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 2011. Indicate which items will be erroneously stated, because of failure to correct the initial error, on
(a) The income statement for January 2011 and
(b) The as of January 31, 2011.

Step by Step Solution

★★★★★

3.35 Rating (161 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a Salary expense or expenses will be overstated Net i... 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)

59-B-A-I-A (605).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,...

A condensed income statement for Simultech Corporation and a partially completed vertical analysis are presented below. Required: 1. Complete the vertical analysis by computing each line item (a)-(f)...

A condensed income statement for Inman Company is as follows for the month of November: Further analysis revealed the following data on costs: Required: a. Prepare a report comparing the master...

=+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 $4,950 of accrued salaries was included in the first salary payment in January. Indicate which items will be erroneously stated,...

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 $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....

The following are independent situations (see table below) relating to the year ended 30 June 2020. Assume all entities are reporting entities and that all situations are material. Senario 1: General...

Rodger Powell owns all the stock in Fireside Bar and Grill Corporation in Pittsburgh. Now that he has turned 65, Rodger wants to sell his business and retire to sunny Florida. Karin Godfrey, a...

Who provides the startup financing for the major majority of small businesses

1. Project selection ambiguity can arise if one relies on IRR instead of NPV when: a. The first cash flow is negative and the remaining cash flows are positive. b. A project has more than one NPV. c....

Provide an example of an action that is legal but not ethical and one that is ethical but not legal.

The maturity premium reflects a preference by many lenders for a. Shorter maturities b. Reducing yields c. High yield securities d. Longer maturities

A pulley is keyed to a shaft midway between two anti-friction bearings. The bending moment at the pulley varies from 170 N-m to 510 N-m and the torsional moment in the shaft varies from 55 N-m to 165...

A solid steel shaft of radius b is pressed into a steel disk of outer radius 2b and the length of hub engagement t = 3D (Figure 8.11). Calculathe the value of the radial interference in terms of be...

A 25.0-g sample of rock at 250 C is dropped into 100.0 g of water at 19 C. If the water temperature rises to 31 C as the rock cools, what is the specific heat of the rock? Strategy Plan STEP 1: What...

Based on the data in Exercise 4-26, journalize the closing entries for Alert Security Services Co. Exercise 4-26 Alert Security Services Co. offers security services to business clients. Complete the...

An accountant prepared the following post-closing trial balance: Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct....

Easy Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 20Y7, the end of the fiscal year, the balances of...

Need Correct Answer Otherwise Dislike. Assume that you plan to use a significance level of a = 0.05 to test the claim that p1 = p2, Use the given sample sizes and numbers of successes to find the...

Assume that you own an annuity that will pay you $18,000 per year for 14 years, with the first payment being made today. You need money today to open a new restaurant, and your uncle offers to give...

kindly solve Question 10 3.85 pts You are purchasing a house that costs $760,797 and the bank agrees to loan you 90% of the purchase price. Your down payment will cover the other 10%. The 90%...