How would the company be affected if the check is written

Assignment Help Accounting Basics
Reference no: EM132234526

Question - On the last day of the fiscal year, a co-worker asks you to cut a check for $2,000 as a miscellaneous expense for supplies in order to complete a project for a VIP customer today. You notice the invoice looks a little different from other invoices that are usually processed. You know that by preparing the closing entries tomorrow, the miscellaneous expense will be set to zero for the beginning of the year.

Should you write this check today and record the expense or write the check tomorrow? How would the company be affected if the check is written and the invoice ends up being erroneous?

Reference no: EM132234526

Cost of merchandise sold

Complete the tables below to determine each layer for the cost of merchandise sold and the ending inventory (for ending inventory, start with the last layer and work backwar

Ping and pong are assigned to perform the audit

Ping and Pong are assigned to perform the audit of Paddle Company. During the audit, it was discovered that the amount of sales reported on Paddle income statement was under

How much cash did peterson receive

Peterson Company purchased machinery for $480,000 on January 1. 2009. Straight-line depreciation gas been recorded based on a $30,000 salvage value and a 5-year useful life.

Federal income tax refund

claimed accelerated depreciation of $15,000 for tax purposes. Also included in book income were lobbying expenses of $4,000 and a federal income tax refund of $5,000. What is

Analysis on prime cost and overhead variances

This problem belongs to basic Accounting questions and it discuss about writing an analysis on prime cost and overhead variances using a fictitious company. The analysis inc

Morrell corporation disposed of two computers

Prepare journal entries to record these transactions: (a) Morrell Corporation disposed of two computers at the end of their useful lives. The computers had cost $ 4,800 and th

Discuss the salary increase

Cindy's salary was $200,000; this year, due to her success, she would like to pay herself a $600,000 salary. As Chipsmart's tax adviser, prepare a list of questions you woul

What is the roe for a firm

What is the ROE for a firm with times interest earned ratio of 2, a tax liability of $1 million and interest expense of $1.55 million if equity equals $1.5 million?

Reviews

Write a Review

 
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd