Question: Assume that the error in Exercise 3-15 was not corrected and that the $4,950 of accrued salaries was included in the first salary payment in

Assume that the error in Exercise 3-15 was not corrected and that the $4,950 of accrued salaries was included in the first salary payment in January. Indicate which items will be erroneously stated, because of failure to correct the initial error, on
(a) The income statement for the month of January and
(b) The as of January 31.

Step by Step Solution

★★★★★

3.34 Rating (157 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a The salary expenses of December has been treated as t... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

46-B-A-A-P (31).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Assume that the error in Exercise 3-12 was not corrected and that the $1,590 of accrued salaries was included in the first salary payment in January. Indicate which items will be erroneously stated,...

The following represents a recent income statement for Boeing Company. It includes only five separate numbers (two of which are in billions of dollars), two subtotals, and the net earnings...

The following is from a recent income statement for Baring Corp (a public company): It includes only five separate numbers, two subtotals, and the net earnings figure. Instructions (a) Indicate the...

=+EX 3-15 Effect of omitting adjusting entry objs. 2, 3 Assume that the error in Exercise 3-15 was not corrected and that the $4,950 of accrued salaries was included in the first salary payment in...

Assume that the error in Exercise 3-15 was not corrected and that the $6,750 of accrued salaries was included in the first salary payment in January 20Y7. Indicate which items will be erroneously...

Assume that the error in Exercise 3-15 was not corrected and that the $2,180 of accrued salaries was included in the first salary payment in January 2007. Indicate which items will be erroneously...

Assume that the error in Exercise 3-15 was not corrected and that the accrued salaries were included in the first salary payment in January. Indicate which items will be erroneously stated, because...

Assume that the error in Exercise 3-15 was not corrected and that the $4,950 of accrued salaries was included in the first salary payment in January 2011. Indicate which items will be erroneously...

Assume that the error in Exercise 3-15 was not corrected and that the $3,910 of accrued salaries was included in the first salary payment in January. Indicate which items will be erroneously stated,...

=+E3-16 Effect ofomitting adjustment Obj 3 Assume that the error in Exercise 3-15 was not corrected and that the $3,900 of accrued salaries was included in the first salary payment in January 2009....

1. In what way did Orkin breach its duty? 2. Why did the court remand the breach of contract claim for further proceedings? Haynsworth, Senior Circuit Judge A jury awarded the plaintiff damages on...

Which factors important in choosing a retail site would not be relevant to a manufacturing siteand vice versa?

Suppose that in Solved Problem 1 Hydroflow Corpo- ration changed its production process and out- sourced some of the manufacturing, so that it could now make 20,000 pumps using only 6000 person-...

What are your big steps in achieving your personal goals or development? Explain

AAA Ltd's accounting profit before tax for the year ended 30 June 2018 was $280,000. The company's draft statement of financial position and statement of profit and loss are shown below: As at 30...

The following costs are attributed to the Quilt Company: Purchase of raw materials (all direct) $287,300 Direct labor cost $129,800 Manufacturing overhead costs $166,260 Inventories: Beginning raw...

Southern Manufacturing Company manufactures dashboard instruments for passenger and commercial vehicles. The firm operates several divisions in China, each of which operates independently as a profit...

Policies and procedures related to IS operations are considered essential for every IT environment, why?

A partial list of the costs for Wisconsin and Minnesota Railroad, a short hauler of freight, follows. Classify each cost as either indirect or direct. For purposes of classifying each cost, use the...

MULTIPLE CHOICE (1 point each). 1. As part of a database on new births at a hospital, some variables recorded are the age of the mother, marital status of the mother (single, married, divorced), the...

Bourdon Software has 9.2 percent coupon bonds on the market with 18 years to maturity. The bonds make semiannual payments and currently sell for 107.4 percent of par. What is the current yield on the...

Suppose that both the demand and supply of a good are elastic. A $ 1 0 tax on that goodwill.Select one:O a . Cause price demanders pay to rise by $ 1 0 . Cause producer surplus to rise.Ob . Cause...