steps. The energy profile for a certain reaction that proceeds by a two-step mechanism is On the energy profile, indicate a. The positions of reactants and...
-
Consider a 10-year zero-coupon bond with face value \(\$ 100\). The interest rate is fixed at 5\%. The credit spread for the bond is estimated to be \(1 \%\) (except in part (a)). Calculate: (a) The...
-
Nazari Electrical Services has an August 31 fiscal year end. The company's trial balance prior to adjustments follows: Additional information: 1. The equipment has an expected useful life of 12...
-
Determine the measure of
-
Tim Hemstreet is a sole practitioner. He advises you, his paralegal, that he is planning to visit a potential client in the hospital who, he read in the newspaper, has been involved in a serious...
-
(a) How does the payment of dividends of $15,000 affect the three elements of the accounting equation? (b) Is net income affected by the payment of dividends? Explain.
-
Assume that Larsh Realty Inc. borrowed $75,000 from Country Bank and Trust. In recording the transaction, Larsh erroneously recorded the receipt as an increase in cash, $75,000, and an increase in...
-
Go to the spreadsheet Raw Transportation Rates.xls on the book web site. This file shows 300 raw shipments from the warehouse in Atlanta to customers located in Chicago. It shows a mix of TL, LTL,...
-
Benefits from which employer-provided plans will be received by the employee income-tax free? A. $7,000 in educational assistance. B. Group disability plan paid for by the employer. C. Prepaid legal...
-
During the implementation of programs now known as QE programs, between 2008 and 2012, many forecasters claimed that these programs would result in high inflation rates in the future. In light of the...
-
Paul Baker is a more-than-2 percent shareholder of Gemstone Brokers, Inc., an S Corporation. The corporation pays the premium for Paul Bakers personally owned disability income insurance contract....
-
Workers compensation is an example of which of the following types of liability? A. Absolute liability. B. Joint liability. C. Strict liability. D. Vicarious liability.
-
Explain how the creation of TRACE relates to asymmetric information problems in the bond markets.
-
A company has sold 30 m worth of goods over the last 3 years. In the first year, they sold 8 m, in the second year 7 m, and in the third year 15 m. What is the concentration of sales over the last 3...
-
To help you become familiar with the accounting standards, this case is designed to take you to the FASBs Web site and have you access various publications. Access the FASBs Web site at...
-
The firm will hire workers until the wage rate and the of the last worker hired are equal. a) marginal physical product b) MRP c) output
-
The current assets and current liabilities for Apple Computer, Inc., and Dell Inc. are shown as follows at the end of a recent fiscal period: (a) Determine the quick ratio for both companies.(b)...
-
If a bond is purchased between interest payment periods, how is the accrued interest treated?
-
If an investor owns more than 50% of an investee, how is this treated on the investors financial statements?
-
1 0 . What type of passing parameter based on the following code fragment? class Student { public static void main ( String [ ] args ) { Student s = new Student ( Ali , 2 1 ) ; printData ( s ) ; }...
-
Observe changes occurred in value of all registers, which is accessed by operand in Debug Mode, then fill the blanks. (Write all esi value in L1 and ebx value in L2) TITLE Practice08-1 INCLUDE...
-
ALGORITHM Brute ForceClosest Pair(P) //Finds distance between two closest points in the plane by brute force //Input: A list P of n (n 2) points p(x1, y),..., Pn(xn, yn) //Output: The distance...
Study smarter with the SolutionInn App