Assume that Muscular Consulting erroneously recorded the payment of $7,500 of dividends as a debit to Salary
Question:
(a) How would this error affect the equality of the trial balance?
(b) How would this error affect the income statement, retained earnings statement, and balance sheet?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (14 reviews)
a The equality of the trial balance would not be affected b On the income statement total operati...View the full answer
Answered By
Charles Okinda
students should give all the instructions concerning the challenge that they face. they will get an immediate response because I am always online.
4.90+
754+ Reviews
1481+ Question Solved
Related Book For
Financial And Managerial Accounting
ISBN: 9781337119207
14th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Question Posted:
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Accounting questions
-
Assume that Esquire Consulting erroneously recorded the payment of $30,000 of dividends as salary expense. (a) How would this error affect the equality of the accounting equation? (b) How would this...
-
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...
-
Assume that Hahn Consulting erroneously recorded the payment of $5,000 of owner withdrawals as a debit to Salary Expense. (a) How would this error affect the equality of the trial balance? (b) How...
-
For each polynomial function, find (a) (-1), (b) (2), and (c) (0). f(x) = 2x - 4x + 1
-
At 20 oC the vapor pressure of benzene (C6H6) is 75 torr, and that of toluene (C7H8) is 22 torr. Assume that benzene and toluene form an ideal solution. (a) What is the composition in mole fractions...
-
Precision Manufacturing Inc. (PMI) makes two types of industrial component partsthe EX300 and the TX500. An absorption costing income statement for the most recent period is shown below: Precision...
-
a. What are the purposes of making a preliminary evaluation of accounting controls over sales transactions? b. How are these objectives met?
-
Colonial Cookies, Inc., bakes cookies for retail stores. The companys best-selling cookie is chocolate nut supreme which is marketed as a gourmet cookie and regularly sells for $8.00 per pound. The...
-
At the end of 2020, the new accountant discovered that in January 2019, the company accrued sales wages of $58,000 in excess of the correct amount. On February 1, 2021, the CEO of the company decided...
-
Calculate the magnetic flux density for the current distribution in free space to be A=(3x'y+ yz)a, +(xy xz' )a, -(7xyz - 3x'y)a, Wb/m. (a) a, (-7xz+6xy+3xz)+ a, (-3x - ) (b) a, (-7z+...
-
Assume that a trial balance is prepared with an account balance of $8,900 listed as $9,800 and an account balance of $1,000 listed as $100. Identify the transposition and the slide.
-
Assume that Sunshine Realty Co. borrowed $300,000 from Columbia First Bank and Trust. In recording the transaction, Sunshine erroneously recorded the receipt as a debit to Cash, $300,000, and a...
-
When an airplane is in a constant altitude bank, the stall speed a. remains the same as in level flight. b. increases as the square root of the Gs. c. increases as the square root of 1/cos . d. Both...
-
Cal Western runs a law school at 350 Cedar Street in a San Diego building it owns, possesses and controls. Cal Western provides no parking for its students at or near its law school. On January 30,...
-
This assignment is posted under the Discussions tab. Students will be divided into groups and you will be assigned to a Discussion Forum based on the first letter(s) of your last name (Jury 1 A-C for...
-
You are a new-products consultant hired by Yummy, Inc., to provide guidance on a new vitamin-and-caffeine-enriched sports drink. In particular, you are to advice the company on both the naming and...
-
The Pure Laines association organized in August 2019, Solo, a town located in the center of Kamrand, a march commemorating the memory of Von Boeggels, a powerful leader of a totalitarian regime that...
-
Philip and julia langfords own a nursery that sells plants, tress and gardening equipment. last spring they recived an shipment, of young dogwood trees and had no space for all of them in the...
-
What are three colored gem varieties of quartz?
-
Continuation of Exercise 4-83. (a) What is the probability that the first major crack occurs between 12 and 15 miles of the start of inspection? (b) What is the probability that there are no major...
-
Unbiased estimates of the variance components: The one-way model. Using (2.21) and (2.22), show that \(E\left(\widehat{\sigma}_{1}^{2}ight)=\sigma_{1}^{2}\) and...
-
How would the current and quick ratios of a service business compare?
-
How are revenues and expenses reported on the income statement under (a) The cash basis of accounting and (b) The accrual basis of accounting?
-
Is the matching concept related to (a) The cash basis of accounting or (b) The accrual basis of accounting?
-
ACMY currently operates in a market that has been estimated to have about 10 mill. customers and it is estimate that it has a market share of 8%. The average customer purchase is of $150 per year....
-
This is a collation of the Drop Shipping (eCommerce) project you have been working on through the previous weeks. You are required to provide a pitch presentation with the sufficient information in a...
-
Agent Johnny Utah the former Motocross and Extreme athlete is now with the FBI Bank Robbery Task Force and investigating Bank robberies committed by the Ex-Presidents. Utah and his partner , Angelo...
Study smarter with the SolutionInn App